Page 51 - Playhouse Annual Report 2021:22

The Committee is satisfied that the Company is continually focused on maintaining effective levels of internal controls.
The Committee concurs with auditors that internal controls were reasonably effective and reliable and any matters reported by internal auditors during the year did not indicate any significant or material deficiencies.
The administration of monthly/quarterly reports submitted in terms of the PFMA and Division of Revenue Act was satisfactory according to monitoring and internal audit results.
In-year Management and Monthly/Quarterly Report
The Playhouse Company has submitted the monthly reports to FINCO and the Audit and Governance Committees timeously and has submitted the quarterly reports to the Department of Sport, Arts and Culture as is required by the PFMA.
Evaluation of Financial Statements
The Committee has:
• Reviewed the quarterly reports including financial statements to ensure consistency and accuracy of information;
• Considered the appropriateness, adoption and consistent application of the South African Statement of Generally Recognised Accounting Practices adopted by the Accounting Authority;
• Considered the quality and timeliness of the financial information available to the Committee for oversight purposes during the year;
• Reviewed the financial statements of the Company for the year ended 31 March 2022 and is satisfied that they comply with relevant provisions of the Public Finance Management Act and the South African Statement of Generally Recognised Accounting Practices;
• Reviewed the Auditors-General’s Management Report and Management’s response; and
• Reviewed the Auditor-General’s Audit Report and noted that there were no findings in the financial statements and performance
information.
Auditor’s Report
The Committee is pleased to report that the Company has received an unqualified clean audit report.
The Committee concurs and accepts the conclusion of the Auditor-General on the annual financial statements and hence the Committee is of the opinion that the audited annual financial statements be accepted and read together with the report of the Auditor-General.
The Committee takes this opportunity to congratulate the Council and Management on their countless efforts and commitments in obtaining an unqualified clean audit report from the Auditor-General for twelve consecutive years, and would like to express gratitude for their support and fruitful discussions with the Committee.
Mr B Ngubane
Chairperson: Audit and Governance Committee
Annual Report 2021/2022 49