City optimistic about improving audit outcome for 2023/24 financial year

Finance MMC Jacqui Uys delivers the 2024/2025 Budget speech at Tshwane House. Picture: Jacques Naude / Independent Newspapers

Finance MMC Jacqui Uys delivers the 2024/2025 Budget speech at Tshwane House. Picture: Jacques Naude / Independent Newspapers

Published Sep 4, 2024

Share

Tshwane MMC for Finance, Jacqui Uys, has expressed optimism that the municipality will improve its audit outcome after submitting the 2023/24 financial statements to the Auditor-General (AG) to meet the August 31 deadline.

Early this year the AG reported that the City incurred a qualified audit outcome for 2022/2023 financial year, which was an improvement from the previous adverse opinion for 2021/2022 financial year.

Last year the City failed to meet the submission deadline and asked for an extension to submit financial statements to the AG.

At the time the City said the extension was sought to avoid another adverse audit outcome, in which the AG found the metro incorrectly valued assets relating to electricity, roads, and stormwater infrastructure assets.

Former chief financial officer, Umar Banda, was blamed for misrepresenting the City’s 2021/2022 financial statements to the AG.

This time around, Uys said the City was pleased that the annual financial statements for the 2023/24 financial year were submitted on time.

She said: “Section 126 of the Local Government: Municipal Finance Management Act, 2003 (Act 56 of 2003) requires a municipality to prepare and submit annual financial statements within two months after the end of the financial year to the Auditor-General for auditing. The City of Tshwane has duly complied and submitted its financial statements by August 31 2024.”

She said the annual financial statements also served before the City’s governance structures, including the audit and performance committee.

“Many checks and balances were performed to ensure compliance with the standards of Generally Recognised Accounting Practice. We are confident that the City’s financial statements are in good order and will further improve our audit outcome,” she said.

The AG is expected to announce the final audited and consolidated financial statements in the next few months.

Uys expressed gratitude to the City’s audit and performance committee for ensuring that the DA-led coalition administration is on track and the annual financial statements were submitted on time.

“The City of Tshwane coalition works and will continue to deliver to all communities,” she said.

Pretoria News

rapula.moatshe@inl.co.za