Integrated Annual Review 2012 Annual Financial Report 2012 Mineral Resources and Mineral Reserves Regional overview  
 

8.1 First party: Internal Audit statement

Gold Fields Internal Audit (‘GFIA’) is an independent assurance provider to the Gold Fields Audit Committee on the effectiveness of the Company’s risk management, control and governance processes. GFIA’s risk-based annual audit plan covers the breadth and depth of the Gold Fields value chain, and is approved by the Audit Committee on an annual basis. The internal audit activities set out in the audit plan are either executed by our GFIA team (made up of appropriate, qualified and experienced employees), or by external practitioners who have been specifically engaged for this purpose. The internal audit team is based in South Africa and services all of Gold Fields operations across the Group. The Vice President and Group Head of Internal Audit provides quarterly feedback to the Audit Committee and has a functional reporting line to the Audit Committee Chair.

GFIA follows a risk-based audit methodology, which is in compliance with the Institute of Internal Auditors’ ‘International Standards for the Professional Practice of Internal Auditing’. Furthermore, GFIA operates a quality assurance programme based on the carrying out of detailed quality review assessments at an activity and functional level. GFIA’s quality assurance programme has been assessed as ‘generally compliant’ with the IIA standards, the highest rating of the degree of conformity.

During 2012, a combined assurance framework was developed and approved by the Audit Committee. This will facilitate the provision of assurance on Gold Fields’ top risks and the monitoring of assurance providers.

Based on the work performed by GFIA during the year, the Vice President and Group Head of Internal Audit has presented the Audit Committee with an assessment on the effectiveness of the Company’s system of internal control and risk management, internal financial controls and IT control framework. It is GFIA’s opinion that the internal control environment and risk management processes within Gold Fields are adequate and provide reasonable assurance that the objectives of Gold Fields will be met. 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

26 March 2013