Page 272 - DSD ANNUAL REPORT 2022-2

AR
TION
INFORMA
T
E: FINANCIAL
PART E: FINANCIAL INFORMATION
P P AR T E: FINANCIAL INFORMA TION STATE PRESIDENT FUND
Report of the Auditor-General to the Minister of Social Development on the State President Fund
Report on the audit of the financial statements
Opinion
1. I have audited the financial statements of the State President 9. In preparing the financial statements, the accounting authority
Fund set out on pages 275 to 280, which comprise the is responsible for assessing the fund’s ability to continue as a
statement of financial position as at 31 March 2022, the going concern, disclosing, as applicable, matters relating to
statement of financial performance, the statement of changes going concern and using the going concern basis of accounting
in net assets, and cash flow statement for the year then ended, unless the appropriate governance structure either intends to
as well as notes to the financial statements, including a liquidate the fund or to cease operations, or has no realistic
summary of significant accounting policies. alternative but to do so.
2. In my opinion, the financial statements present fairly, in all
material respects, the financial position of the State President Auditor-general’s responsibilities for the audit of the
Fund as at 31 March 2022, and its financial performance and financial statements
cash flows for the year then ended in accordance with the 10. My objectives are to obtain reasonable assurance about
Generally Recognised Accounting Practice (GRAP). whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
Basis for opinion and to issue an auditor’s report that includes my opinion.
3. I conducted my audit in accordance with the International Reasonable assurance is a high level of assurance, but is
Standards on Auditing (ISAs). My responsibilities under those not a guarantee that an audit conducted in accordance with
standards are further described in the auditor-general’s the ISAs will always detect a material misstatement when it
responsibilities for the audit of the financial statements exists. Misstatements can arise from fraud or error and are
section of my report. considered material if, individually or in aggregate, they could
4. I am independent of the fund in accordance with the reasonably be expected to influence the economic decisions
International Ethics Standards Board for Accountants’ of users taken on the basis of these financial statements.
International code of ethics for professional accountants 11. A further description of my responsibilities for the audit of
(including International Independence Standards) (IESBA the financial statements is included in the annexure to the
code), as well as other ethical requirements that are relevant auditor’s report.
to my audit in South Africa. I have fulfilled my other ethical Performance information reporting
responsibilities in accordance with these requirements and
the IESBA code.
5. I believe that the audit evidence I have obtained is sufficient 12. The fund is not required to prepare a report on its performance
and appropriate to provide a basis for my opinion against predetermined objectives, as it does not fall within the
ambit of the PFMA and such reporting is not required in terms
Material uncertainty related to going concern of the entity’s specific legislation.
6. I draw attention to the matter below. My opinion is not Audit of compliance with legislation
modified in respect of this matter.
7. The enabling act of the fund, the Fund Raising Act of South
Africa, 1978 (Act No. 107 of 1978), will be amended that will 13. As the fund was dormant for the year under review, no work
result in the dissolution of the fund. As stated in note 11, these was performed on the audit of compliance with legislation.
events or conditions, along with the other matters as set forth
in note 11, indicate that a material uncertainty exists that may Other information
cast significant doubt on the fund’s ability to continue as a
going concern. 14. The State President Fund’s accounting authority is responsible
for the other information. The other information comprises
Responsibilities of the board for the financial statements the information included in the annual report. The other
8. The board, which constitutes the accounting authority, is information does not include the financial statements and the
responsible for the preparation and fair presentation of the auditor’s report.
financial statements in accordance with the Standards of 15. My opinion on the financial statements does not cover the
GRAP, and the requirements of the Fund-Raising Act and for other information and I do not express an audit opinion or any
such internal control as the accounting authority determines form of assurance conclusion on it.
is necessary to enable the preparation of financial statements 16. In connection with my audit, my responsibility is to read
that are free from material misstatement, whether due to the other information and, in doing so, consider whether
fraud or error. the other information is materially inconsistent with the
financial statements, or my knowledge obtained in the audit,
or otherwise appears to be materially misstated.

DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2021/22 272