As the Group sets off to achieve its vision and strategic directive, reliable risk assurance mechanisms, that preserve and protect its integrity and future, are implemented at all organisational levels.

The Board, with the support of the audit and risk committee, is ultimately responsible for AYO’s system of internal control, designed to adequately assess the Group’s risks and material matters and provide reasonable assurance against material misstatement and loss. We adopt an integrated assurance model, which seeks to optimise the assurance obtained from management and internal and external assurance providers, while fostering a strong ethical culture and mechanisms to ensure compliance.

Through our enterprise risk management approach, approved by the Board, management identifies key risks facing AYO and implements the necessary internal controls. The process is monitored and evaluated under the direction of internal audit, while external audit covers key controls and accounting matters in the course of their audit. Other levels of external assurance are obtained as and when required. We continually strive to optimise our integrated assurance model to enable effective control environment and ensure the integrity of the information used for reporting and decision-making.

The Board and the audit and risk committee assessed the effectiveness of controls for the year ending 31 August 2021 as satisfactory, principally through a process of management self-assessment, including formal confirmation from executive management and also considered reports from internal audit, external audit and other assurance providers.