Annual Report 2008/2009 - Umalusi

Report of the Council
For the year ended 31 March 2009
The Council presents its report for the year ended 31 March 2009.
1. Incorporation
Umalusi is listed as a national public entity in terms of schedule 3A of the Public Finance and Management Act
(PFMA) of 1999, as amended. Umalusi was established in accordance with the General and Further Education
and Training Quality Assurance Act of 2001.
2. Review of activities
Umalusi, Council for Quality Assurance in General and Further Education and Training, is the quality assurer in the
general and further education and training bands of the National Qualifications Framework (NQF). The Council
ensures that continuous enhancement of quality is achieved in the delivery and outcomes of the general and
further education and training sectors of the national education system.
The operating results and state of affairs of the Council are fully set out in the attached annual financial
statements.
3. Statement of responsibility
The Council is responsible for the maintenance of adequate accounting records, the preparation and integrity
of the financial statements and related information. The auditors are responsible for reporting on the fair
presentation of the financial statements in accordance with the reporting framework and applicable legislation.
The financial statements have been prepared in accordance with Statements of South African Generally
Accepted Accounting Practice (GAAP), with issued and effective Statements of Generally Recognised
Accounting Practice (GRAP) replacing the equivalent standard of GAAP (refer to note 1 to the financial
statements), and in the manner required by the PFMA.
The Council is also responsible for the entity’s system of internal control. These are designed to provide
reasonable, but not absolute assurance to the reliability of the annual financial statements and to adequately
safeguard, verify and maintain accountability of assets, and to prevent and detect misstatement and loss.
Nothing has come to the attention of the Council to indicate that any material breakdown in the functioning of
these controls, procedures and systems has occurred during the year under review.
The financial statements have been prepared on a going concern basis, since the Council has every reason to
believe that the entity has adequate resources in place to continue its operations in the foreseeable future.
4. Post statement of financial position events
The Council is not aware of any matter or circumstance which has arisen between the end of the financial year
and the date of approval of the financial statements.
5. Internal controls
In accordance with the PFMA, Council is accountable for internal control. The Council has the responsibility for
maintaining a sound system of internal control that supports achievement of Umalusi’s objectives and reviews its
effectiveness.
The system of internal control is based on an ongoing risk management process designed to identify the principal
risks to the achievement of the organisation’s objectives; to evaluate the nature and extent of those risks and to
manage them effectively and efficiently. The system of internal control is underpinned by compliance with the
relevant corporate and governance legislation.
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