Ingonyama Trust Board Delays Submission of Audit Report to Parliament, Says Minister Thoko Didiza

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Through Mayibongwe Maqhina 40 m ago

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MAYIBONGWE MAQHINA

Ingonyama’s board of directors will delay submitting its audited finances and annual report to parliament as it faces issues related to reporting its financial information.

This was revealed by the Minister of Agriculture, Agrarian Reform and Rural Development, Thoko Didiza, in a letter to the presidents of parliament.

State institutions are, in terms of legislation, expected to submit their audited annual reports to the national legislature in late September after submitting their financial statements for audit to the Office of the Auditor General in May.

In her letter, Didiza said that the Public Financial Management Law requires her to table the annual report, financial statements and audit report on the statements in the National Assembly within one month after. that the public entity’s accounting authority has received the audit report.

She also said she was also required to provide an explanation when the documents were not filed six months after the end of the fiscal year.

Didiza explained that the board of directors of Ingonyama Trust (ITB) should review the adequacy of the financial reporting framework of Ingonyama Trust (IT).

She said this required consultation with the Accountant General before the annual financial statements were prepared by the board.

“The net effect is that the ITB’s annual financial statements were not submitted to the Auditor General until July 31, 2021, and the IT’s were not submitted until August 30, 2021.

“The Auditor General is therefore still carrying out an audit on ITB and IT,” said Didiza.

She said, however, that Auditor General Tsakani Maluleke made a commitment to submit the ITB audit report by October 1 and the IT audit report by November 1.

Didiza also said audit reports will now be tabled in the National Assembly no later than November 12.

“We appreciate the inconvenience that the late tabling imposes on Parliament, and we regret that it has had to come to this in order to improve the compilation and presentation of the annual financial statements,” she said.

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