MSME Program Orientation Highlights
This content provides important information about the MSME Program orientation for graduate students, including details about faculty, course requirements, areas of emphasis, and a two-year graduation plan. It emphasizes the need for specific courses, unit requirements, and guidelines for timely graduation. The content also includes valuable advice for part-time or full-time employed students to adjust their schedules accordingly.
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PRESENTED BY: CONSOLIDATION MATTERS KAREN MAREE Title: Chief Director: OAG:AS&R Date: 13 August 2024 Departments CFO Forum
2 Departments Consolidation Matters: Departments Consolidation Matters: 1. Overview of the consolidation audit outcomes 2. Consol submission stats 3. Reflection on the findings raised by the AGSA (in the Audit Report (AR) and Management Report (MR)) 4. Consolidation communications 5. Frequently raised issues/queries
3 1. Overview of the consolidation audit 1. Overview of the consolidation audit outcomes outcomes Audit opinions Audit opinions 2019/20 2019/20 Qualified Qualified 2020/21 2020/21 Qualified Qualified 2021/22 2021/22 Qualified Qualified 2022/23 2022/23 Qualified Qualified
4 2. Consolidated National Departments Consolidated National Departments For 2022/2023 Financial period, 42 National Departments consolidated in total We received 100% submission. 40 departments were consolidated as final audited AFS 2 department AFS were consolidated as drafts because of late submission For the 2023/24 financial year-end, thus far +-90% submitted audited AFS with final audit report.
5 2. Consolidated National Departments National Departments Audit Outcomes 2023/24: oUnqualified 34 oQualified 2 oNot Received 6
6 3. 3. Reflection on the findings raised by Reflection on the findings raised by AGSA AGSA matters affecting the AR & MR matters affecting the AR & MR The consolidated financial statements for departments received a qualified audit opinion for the past years emanating from qualifications received by individual departments. This related to Goods & Services and Movable Tangible Assets. Uncorrected misstatements at the individual department s audit are aggregated on consolidation and thus become material and affect the audit of consolidated financial statements - these are included in the management report and if they are material could be escalated to the audit report. Changes to the consolidated financial statements are experienced annually mainly due to incorrect templates being submitted to NT and/or AG or due to departments making changes and not informing the NT and/or AG on time. This also included the timeous submission of Annexure C s.
7 3. Reflection on the findings raised by 3. Reflection on the findings raised by AGSA AGSA matters affecting the AR & MR matters affecting the AR & MR Late submissions due to audits of individual departments not being finalised on time ( as per the PFMA timelines) kindly note that we do not grant extensions on late audits but urge the departments to inform the NT and adhere to PMFA legislation requirements when it comes to such. This has a replica effect and results in the late tabling of our consolidated financial statements in parliament. Elimination of inter-departmental balances also remains a major issue, where limited to no progress has been made thus far. Departments are urged to confirm and agree on inter-departmental balances in Annexures 8A and 8B.
8 4 4. Consolidation communications . Consolidation communications Depts are reminded to take note and adhere to the consolidation communications. This will assist the Consol team in improving the audit outcomes of consolidated AFS for national departments. Challenges experienced by departments with consol processes must be communicated to the NT timeously We acknowledge the efforts made by the depts in completing the IFS quarterly. Due to high volume of IFS extension requests, first quarter submissions for IFS requirement to be reconsidered, formal communication to be sent to departments.
9 4 4. Consolidation communications . Consolidation communications The following annual communications contain important instructions and timelines for consolidation that are communicated to all departments: 1. INSTRUCTION NOTE: FINANCIAL YEAR-END PROCEDURES, CLOSURE, AND SUBMISSION DATES OF ANNUAL FINANCIAL STATEMENTS AND RELATED DOCUMENTS NATIONAL TREASURY INSTRUCTION ON MONTH-END CLOSURE PROCEDURES NATIONAL TREASURY INSTRUCTIONS ON FINANCIAL YEAR-END PROCEDURES FOR SUBMISSION OF AFS FOR NATIONAL DEPTS PUBLIC ENTITIES YEAR END INSTRUCTION FOR SUBMISSION OF AFS 2. 3. 4.
10 5. Frequently Raised Queries 5. Frequently Raised Queries Signing of the Second Appropriation Bill post year-end and unauthorised expenditure recognition. Difficulty in applying the requirements in the FAQ of Para. 9.1 Dispute mechanism to resolve disagreements between audit findings between AG and national departments Expensing of prepayments discontinuation, the implications thereof on surrendering of funds and the impact on funds that have not been expensed at year-end but are committed Recognition of Fruitless and Wasteful Expenditure dispute with AG Guidance on impairment methodologies that can be adopted by departments in dealing with impairment of investments
11 5. Frequently Raised Queries 5. Frequently Raised Queries Principal-Agent arrangement: oHow to identify and account for principal-agent arrangement where there s dual mandate from different legislations oDoes funding from SETAs fall within the scope of MCS16 Can Trading entities incur Unauthorised expenditure though they do not have votes? Guidance on how CARA funding must be recognised as this funding differs from Appropriation Recognition of microsoft licences contract in place for period of 3 years, but invoicing is done annually in 3 equal instalments, should they be capitalized or expensed
