AYO Technology Solutions Limited (“AYO”, “the Company” or “the Group”) is pleased to present to you our third Annual Integrated Report.

Forward-looking statements

In this report we make certain statements that relate to AYO’s future performance and prospects. Such statements are based on analyses and forecasts of future results based on historical data, estimations of new business and investment assumptions. As defined, these are forward-looking statements. 

Forward-looking statements are not statements of fact, but statements by the management of the Group based on its current estimates, projections, expectations, beliefs and assumptions. While these statements represent our judgements and future expectations at the time of preparing this report, they are subject to emerging risks, uncertainties and other important factors that could influence actual results to differ materially (positively or negatively) from our expectations. 

AYO neither intends nor assumes any obligation to update or revise these forward-looking statements in light of developments that differ from those anticipated. Thus, no assurance can be given that any forward-looking statements will materialise, and undue reliance should not be placed on such statements.

Integrated risk management and combined assurance

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 a combined 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. 

The audit and risk committee oversees the combined assurance model as well as related assurance outcomes.

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 combined 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 control for the year ended 31 August 2020 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. For detailed information read the audit and risk committee report. 

An independent audit of the consolidated annual financial statements was performed by Crowe JHB Inc and Thawt Inc for the year ended 31 August 2020. Refer to our consolidated annual financial statements, which contain an independent auditor’s report.

External verification has been provided for the Broad-Based Black Economic Empowerment (B-BBEE) accreditation level. The verification has been performed by an organisation accredited by the South African National Accreditation System (SANAS). 

The remainder of the Integrated Report has not been subjected to an independent audit or review. The information reported on, other than that mentioned above, is derived from the Group’s own internal records and information available in the public domain. 

Management, the Board and the audit and risk committee have reviewed this report.

AYO’s Board of Directors acknowledges its responsibility to ensure the integrity of the Integrated Report. The Board has accordingly applied its collective mind and, in its opinion, this Integrated Report addresses all material matters and fairly represents the Group’s integrated performance. The CEO and CFO confirm that the annual financial statements are fairly represent in all material respects the financial position, financial performance and cash flow of the Group in terms of IFRS. No facts have been omitted or untrue statements made that would make the annual financial statements misleading. Adequate and effective internal controls have been put in place and we have fulfilled our role and function within the combined assurance model persuant to principle 15 of the King IV™ Code.

This report was approved by the Board of Directors of the AYO Group on 22 December 2020.

Signed on behalf of the Board.