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Annual report suite 2012

Our approach to assurance

AngloGold Ashanti believes in timeous, accurate and transparent reporting, and we support third party verification of our systems and data.

Assurance and approvals

This year we have continued our threefold approach to assurance, relying on three complementary review processes – internal audit, external audit and an independent viewpoint from our sustainability review panel. For the first time we have also introduced Combined Assurance.

Internal assurance

AngloGold Ashanti’s Group Internal Audit continues to develop capacity in the area of sustainability reporting and has conducted an audit of our 2012 sustainability reporting in terms of the Group Internal Audit Charter as approved by the company’s Audit and Corporate Governance Committee. The audit was also performed in accordance with the Institute of Internal Auditors’ Standards for the Professional Practice of Internal Audit. The review assessed the validity, accuracy and completeness of the relevant GRI indicators in the group-level and online reporting, together with various data transfer and integrity checks.

This Sustainability Report was approved by the board of directors on 19 March 2013.

External assurance and independent review

External assurance of our sustainability reporting was provided by Ernst & Young. Data indicators are selected for assurance by external audit teams on the basis of their assessment of the issues and indicators that are most significant to the sustainability performance of the business, as well as the key risks identified by the group.

Data which has been externally assured is indicated in our online reports with icons for limited LA or reasonable assurance RA. See Ernst & Young’s sustainability assurance statement.

In 2012, the scope of our external assurance also covered compliance with the key standards against which we report – the Global Reporting Initiative’s (GRI’s) G3.0 guidelines and the Sustainable Development Framework of the International Council on Mining and Metals (ICMM).

In addition, all sustainability reporting was self-declared as being in alignment with GRI (G3.0) at an A+ application level. Our reporting was reviewed by GRI. GRI’s statement may be found with the GRI Index.

Independent review

See the role of and review letter by our panel.

Introducing combined assurance

AngloGold Ashanti is committed to the progressive implementation of integrated reporting at all levels of our business. This reporting should, and does, reflect a holistic account of our business – both financial and non-financial objectives, our performance against them, and our vision for the future. Under the guidance of the Audit and Corporate Governance Committee, a combined assurance model has been adopted with the aim of providing a co-ordinated approach to all assurance activities, which includes a wide representation of disciplines in the business. We believe that this will enable the board and management to assess whether the significant risks facing the group are complete and adequately mitigated.

CASE STUDY

Combined assurance

In what is believed to be best practice for the mining industry, the AngloGold Ashanti combined assurance review process was rolled out to all significant business units in 2012 as a system which aims to effectively avoid the element of “surprise” in risk management.

See case study: Group – Combined assurance means “no surprises”

The combined assurance model facilitates a group-wide integration and leveraging of the various control, governance, and assurance processes. Its introduction has brought a new dimension to assurance within the group through value being derived from integrated assurance teams.

During 2012, AngloGold Ashanti was subjected to risk-based, integrated, technical and commercial combined assurance reviews. The outcome of these reviews provided reasonable assurance to allow the board, on recommendation from the Audit and Corporate Governance Committee, to decide on the effectiveness of the group’s system of internal controls.

We believe that this reflects our maturing approach towards risk management and assurance, and will:

  • allow executive management and the board to extract and monitor meaningful information for better decision-making;
  • eliminate duplication;
  • reduce costs; and
  • improve transparency and reporting.

During 2012, all significant operations within AngloGold Ashanti were subjected to risk-based, integrated, technical or commercial combined assurance reviews involving more than 113 people, from across 19 disciplines.