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2011/12 Audit Readiness and Predetermined Objectives

2011/12 Audit Readiness and Predetermined Objectives. 1 1. Presentation Outline. Preparation and actions Assets & Liabilities Expenditure Revenue Assets Orders Transfer of functions Unauthorised, irregular and fruitless and wasteful expenditure Predetermined Objects

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2011/12 Audit Readiness and Predetermined Objectives

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  1. 2011/12 Audit Readiness and Predetermined Objectives 11

  2. Presentation Outline • Preparation and actions • Assets & Liabilities • Expenditure • Revenue • Assets • Orders • Transfer of functions • Unauthorised, irregular and fruitless and wasteful expenditure • Predetermined Objects • Draft Annual Financial Statements and Predetermined Objectives • Projected audit outcome 22

  3. Readiness for preparation of Annual Financial Statements/Annual Report • PREPARATIONS AND ACTIONS • Financial Management controls are aligned to close the 2011/12 • Financial year on 10 April 2012 (Planning with time frame attached as • Annexure A): • Assets & Liabilities • Monthly verification on outstanding suspense accounts • Advances paid – NRM advances cleared in March • Debtors and possible write-off considered • Creditors managed to ensure timely payment • Claims confirmed and followed up • Working papers in progress • Confirmation of standing advances 33

  4. Continued Readiness for preparation of Annual Financial Statement/Annual Report • Expenditure • Spending trend estimated: 95% • Monthly reconciliation on expenditure of assets • Alignment to amended Standard Chart of Accounts • Monitoring of expenditure on a daily basis till year end • Revenue • Working papers in progress • Increased revenue due to fines recovered in terms of the National Environmental Management Act (R11.2 million) 44

  5. ContinuedReadiness for preparation of Annual Financial Statements/Annual Report • Assets • Departmental assets reported quarterly • Asset verification done • National Resources Management Programme assets not yet transferred – challenge in possibility that it would not be completed on 31 March 2012 • Buyisa-e-Bag asset transfer in progress – no challenge expected • Orders • Issuing of new orders for 2011/12 closed • Closing all open orders which will not be delivered on in 2011/12 55

  6. ContinueReadiness for preparation of Annual Financial Statements/Annual Report • TRANSFER OF FUNCTIONS • Natural Resources Management Programme • Dedicated involvement from CFO Office • Ceding of contracts - done • Implementation of financial processes and policies relevant to Environmental Affairs - done • Alignment of Expanded Public Works Program contracts - done 66

  7. ContinuedReadiness for preparation of Annual Financial Statements/Annual Report • Unauthorised, irregular and fruitless and wasteful expenditure • Spending within budget • No reported irregular expenditure to date • No reported fruitless and wasteful expenditure to date • Predetermined Objectives • Internal Audit review in 4th quarter • Predetermined Objective Report will be ready for submission to Internal Audit and Audit Committee before submission to Auditor – General on 31 May 77

  8. ContinuedReadiness for preparation of Annual Financial Statements/Annual Report • Draft Annual Financial Statements and Predetermined Objectives • 14 May – Submit draft to Internal Audit for review and discussion • 16 May – Submit draft to Audit Committee for review and discussion • 31 May – Submit Annual Financial Statements and Predetermined Objects to the Auditor - General 88

  9. ContinueReadiness for preparation of Annual Financial Statements/Annual Report • PROJECTED AUDIT OUTCOME • Clean audit projected in view of above 99

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