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REPORT OF THEAUDIT AND RISK COMMITTEEAs required by section 94 of the Companies Act No. 71 of 2008, the Audit and Risk Committee submits its report for the 2015 nancial year. The committee is satis ed that it has complied with its legal, regulatory and other responsibilities.The Audit and Risk Committee has discharged the functions in terms of its charter and ascribed to it in terms of the Act as follows:• Reviewed the 2015 annual nancial statements, culminating in a recommendation to the Board to adopt them. In thecourse of its review the Committee:- Took appropriate steps to ensure that the nancial statements are prepared in accordance with International FinancialReporting Standards (IFRS) and the requirements of the Companies Act of South Africa; and- Considered and, where appropriate, made recommendations on internal nancial controls;• Reviewed the external audit reports on the annual nancial statements;• Evaluated the e ectiveness of the risk management process and controls;• Veri ed the independence of the external auditors, Grant Thornton Cape Inc., as the auditors for the company and notedthe appointment of Mr Imtiaaz Hashim as the designated auditor;• Approved the audit fees and engagement terms of the external auditors; and• Determined the nature and extent of allowable non-audit services and approved the contract terms for the provision ofnon-audit services by the external auditors.MEMBERS OF THE AUDIT AND RISK COMMITTEEAll Audit and Risk Committee members act independently as described in section 94 of the Companies Act.During the year under review the Audit and Risk Committee consisted of three independent non-executive directors, being Ms J de Bruyn (Chair), Ms CC Wiese and Ms CH Wiese, who was replaced by Ms L Mangope on 5 October 2015.EXPERTISE AND EXPERIENCE OF FINANCIAL DIRECTORAs required by JSE Listings Requirements 3.84(i), the Audit and Risk Committee has satis ed itself that the Chief Financial O cer has the appropriate expertise and experience.INDEPENDENCE OF EXTERNAL AUDITORSDuring the year under review a representation was made by the external auditors regarding their independence and the Audit and Risk Committee con rmed the independence of the Grant Thornton Cape Inc. as external auditors and Mr Imtiaaz Hashim as the Designated Auditor.Janine de BruynChair of the Audit and Risk CommitteeSTELLAR CAPITAL PARTNERS | 39