Common use of Annual Financial Reporting Clause in Contracts

Annual Financial Reporting. The Private Party shall furnish SANParks, as soon as practicable but in any event not later than 4 calendar months after the end of each financial year with: 15.6.1 three (3) copies of the Private Party’s complete audited financial statements for such financial year (which are consistent with the books of accounts and prepared in accordance with GAAP), together with an audit report thereon, all in accordance with the requirements of the laws and Regulations pertaining to accounting; 15.6.2 a copy of any management letter or other communication sent by the auditors to the Private Party or to its management in relation to the Private Party’s financial, accounting and other systems, management and accounts; 15.6.3 an annual report by its auditors certifying that, based on its said financial, accounting and other systems, management and accounts, the Private Party was in compliance with its financial obligations in respect of the Project as at the end of the relevant Project Year or detailing any non- compliance by the Private Party therewith; and 15.6.4 a reconciliation of the current year’s profit and loss account and the budget for the year, and an analysis thereof.

Annual Financial Reporting. The Private Party shall furnish SANParks, as soon as practicable but in any event not later than 4 calendar months after the end of each financial year Project Year, with: 15.6.1 21.2.1 three (3) copies of the Private Party’s complete audited financial statements for such financial year Project Year (which are consistent with the books of accounts and prepared in accordance with GAAP), together with an audit report thereon, all in accordance with the requirements of the laws and Regulations pertaining to accounting; 15.6.2 21.2.2 a copy of any management letter or other communication sent by the auditors to the Private Party or to its management in relation to the Private Party’s financial, accounting and other systems, management and accounts; 15.6.3 21.2.3 an annual report by its the auditors certifying that, based on its said financial, accounting and other systems, management and accounts, the Private Party was in compliance with its financial obligations in respect of the Project as at the end of the relevant Project Year or detailing any non- non-compliance by the Private Party therewith; and; 15.6.4 21.2.4 a reconciliation of the current year’s profit and loss account and the budget for the year, and an analysis thereof.