| Audit Committee Report |
| BACKGROUND |
Although the Corporate Laws Amendment Act (the Act) has only become effective on 14 December 2007, the
committee has, during the year under review, commenced with the implementation of most of its requirements.
The committee's operation is guided by a detailed charter that is informed by the Act and is approved by the Board
as and when it is amended. |
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| PURPOSE |
| The purpose of the committee is: |
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to assist the Board in discharging its duties relating to safeguarding of assets, the operation of adequate systems, control and reporting processes and the preparation of accurate reporting and financial statements in compliance with the applicable legal requirements and accounting standards. |
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to provide a forum for discussing business risk and control issues for developing recommendations for consideration by the Board. |
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to oversee the activities of internal and external audit; and |
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to perform duties that are attributed to it by the Act. |
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| MEMBERSHIP |
| During the course of the year, the membership of the committee was amended to ensure that it comprises solely of
independent non-executive directors. They are: |
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Richard Dunne (Chairman) |
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Tom Wixley |
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| EXTERNAL AUDIT |
The committee has satisfied itself through enquiry that the auditor of Anglo Platinum Limited is independent as
defined by the Act.
The committee, in consultation with executive management, agreed to a provisional audit fee for the 2007 financial
year. The fee is considered appropriate for the work that could reasonably have been foreseen at that time. The final
adjusted fee will be agreed on completion of the audit. Audit fees are disclosed in note 8 to the financial
statements.
There is a formal procedure that governs the process whereby the auditor is considered for non-audit services, and
each engagement letter for such work is reviewed by the committee.
Meetings are held with the auditor where management is not present, and no matters of concern were raised.
The committee has nominated, for approval at the annual general meeting, Deloitte & Touche as the external auditor
for the 2008 financial year, and Graeme Berry as the designated auditor. |
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| ANNUAL FINANCIAL STATEMENTS |
| The committee has recommended the financial statements for approval to the Board. The Board has subsequently
approved the financial statements which will be open for discussion at the forthcoming annual general meeting. |
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Richard Dunne
Chairman of the Audit Committee |
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Johannesburg
7 February 2008 |
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