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FASSET | Annual Integrated Report 2022/23

having identified some practices that do not comply to set policies, in some instances the entity policies were not
adequate to address key risks. These mainly related to the IT data migration process. Prompt corrective action
would be implemented to address the weaknesses to strengthen the control environment.

Activities in the organisation are governed by written policies and procedures that are reviewed and approved
by the relevant governance committees. Management and employees monitor these controls throughout the
organisation with the necessary delegation of authority and segregation of duties. The areas of concern relate
to some practices that do not comply with set policies and, in some instances, policies were not adequate to
address key risks.

The Internal Audit work conducted during the year focused on the following:
• Audit of Predetermined objectives;
• Discretionary Grants Projects Site Visits;
• Marketing and Communication;
• Human Resources Management Review;
• ICT Data Migration Review;
• ICT Application Controls Review;
• Corporate Governance Reviews;
• Follow up on prior year Audit findings.

16.3 In-year Management and Monthly/Quarterly Report

FASSET has submitted monthly and quarterly reports to the Executive Authority.

16.4 Evaluation of Annual Financial Statements

The ARC has:
• Reviewed the report of the AGSA (Auditor-General of South Africa) on the Audited Annual Financial
Statements to be included in the Annual Integrated Report;
• Reviewed the Auditor-General’s Management letter and Management’s response thereto;
• Reviewed significant adjustments resulting from the external Audit; and
• Reviewed and adopted the Auditor-General’s report.

16.5 Auditor’s Report

AGSA considered internal control relevant to the Audit of the Financial Statements, reported performance
information and compliance with applicable legislation and did not identify any significant deficiencies in
internal control.

In the AGSAs opinion, the Financial Statements present fairly, in all material respects, the financial position of
the Finance and Accounting Services Sector Education and Training Authority as at 31 March 2023, and its
financial performance and cash flows for the year then ended in accordance with the Standards 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). The Committee welcomes improvement of the Audit
outcome and the AGs clean Audit opinion on the Audited Financial Statements and performance information.

Ms Malande Tonjeni CA(SA)
Chairperson of the Audit and Risk Committee

31 July 2023
Make the future count.
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