Creating enduring value beyond mining

First party: Internal Audit Statement

Gold Fields Internal Audit (GFIA) provides independent assurance on the effectiveness of the governance, risk management and control processes within Gold Fields to the Group Audit Committee.

The internal audit activities performed during the year were identified through a combination of the Gold Fields Risk Management and Combined Assurance Framework, as well as the risk-based methodology adopted by GFIA. Internal Audit complies with the Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing, in the execution of its assurance function. Furthermore, GFIA operates a quality assurance programme that involves performing detailed quality review assessments. In 2020, GFIA underwent an External Quality Assurance and was found to be generally complaint with the International Professional Practices Framework as well as the Code of Ethics as prescribed by the Institute of Internal Auditors.

Annually, the risk-based annual audit plan is approved by the Audit Committee. The internal audit activities are executed by a team of appropriately qualified and experienced internal auditors, or through the engagement of external practitioners on specified and agreed terms. The Vice President and Group Head of Internal Audit has a functional reporting line to the Audit Committee, to which quarterly feedback is provided.

The Covid-19 pandemic resulted in travel restrictions to Gold Fields' operations, which led to GFIA adjusting its approach, objectives and scope on a number of audit activities, to continue meeting its audit mandate.

Based on the work performed by GFIA during the year, the Vice President and Group Head of Internal Audit presented the Audit Committee with an assessment on the effectiveness of the Company's governance, risk management and system of internal control. It is GFIA's opinion that the governance, risk management and internal control environment are effective within the Gold Fields business and provide reasonable assurance that the objectives of Gold Fields will be achieved. This GFIA assessment forms one of the bases for the Audit Committee's recommendation in this regard to the Board.

Shyam Jagwanth
Vice President and Group Head of Internal Audit
Johannesburg, South Africa

31 March 2022