TOYOTA FINANCIAL SERVICES (SOUTH AFRICA) LIMITED (Registration number: 1982/010082/06)
ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2015
Contents
Directors responsibility statement and approval of the annual financial statements ......................... 3
Company secretarys certification ..................................................................................................... 3
Independent auditors report .......................................................................................................... 4-5
Report of the audit, risk, compliance, social and ethics committee ................................................ 6-7
Directors report ........................................................................................................................... 8-13
Statement of comprehensive income .............................................................................................. 14
Statement of financial position ........................................................................................................ 15
Statement of changes in equity ...................................................................................................... 16
Statement of cash flows ................................................................................................................. 17
Notes to the annual financial statements ................................................................................... 18-54
Page 2 of 54 Toyota Financial Services (South Africa) Limited
Annual Financial Statements for the year ended 31 March 2015
TOYOTA FINANCIAL SERVICES (SOUTH AFRICA) LIMITED (Registration number: 1982/010082/06)
ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2015 Report of the Audit, Risk, Compliance, Social and Ethics Committee
The Toyota Financial Services (South Africa) Limited (TFSSA) Audit, Risk, Compliance, Social and Ethics Committee is a sub-committee of the board of directors. It assists the board through advising and making recommendations on financial reporting, risk management and systems of internal financial controls, external and internal audit functions and the statutory and regulatory compliance of the Company, but has no executive powers or responsibility. It is an advisory committee that plays an objective, independent role as overseer of all financial matters affecting the board.
The committee has adopted formal terms of reference, which have during the course of the current year, been reviewed and updated in line with regulatory changes.
Role of the committee
In conducting its business, the committee is authorised by the board to investigate any activity within its terms of reference, members may obtain external legal or professional help when they consider this to be necessary and have unrestricted access to the Companys management and employees.
In line with its charter, the key responsibilities of the committee include:
reviewing the annual financial statements and any other announcements regarding the Companys results or other financial information, prior to submission and approval by the board,
ensuring the accuracy of financial information and compliance thereof with applicable accounting standards and legal requirements,
appointing and monitoring the independence and effectiveness of external auditors, determining the fees for audit engagements and approving the nature and extent of any non-audit
services that the external auditors may provide, monitoring the internal audit function that forms an important part of the Companys corporate
governance framework, reviewing and approving the external and internal audit plans and budgets to ensure that they
effectively address the critical risk areas of the business, reviewing significant audit findings and managements responses thereto in relation to reliable
reporting, corporate governance and the adequacy and effectiveness of the internal financial controls, reviewing the effectiveness of the system for monitoring statutory and regulatory compliance with laws
and regulations and the results of managements follow-up of instances of non-compliance, and reviewing the Ethics and Social requirements of the Company in terms of its regulatory and
governance requirements including health and public safety, environmental management, corporate social investment, consumer relationships, labour and employment, the promotion of equality and ethics management.
The committee is assisted in the discharge of its responsibilities through regular reporting by the internal and external auditors.
Composition and meetings of the committee
The committee should comprise of at least three independent non-executive directors and the Chairman of the board should not serve on the audit committee. Throughout the current financial year, the committee comprised A Hedding - Chairman (an independent non executive member), N.D.B Orleyn (indepedent non executive member) and C.W.N Molope (independent non executive member).
No less than three committee meetings are held annually. Meetings are attended by the Financial Manager, Head of Risk and Compliance, members of management, as considered appropriate and representatives of both the internal and external auditors. The auditors have unfettered access to all records, assets and employees of the company, as well as to the Chairman of the committee.
Page 6 of 54 Toyota Financial Services (South Africa) Limited
Annual Financial Statements as 31st March 2015
