Statement of Directors’ responsibilities

The following statement, which should be read in conjunction with the independent auditor’s responsibilities stated in the independent auditor’s report, set out on page 121, is made with a view to distinguish the responsibilities of management and those of the independent auditors in relation to the consolidated financial statements of Saudi Arabian Mining Company (Ma’aden) (the “Company”) and its subsidiaries (the “Group”)

Management is responsible for the preparation of the consolidated financial statements that present fairly the consolidated financial position of the Group as at December 31, 2016, the results of its operations, cash flows and changes in equity for the year then ended, in accordance with the accounting standards issued by the Saudi Organization for Certified Public Accountants (“SOCPA”).

In preparing the consolidated financial statements, the management is responsible for:

  • selecting suitable accounting policies and applying them consistently;
  • making judgments and estimates that are reasonable and prudent;

stating whether SOCPA accounting standards have been followed, subject to any material departures disclosed and explained in the consolidated financial statements and preparing and presenting the consolidated financial statements on a going concern basis, unless it is inappropriate to presume that the Group will continue its business for the foreseeable future.

The management is also responsible for:

  • designing, implementing and maintaining an effective system of internal controls throughout the Group;
  • maintaining statutory accounting records in compliance with local legislation and accounting standards in the respective jurisdictions in which the Group operates;
  • taking steps to safeguard the assets of the Group and detecting and preventing fraud and other irregularities.

The consolidated financial statements for the year ended December 31, 2016 set out on pages 118 to 173, were approved and authorized for issue by the Board of Directors on January 19, 2017 and signed on its behalf by:

Engr. Abdullah Bin Ibrahim Al-Saadan
Authorized by the Board

Engr. Khalid Al-Mudaifer
President
and Chief Executive Officer

Mr. Darren C. Davis
Senior Vice President Finance and Chief Financial Officer