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FASSET | Annual Integrated Report 2022/23

Report of the Auditor-General to Parliament on the Financial and
Accounting Services Sector Education and Training Authority
Report on the Audit of the Financial Statements

Opinion

1. I have Audited the Financial Statements of the Financial and Accounting Services Sector Education and
Training Authority (FASSET) set out on pages 112 to 153, which comprise the statement of financial position
as at 31 March 2023, statement of financial performance, statement of changes in net assets, cash flow
statement and statement of comparison of budget actual amounts for the year then ended, as well as notes
to the Financial Statements, including a summary of significant accounting policies.

2. In my opinion, the Financial Statements present fairly, in all material respects, the financial position of the
FASSET as at 31 March 2023, and its financial performance and cash flows for the year then ended in
accordance with the Standards of Generally Recognised Accounting Practice (GRAP) and the requirements
of the Public Finance Management Act 1 of 1999 (PFMA) and the Skills Development Act 97 of 1998 (SDA).

Basis for Opinion

3. I conducted my Audit in accordance with the International Standards on Auditing (ISAs). My responsibilities
under those standards are further described in the responsibilities of the Auditor-General for the Audit of the
Financial Statements section of my report.

4. I am independent of the public entity in accordance with the International Ethics Standards Board for
Accountants’ International code of ethics for professional accountants (including International Independence
Standards) (IESBA code) as well as other ethical requirements that are relevant to my Audit in South Africa.
I have fulfilled my other ethical responsibilities in accordance with these requirements and the IESBA code.

5. I believe that the Audit evidence I have obtained is sufficient and appropriate to provide a basis for my
opinion.

Emphasis of Matter

6. I draw attention to the matter below. My opinion is not modified in respect of this matter.

Restatement of Corresponding Figures

7. As disclosed in note 31 to the Financial Statements, the corresponding figures for 31 March 2022 were
restated as a result of an error in the Financial Statements of the public entity at, and for the year ended 31
March 2023.

Other Matter

8. I draw attention to the matter below. My opinion is not modified in respect of this matter.

Retention of Surplus

9. There are current deliberations with the National Treasury and the Department of Higher Education and
Training regarding the appropriate approval processes for the retained surplus of R662 603 000, for the
Financial Year 2021—22, disclosed in note 26. The ultimate outcome of the matter could not be determined
and no provision for any liability was disclosed in the Financial Statements.

Make the future count.
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