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Annual Financial Statements 2011/12 Action plan

Presentation to Portfolio Committee17-18 April 2012Cape TownChief Financial Officer

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Presentation lay out• Challenges• Action plan to overcome challenges• Activities to be addressed during compilation of AFS• Important dates

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Challenges• Capacity constrains• Vacant senior managers posts

– 2 Chief directors– Director Financial Accounting

• 2010/11 qualified audit outcome• No capacity from the National Treasury and DBSA• Interim Audit outcomes

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Action Plan to overcome the challenges

• Establish an AFS project team, which will consist of:– Deputy director policy and monitoring( project leader) – Deputy director reporting, expert on AFS– Members from Internal Audit, will verify reconciliations

and inputs to AFS – Possible appointment of contract workers at senior level

and also on production level– Approach some departmental entities who are willing to

assist eg waterboards• National Treasury will final check AFS prior to submission to AG

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Action Plan to overcome the challenges : CONTINUE

• Develop action plan with tight time frames• AFS inputs to be signed off by the responsible

managers, this will ensure quality inputs• BPR support• AFS inputs files to be prepared as evidence to the

different notes to the AFS• Trial Balance meetings, to ensure reliable AFS data• Address all interim audit outcomes

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Activities to be addressed during the AFS • Attend to 2010/11 audit matters raised• Inform all responsible role players regarding final

input dates • Attend to year end BAS and LOGIS procedures• Attend to new code structures from NT• Request NT regarding any Budget virement• Revenue emanating from Roodeplaat Training Centre • Compensation of employees data

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Activities to be addressed during the AFS : Continue

• Gifts/Donations/Sponsorship information• Conditional grants/Donor funding inputs• Transfer payments• Suspense accounts inputs• Bank account reconciliations• Staff debt and state loans to irrigation boards etc• Advances issues to staff and implementing agents• Contingent Liabilities from legal services

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Activities to be addressed during the AFS : Continue

• Inter departmental claims reconciliation • Appropriation statement compilation• Unauthorised, irregular, fruitless and wasteful

expenditure report• Accounting policy sign off• Accounting officers report• Stock and inventory counts and reporting• Complete and accurate asset register

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IMPORTANT DATES REGARDING THE AFS

• Letters to responsible managers to inform them about required and standard of information : 20 March

• BAS closure, 20 April • Consolidation of all inputs by project team: 11 May• Readiness of draft AFS: 16 May• Quality assurance by IA: 18 May• NT and BPR to verify and possible adjustments by 21

May

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IMPORTANT DATES REGARDING THE AFS

• Final AFS 22 May• Tabling of AFS to Audit Committee: 24 May• DG to sign off AFS and Annual Report 29 May • Submit to AG 31 May• AG audit AFS during June and July• Final management letter and Audited AFS to DWA

end of July

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• THANK YOU