1 / 15

SCOAG Aug 2008

SCOAG Aug 2008. Annual Report Presentation : Auditor-General of SA Key Highlights – Finance & Operations Kimi Makwetu 20 August 2008. Index. Key Interventions 2. Challenges 3. Financial Results 4. Commentary 5. Actual Performance vs Targets for 2007/08

maia-dorsey
Download Presentation

SCOAG Aug 2008

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. SCOAG Aug 2008 Annual Report Presentation : Auditor-General of SA Key Highlights – Finance & Operations Kimi Makwetu 20 August 2008

  2. Index • Key Interventions 2. Challenges 3. Financial Results 4. Commentary 5. Actual Performance vs Targets for 2007/08 6. Conclusion

  3. Key Interventions • Reconstituted and focused Audit business • Head of Audit • Audit Development & Innovation • All CE’s on board • More streamlined support services • Chief Operations Officer • Chief Financial Officer

  4. Challenges • Ongoing vacancy challenge at Supervisory and Managerial Level. • Stability at Senior Levels • More attention still required at Managerial and Supervisory level. • Grow our own leadership

  5. Result Key focus areas Financial Highlights • Revenue • Local • International • Net Deficit 2008 R’m 2007 R’m 1,108 893 1,087 875 21 18 (8.3) (1.8)

  6. 3. Key financial indicators – 2007-08 performance vs budget. Actual Budget Variance (R'000) (R'000) (R'000) % 1,130,405 1,025,981 104,424 10% Revenue 1,114,195 1,013,230 100,965 10% Audit income Own Hours 647,363 700,722 (53,359) -8% Note 1 Contract work 423,292 250,525 172,767 69% Subsistence & Travel 43,540 61,983 (18,443) -30% Other income 16,210 12,751 3,459 27% Note 1 This variance is made up of the following: Additional vacancies (64,711) Higher recovery rates 28,354 Lower utilisation (19,701) Net other recoveries 2,700 (53,359)

  7. Commentary • Includes substantial increase in debt provisions • Write offs of balance sheet items accumulated over time. • Detail shared with committee at time of discussing the funding model . (vacancies , contract work, tariff capping) • Implementation of funding model recommendation will alleviate improvements in margin recoveries. • Achievements of clean audit report key priority at all times. • Stronger governance gaining heightened level of attention.

  8. Commentary Environment in which Financial Statements are produced • Leadership in Finance • Standards of internal control • Funding model and Balance sheet clean-up ( R3.9m, Note 21)

  9. Summary of Actual Performance vs Targets 31 March 2008 Primary focus area

  10. Summary of Actual Performance vs Targets31 March 2008

  11. Summary of Actual Performance vs Targets31 March 2008

  12. Summary of Actual Performance vs Targets31 March 2008

  13. Summary of Actual Performance vs Targets 31 March 2008

  14. Summary of Actual Performance vs Targets 31 March 2008

  15. Conclusion • Funding bottleneck addressed • Ongoing capacity and leadership • Skills pipeline through the profession continue to shrink • Private audit firms remain a key stakeholder for delivery • Growth and retention of key skills priority • Substantial development & growth of key processes

More Related