AUDIT COMMITTEES’ REPORTS (continued) • Determined the nature and extent of non-audit services that the external auditors may provide and pre-approved any such services. • Maintained oversight over fraud and corruption risk management and established a protocol for confidential reporting. • Considered whether there were any concerns or complaints whether from within or outside the PPS Group relating to the accounting practices and internal audit of the PPS Group, the content or auditing of the PPS Group’s financial statements, the internal financial controls of the PPS Group or any related matter. • Made submissions to the Boards on matters concerning the PPS Group’s accounting policies, financial control, records and reporting. Implementation of IFRS 17 ‘Insurance contracts’ IFRS 17: ‘Insurance Contracts’ is a new accounting standard impacting long- and short-term insurers, with an effective date of 1 January 2023. PPS, at a group level, has adopted the standard in preparation of the 2023 financial year results. Impact of the adoption and transition is presented in Group Accounting policies note 2. External auditors EY served as the PPS Group’s external auditors for the 2023 financial year. The auditors’ terms of engagement were approved prior to the audit. The Committees satisfied themselves that the external auditors’ appointment complies with the Companies Act and in particular Section 90(2) thereof, as well as the Auditing Profession Act. The Committees are satisfied that both EY and the audit partner are independent. The external auditors provided assurance that their internal governance processes within their audit firm support and demonstrate their claim to independence. The GAC was comfortable that the non-audit services work was justified and necessary and that it did not give rise to any self-review threat for the external auditors. Expertise and experience of the Acting Group Chief Financial Officer and the finance team The Committees are satisfied that the expertise and experience of the Acting Group Chief Financial Officer are appropriate to meet the responsibilities of the position. The Committees considered the expertise, resources and experience of the PPS Group’s finance function and concluded that these are appropriate to meet the requirements of the PPS Group. Approval of the report The TAC and GAC confirm for the 2023 financial year that they have functioned in accordance with their Terms of Reference and as required by the Companies Act and Trust Deed of PPS Holdings Trust and that their reports have been approved by the Directors and trustees. On behalf of the Audit Committees: Ms D L T Dondur Prof H E Wainer Chairman of TAC Chairman of GAC 3 April 2024 95 Audit committees’ report
RkJQdWJsaXNoZXIy MTY2ODY3Ng==