Annual Financial Statements - Report Of The Independent Auditors

To the members of The South African Institute of Mining and Metallurgy We have audited the annual financial statements of The South African Institute of Mining and Metallurgy set out on pages 357 to 366 for the year ended 30 June 2002. These financial statements are the responsibility of the Institute?s Council. Our responsibility is to express an opinion on these financial statements based on our audit. Scope We have conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes: ?examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, ?assessing the accounting principles used and significant estimates made by management, and ?evaluating the overall financial statement presentation. Audit opinion In our opinion, the financial statements fairly present, in all material respects, the financial position of the Institute at 30 June 2002 and the results of its operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice. Auditors 26 July 2002 Council?s approval of the annual financial statements The annual financial statements for the year ended 30 June 2002 set out on page 357 to 366 wereapproved by the Council on 26 July 2002 and are signed on its behalf by: