Page 358 - Department of Social Development Annual Report 2021

financial statements
8. The accounting authority, is responsible for the
Opinion
preparation and fair presentation of the financial
1. I have audited the financial statements of the State
statements in accordance with the Standards of
President Fund set out on pages 360 to 367, which
GRAP and for such internal control as the
comprise the statement of financial position as at
accounting authority determines is necessary to
March
31
2021,
of
statement
enable the preparation of financial statements
performance, statement of changes in net assets
that are free from material misstatement, whether
and cash flow statement for the year then ended,
due to fraud or error.
as well as notes to the financial statements,
9. In preparing the financial statements, the
including a summary of significant accounting
accounting authority is responsible for assessing
policies.
the State President Fund’s ability to continue as a
2. In my opinion, the financial statements present
going concern, disclosing, as applicable, matters
fairly, in all material respects, the financial
relating to going concern and using the going
position of the State President Fund as at 31
concern basis of accounting unless the
March 2021, and its financial performance and
appropriate governance structure either intends
cash flows for the year then ended in accordance
to liquidate the fund or to cease operations, or has
with the Standards of Generally Recognised
no realistic alternative but to do so.
Accounting Practice (GRAP).
Auditor-general’s responsibilities for the audit of the
Basis for opinion
financial statements
3. I conducted my audit in accordance with the
International Standards on Auditing (ISAs). My
10. My objectives are to obtain reasonable assurance
responsibilities under those standards are further
about whether the financial statements as a whole
described in the auditor-general’s responsibilities
are free from material misstatement, whether due
for the audit of the financial statements section of
to fraud or error, and to issue an auditor’s report
my report.
that includes my opinion. Reasonable assurance is
4. I am independent of the fund in accordance with
a high level of assurance, but is not a guarantee
sections 290 and 291 of the International Ethics
that an audit conducted in accordance with the
Standards Board for Accountants’ Code of ethics
ISAs will always detect a material misstatement
for professional accountants and part 1 and 3 of
when it exists. Misstatements can arise from fraud
the International Ethics Standards Board for
or error and are considered material if,
Accountants’ International Code of Ethics for
individually or in aggregate, they could
Professional Accountants (including International
reasonably be expected to influence the economic
Independence Standards) (IESBA code), as well as
decisions of users taken on the basis of these
other ethical requirements that are relevant to my
financial statements.
audit in South Africa. I have fulfilled my other
11. A further description of my responsibilities for the
ethical responsibilities in accordance with these
audit of the financial statements is included in the
requirements and the IESBA codes.
annexure to the auditor’s report.
5. I believe that the audit evidence I have obtained is
sufficient and appropriate to provide a basis for
Performance information reporting
my opinion.
12. As the fund was dormant for the year under review,
Material uncertainty related to going concern/financial
no work was performed on the audit of
sustainability
performance information.
6. I draw attention to the below. My opinion is not
modified in respect of this matter.
Audit of compliance with legislation
7. The enabling act of the fund, the Fund Raising Act
of South Africa, 1978 (Act No. 107 of 1978), will be
13. As the fund was dormant for the year under review,
amended that will result in the dissolution of the
no work was performed on the audit of
fund. As stated in note 10, these events or
compliance with legislation.
conditions, along with the other matters as set
forth in note 10, indicate that a material
uncertainty exists that may cast significant doubt
on the fund’s ability to continue as a going
concern.
PART E: FINANCIAL INFORMATION Report on the audit of the financial statements financial Responsibilities of the accounting authority for the
STATE PRESIDENT FUND
Report of the auditor-general to Mininster of Social Development on the State President Fund
Other information
14. The State President Fund’s accounting authority is
responsible for the other information. The other
information comprises the information included in
the annual report.The other information does not
include the financial statements and the auditor’s
report.
15. My opinion on the financial statements does not
cover the other information and I do not express
an audit opinion or any form of assurance
conclusion thereon.
16. In connection with my audit, my responsibility is to
read the other information and, in doing so,
consider whether the other information is
materially inconsistent with the financial
statements, or my knowledge obtained in the
audit, or otherwise appears to be materially
misstated.
17. If based on the work I have performed, I conclude
that there is a material misstatement in this other
information, I am required to report that fact.
18. I have nothing to report in this regard.
Internal control deficiencies
19. I considered internal control relevant to my audit of
the financial statements; however, my objective
was not to express any form of assurance thereon,
did not identify any significant deficiencies in
internal control.
Pretoria
31 July 2021
DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2020/21 358