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IMFO CONFERENCE PRESENTER: CLAUDIA MAKWELA. OUTLINE. Purpose Challenges Role played by IA Value add Treasury guides. PURPOSE. To improve the integrity and quality of financial information reported in financial statements, in particular disclosure notes.

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imfo conference presenter claudia makwela
IMFO CONFERENCE

PRESENTER: CLAUDIA MAKWELA

outline
OUTLINE
  • Purpose
  • Challenges
  • Role played by IA
  • Value add
  • Treasury guides
purpose
PURPOSE
  • To improve the integrity and quality of financial information reported in financial statements, in particular disclosure notes.
  • To reduce errors that are picked up and rectified during audit process
  • To address issues of operation clean audit

3

purpose1
PURPOSE
  • To improve audit outcome
  • To prevent late submission of AFS

4

challenges
CHALLENGES

A number of disclaimer opinion

High number of qualified audit opinion

Late submission of AFS

Challenges on asset management

Shortage of skilled personnel in finance

Inability to address prior year issues raised by AG

Material changes in the AFS

5

challenges1
CHALLENGES

Incomplete disclosure notes

Incomplete audit file

6

challenges2
CHALLENGES
  • Housing loan guarantees still reflecting the old financial institutions (e.g. Saambou bank)
  • Incomplete information on commitments and accrual
  • Classification of leases is a big issue
  • Adjustment column on assets note is populated with only balancing amounts – cannot be verified
knowledge
KNOWLEDGE
  • Knowing the institution’s operations,
    • Make use of FMCMM
  • Financial systems in use,
  • Knowing the legislations governing it,
    • Guidelines to draw budgets and AFS
    • Guidelines to report performance information
    • Continuous reading and commenting on draft documents
      • e.g Employment Equity Plan
knowledge1
KNOWLEDGE
  • NT and PT practice notes/instruction notes
  • AFS Preparation guide
  • Use of AFS template
adding value
ADDING VALUE
  • Internal controls
  • Review of action plan to address AG issues
  • Review financial statements
  • Make recommendations for improvements
  • Share new developments by the IIA
  • Share new developments from National and Provincial Treasury
adding value afs
ADDING VALUE –AFS
  • Existence – audit during the year
  • Completeness – e.g. revenue, debtors, expenditure etc.
  • Correctness – capturing adjustment budget not original
  • Tally – economic classification to budget
adding value afs1
ADDING VALUE –AFS
  • Disclosures

- Commitments and accruals

- Contingent liabilities

- Lease commitments

- Employee benefits

  • Verifying totals and
  • Check notes correspondence
  • Interpretation of legislation
adding value afs2
ADDING VALUE –AFS

Disclosures

Irregular Expenditure

Fruitless and wasteful expenditure

Details thereof

Minor assets

Inventory management

adding value pi
ADDING VALUE –PI
  • Targets reported according to APP
  • Alignment of targets and actual results

e.g. Target – Prevent the spread of HIV Actual – Malaria reduced by 50%

  • Audit evidence should be available
treasury guides
TREASURY GUIDES
  • Treasury Regulations
  • MTEF Guidelines
  • AFS framework guide
  • Annual report guidance
  • Framework for managing programme performance information (FMPPI), issued May 2007.
conclusion
CONCLUSION
  • IA operation plan
  • IFS review
  • Quarterly review of PI
  • AFS review