Directors’ responsibility statement
The directors of FirstRand Bank Holdings Limited are required to maintain adequate accounting records and to prepare financial statements for each financial year that fairly present the state of affairs of FirstRand Bank Holdings Limited and its subsidiary and associated companies (“the Banking Group”) at the end of the financial year, and of the results and cash flows for the year. In preparing the accompanying financial statements, South African Statements of Generally Accepted Accounting Practice have been followed including the interpretation issued under circular ED168, suitable accounting policies have been applied, and reasonable estimates have been made. The Board approves significant changes to accounting policies and the effects of these are fully explained in the annual financial statements. The financial statements incorporate full and responsible disclosure in line with the FirstRand Group’s philosophy on corporate governance. The external auditors, PricewaterhouseCoopers Inc. and Deloitte & Touche, have audited the financial statements and their unqualified report appears on page 136.
review, and in the light of the current financial position, the directors have no reason to believe that the Banking Group will not be a going concern for the foreseeable future. The going concern basis has therefore been adopted in preparing the financial statements.
The consolidated financial statements for the year ended 30 June 2003 which appear on pages 137 to 189, have been approved by the Board of Directors and are signed on its behalf by:
JP Burger Chief Financial Officer
PK Harris Chief Executive Officer
The directors have reviewed the Banking Group’s budget and cash flows for the year to 30 June 2004. On the basis of this
Sandton 15 September 2003
FirstRand Banking Group 135
Report of the independent auditors
To the directors of FirstRand Limited
We have audited the consolidated financial statements of FirstRand Bank Holdings Limited, and its subsidiary and associate companies (“the Banking Group”) set out on pages 137 to 189, for the year ended 30 June 2003. The financial statements are the responsibility of the directors of FirstRand Bank Holdings Limited. Our responsibility is to express an opinion on these financial statements based on our audit.
Audit opinion
In our opinion, the financial statements fairly represent, in all material respects, the financial position of the FirstRand Banking Group at 30 June 2003 and the results of its operations and cash flows for the year then ended in accordance with Statements of Generally Accepted Accounting Practice in South Africa.
Scope
We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. PricewaterhouseCoopers Incorporated Chartered Accountants (SA) Registered Accountants and Auditors
An audit includes:
• Examining, on a test basis, evidence supporting the amounts and disclosures included in the financial statements; • Assessing the accounting principles used and significant estimates made by management; and • Evaluating the overall financial presentation. Deloitte & Touche Chartered Accountants (SA) Registered Accountants and Auditors
We believe that our audit provides a reasonable basis for our opinion.
Sandton 15 September 2003
136 Annual Report 2003