Fin24

Sanral gets thumbs up from AG

2012-10-03 15:01

Cape Town - The South African National Roads Agency Limited (Sanral) has received another unqualified audit report from Auditor-General Terence Nombembe for the financial year ended March 31 2012.

The clean bill of health is Sanral’s ninth 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 CFO 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 taxpayers’ money and investor funds.

"Always improving corporate governance and financial efficiency therefore remain key to Sanral’s conduct and day-to-day operations,” said Mulder.

Sanral’s core activities are in 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 therefore reviewed by internal auditors, independent auditors from time to time, and our financial statements are audited by the auditor general annually."

The auditor-general’s opinion is that all financials were presented fairly.

However, he did emphasise that the toll income from the Gauteng Freeway Improvement Project (GFIP) is significant to Sanral's ability to service its current and future obligations. This may cast significant doubt on its ability to fund its obligations, until such time as tolling commences.

The auditor-general indicated that he did not identify any instances of material non-compliance with specific matters in key applicable laws and regulations, and he did not identify any deficiencies in internal control.

The inter-ministerial committee on the GFIP said on Wednesday that the committee would make an announcement on Friday on how the e-tolls would be implemented.

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Comments
  • Alan - 2012-10-03 15:29

    Still not going to buy an e-tag.

      matshobana.siziba - 2012-10-04 13:10

      E-TOLLING: The majority of SAs esp in the GP are against it.Why? In my opinion the GFIP is a noble intervention of trying to curb congestion which has evidently made access a nightmare to the detriment of economic growth and the quality of life. Its the failure by the responsible authority(s) to market and educate people about the concept. A fact is that its never an easy task to tell people to part with their hard earned cash without explaining explicitly in the midst of a clearly corrupt and under performing government.http://www.facebook.com/MzansiPolitics LIKE THE PAGE

  • vaughan.lund - 2012-10-03 15:55

    Just because the SANRAL form of hi-way robbery is legal, doesnt make SANRAL any less evil.

  • mart.botha - 2012-10-03 16:51

    Saying otherwise is akin to telling your wife that you prefer your mother's cooking !!!! YOU JUST DON"T DO IT !

  • reinhardt.wyk - 2012-10-03 16:59

    While an unqualified report is definitely something to applaud (given how other state run entities are performing), it is a sad reflection of reality when this is considered to be the exception, and not the norm.

  • Mandy Casey - 2012-10-03 19:49

    Don't buy an etag

  • sisie.indola - 2012-10-04 07:51

    But i could have sworn that SANRAL was crying "Bankrupt" not too many months ago, because they were having to foot the bill for those horrendous tollgates on Gauteng roads - so were they lying?

  • warwick.railton.7 - 2012-10-04 08:00

    Ethical?? - Oh please.

  • david.questioner - 2012-10-04 08:05

    A clean audit report merely means that the auditors believe they had the relevant information to perform the audit, and that they believe that the financials are prepared according to generally accepted accounting practices. It does not reflect what the company was supposed to have done, nor does it reflect on the morality of what the company is doing

      mc.segal.5 - 2012-10-18 05:54

      Rule 1 Dont Buy An etag.

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