Dti welcomes clean audit

Tuesday, September 5, 2017

Trade and Industry Minister Rob Davies has welcomed the Auditor General’s clean audit reports for the 2016/2017 financial year for both the department and most of its agencies.

Minister Davies said the clean audit is an indication that the Department of Trade and Industry (dti) is committed to good governance and clean administration that will lead to better service delivery to the department’s stakeholders, investors and aspiring entrepreneurs.

It also means that the department has successfully implemented and delivered on its mandate.

A clean audit means that the dti’s 2016/17 financial statements were free from material mis-statements and there were no material findings on the reporting of performance objectives or non-compliance with legislation.

During the period under review the department provided financial support of approximately R7 billion, supporting more than 1400 companies which will leverage total private sector investment of approximately R30 billion into the South African economy.

On Monday, Minister Davies said he was pleased with the progress made by the department’s Black Industrialists Programme.

“I am pleased with the progress that the department has made with the Black Industrialists Programme and efforts made to fast track radical economic transformation. In its full year of operation, the programme has assisted 46 companies.”

“With our support of approximately R1 billion these pioneering entrepreneurs have leveraged investments of over R3 billion in their companies thereby creating more than 7000 new direct jobs,” said the Minister.

When coming to entities Minister Davies applauded the Companies and Intellectual Property Commission (CIPC) for its first clean audit, a noticeable improvement from when the organisation was called Companies and Intellectual Property Registration Office (Cipro).

The CIPC has implemented an Information Communication Technology (ICT) modernisation strategy and improved on its financial governance leading to much improved performance and service delivery.

Other dti agencies that achieved clean audits are the Companies Tribunal, National Consumer Tribunal, National Gambling Board, National Lotteries Commission, National Metrology Institute of South Africa, National Empowerment Fund, Export Credit Insurance Corporation of South Africa Limited and the South African National Accreditation System.

The Minister congratulated Director General Lionel October for his strategic direction and guidance in enhancing the control environment and governance structures within the department.

He also thanked Chief Financial Officer Shabeer Khan, as well as senior management and staff of the dti for their hard work, dedication, and commitment to achieving a clean audit. – SAnews.gov.za

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