7.1 First party: Internal audit statement
Gold Fields Internal Audit (GFIA) is an independent assurance provider to the Gold Fields Audit Committee onthe effectiveness of the risk management, control and governance processes within Gold Fields. The risk-based annual audit plan covers the breadth and depth of the Gold Fields value chain, and is approved by the Audit Committee annually.
Internal audit activities are conducted in terms of the annually approved mandate provided by the Audit Committee and executed either by a team of appropriate, qualified and experienced internal auditors, or through the engagement of external practitioners on specified and agreed terms. The Internal Audit team is based in South Africa and services all the Gold Fields operations globally. 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 (IIA) and the International Standards for the Professional Practice of Internal Auditing. Furthermore, GFIA operates a quality assurance programme that involves performing detailed quality review assessments at an activity and functional level.
Based on the work performed by GFIA during the year, the Vice- President and Group Head of Internal Audit have presented the Audit Committee with an assessment of the effectiveness of the Company’s systems of internal control and risk management, internal financial controls as well as the IT control framework. It is GFIA’s opinion that the internal control environment and risk management processes are adequate within the Gold Field business and provide reasonable assurance that the objectives of Gold Fields will be met. This GFIA assessment forms one of the bases of the Audit Committee’s recommendation in this regard to the Board.
Shyam Jagwanth
Vice-President and Group Head of Internal Audit
Johannesburg
South Africa
22 March 2016