The clean bill of health is SANRAL's 9th consecutive unqualified report and demonstrates commitment by the SANRAL management to promote ethical behaviour and strict adherence to international financial reporting standards and the requirements of the Public Finance Management Act of South Africa (PFMA) at the state owned company.
SANRAL' chief financial officer Inge Mulder said: "The unqualified report and SANRAL's unblemished financial integrity are a result of principled financial management and budgetary resourcefulness. While every accolade raises the bar‚ we will not rest on our laurels but will always work hard to maintain SANRAL's position as a well managed and accountable company."
"SANRAL's Board and staff recognise that it is vital for the organisation to function as a credible custodian of tax payers' money and investors' funds. Improving corporate governance and financial efficiency remain key for SANRAL's conduct and day-to-day operations‚" said Mulder.
SANRAL's core activities are the provision of a well-maintained and safely engineered national road network. Mulder recognises that this sector is particularly vulnerable to malpractice‚ primarily due to the involvement of many role players and the magnitude of funds involved.
"We are acutely aware of our exposure to‚ and the dangers of, fraudulent and corrupt activities that might affect our business‚ particularly within the transforming South African economy‚" she said. "Our financial control and records are reviewed by internal auditors and independent auditors from time to time. Our financial statements are audited by the Auditor General annually."
The Auditor-General's opinion is that all financials were presented fairly. In material respects, the financial position of SANRAL and its financial performance and cash flows for the year were in accordance with international financial reporting standards and the requirements of the PFMA and the Companies Act.
However the Auditor General emphasised that the toll income from the GFIP is significant for SANRAL to continue to service its current and future obligations and this may cast significant doubt on the entity's ability to fund its obligations in future.
The Auditor General indicated that no instances of material non-compliance with specific matters in key applicable laws and regulations were identified.
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