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North West Departments And Public Entities Submit Annual Financial Statements (AFS) To Auditor General South Africa (AGSA)

Webp.net compress image 1 3 - North West Departments And Public Entities Submit Annual Financial Statements (AFS) To Auditor General South Africa (AGSA)

Mahikeng: In compliance with the Public Finance Management Act, all provincial departments and their public entities converged in Mahikeng to submit their consolidated Annual Financial Statements for 2018/19 to AGSA for audit process.

“Submission of AFS is a notable milestone in the process of accounting for resources allocated to government.  It takes a lot of work to compile such and this is appreciated. AGSA expects that there should be improvement from previous years. The audit process is primarily focused on providing assurance to the citizens of what was delivered based on the funds that were allocated and not a fault-finding activity, said AGSA representative, Schalla van Schalkwyk.  

Head of Department of Finance, Ndlela Kunene echoed the same expectation that “there needs to be qualitative improvement in the statements submitted and hopes that the audit outcome of departments and entities will improve. Submission of AFS is amongst one of the most important accountability stages which is largely about accounting for resources allocated to departments and entities for the delivery of services. Departments and entities are ready for audit process and looking forward to fruitful engagement with AGSA,” he said.

Administrator in the Office of the Premier, Mr. Sibusiso Mpanza said that the province takes full responsibility of statements submitted to AGSA and hopes that there is improvement in the submissions.

Chief Financial Officer in the Office of the Premier, Ms. Tabea Mooketsi said that compilation for 2018/19 has been improved exercise due to the intensified support provided by the Department of Finance. With the in-depth understanding and recruitment of requisite skills in the Finance Directorates, the departments are in a better position this year. Departments and entities strive for improvement year on year. She indicated that the provincial administration’s guidance provided by AGSA has brought meaningful contribution to the management of public resources.

The North West Transport Investment (NTI) requested extension for late submission due to the processes of aligning its accounting and reporting to International Financial Reporting Standards (IFRS).

The AFS handing over ceremony was attended by Administrators, Heads of Departments, Chief Financial Officers and Directors Financial Management from the departments and entities.

The post North West Departments And Public Entities Submit Annual Financial Statements (AFS) To Auditor General South Africa (AGSA) appeared first on iAfrica.com.

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