Independent Auditors' Report Independent Auditors' Report by gyvwpsjkko

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									          Independent Auditors’ Report
To the members of South African Eagle Insurance Company Limited
To the members of South African Eagle Insurance Company Limited
We have audited the Annual Financial Statements and Group Annual Financial Statements of South African Eagle Insurance Company
We have which comprise theFinancial Statements and Group Annual Financial Statements of South African EagleDecember 2006, the
Limited, audited the Annual directors’ report, the balance sheet and the consolidated balance sheet as at 31 Insurance Company
income which comprise the directors’ report, the balance sheet and the consolidated in equity and the consolidated statement of
Limited, statement and the consolidated income statement, the statement of changes balance sheet as at 31 December 2006, the
income statement and cashconsolidated income the consolidated cash flow statement for equity and the ended, and a statement of
changes in equity, the the flow statement and statement, the statement of changes in the year then consolidated summary
changes inaccounting policies ow statement and thenotes, as set out on pages 32 to 85. for the year then ended, and a summary of
significant equity, the cash fland other explanatory consolidated cash flow statement
significant accounting policies and other explanatory notes, as set out on pages 30 to 83.
Directors’ Responsibility for the Financial Statements
Directors’ Responsibility for the Financial Statements
The Company’s Directors are responsible for the preparation and fair presentation of these financial statements in accordance with
The Company’s Directors are responsible for the in the manner fair presentation of these Act of statements This responsibility
International Financial Reporting Standards, and preparation andrequired by the CompaniesfinancialSouth Africa.in accordance with
International Financial Reporting Standards, and in internal control relevant to the preparation and fair presentation of financial
includes: designing, implementing and maintaining the manner required by the Companies Act of South Africa. This responsibility
includes: designing, implementing and maintaining whether due to fraud or error; preparation and fair presentation accounting
statements that are free from material misstatement, internal control relevant to the selecting and applying appropriate of financial
statements that are accounting estimates that are reasonable due circumstances.
policies; and makingfree from material misstatement, whetherin theto fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
Our responsibility is to express an opinion on these financial statements based on ethical requirements and plan and accordance with
International Standards on Auditing. Those standards require that we comply withour audit. We conducted our audit inperform the audit
International Standards on Auditing. Those financial require that we comply with ethical requirements
to obtain reasonable assurance whether thestandards statements are free from material misstatement. and plan and perform the audit
to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
An procedures selected depend on the to obtain audit evidence about the amounts of disclosures in the nancial statements.
Theaudit involves performing procedures auditor’s judgement, including the assessmentandthe risks of materialfimisstatement of the
The procedures selected depend to the auditor’s In making including assessments, the the risks of material misstatement of the
financial statements, whether due on fraud or error.judgement, those risk the assessment of auditor considers internal control relevant
financial statements, whether fair to fraud or error. In nancial statements in order to design audit considers internal control relevant
to the entity’s preparation and due presentation of the fimaking those risk assessments, the auditor procedures that are appropriate in
to the entity’s preparation and the purpose of expressing an opinion on the effectiveness of audit procedures control. An audit also
the circumstances, but not for fair presentation of the financial statements in order to designthe entity’s internalthat are appropriate in
the circumstances, the appropriateness of accounting policies used and the reasonableness entity’s internal control. made by the
includes evaluating but not for the purpose of expressing an opinion on the effectiveness of theof accounting estimates An audit also
includes as well as evaluating the overall presentation policies used statements.
Directors,evaluating the appropriateness of accountingof the financial and the reasonableness of accounting estimates made by the
Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company and of the Group as
In our opinion, the financial statements present fairly, in all material respects, the nancial then ended in accordance with International
of 31 December 2006, and of their financial performance and their cash flows forfithe year position of the Company and of the Group as
of 31 December 2006, and of their nancial performance and the cash flows Act of year then ended in accordance with International
Financial Reporting Standards, andfiin the manner required bytheirCompanies for the South Africa.
Financial Reporting Standards, and in the manner required by the Companies Act of South Africa.




PricewaterhouseCoopers Inc.
Director: S Masuku
Registered Auditor
Johannesburg
5 April 2007




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