2007 / 2008 Annual Report - Eastern Cape Development Corporation

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EASTERN CAPE DEVELOPMENT CORPORATION 2007/08REPORT OF THEAUDITOR GENERALEmphasis of matterWithout qualifying my audit opinion, I draw attention to the following matter:Highlighting a critically important matter presented or disclosed in the financial statementsInvestment property9 Freehold title is held for the majority of investment properties disclosed in note 2 to the financial statements. However,properties with a combined value of R96.4 million are disclosed as being owned by government, tribal authorities andmunicipalities.Although the corporation’s right to occupy properties to the value of R83.3 million, out of the R96.4 million referredto above, has not been reduced to writing, it derives economic benefits from their use and carries the risks that areincidental to ownership.The valuation method used to value these properties assumes that the corporation has the right to occupy theseproperties and will receive economic benefits in perpetuity.OTHER MATTERSWithout qualifying my audit opinion, I draw attention to the following matters that relate to my responsibilities in theaudit of the financial statements:Matters of governance10 The PFMA tasks the accounting authority with a number of responsibilities concerning financial and risk managementand internal control. Fundamental to achieving this is the implementation of certain key governance responsibilities,which I have assessed as follows:Matter of governance Yes NoAudit committee• The public entity had an audit committee in operation throughout the financial year.• The audit committee operates in accordance with approved, written terms of reference.• The audit committee substantially fulfilled its responsibilities for the year, as set out in section 77 of the PFMAand Treasury Regulation 27.1.8.Internal audit• The public entity had an internal audit function in operation throughout the financial year.• The internal audit function operates in terms of an approved internal audit plan.• The internal audit function substantially fulfilled its responsibilities for the year, as set out in Treasury Regulation27.2.Other matters of governanceThe annual financial statements were submitted for audit as per the legislated deadlines section 55 of the PFMA forpublic entitiesThe financial statements submitted for audit were not subject to any material amendments resulting from theaudit.No significant difficulties were experienced during the audit concerning delays or the unavailability of expectedinformation and/or the unavailability of senior management.The prior year's external audit recommendations have been substantially implemented.√√√√√√√√√√60
EASTERN CAPE DEVELOPMENT CORPORATION 2007/08Unaudited supplementary schedules11 I draw attention to the fact that the annexures set out on pages 107 to 110 do not form part of the annual financialstatements and are presented as additional information. I have not audited these annexures and accordingly I do notexpress an opinion on them.OTHER REPORTING RESPONSIBILITIESReport on performance information12 I have reviewed the performance information as set out on pages 11 to 56.Responsibility of the accounting authority for the performance information13 The accounting authority has additional responsibilities as required by section 55(2) (a) of the PFMA to ensure that theannual report and audited financial statements fairly present the performance against predetermined objectives of thepublic entity.Responsibility of the Auditor-General14 I conducted my engagement in accordance with section 13 of the PAA read with General Notice 616 of 2008, issued inGovernment Gazette No. 31057 of 15 May 2008 .15 In terms of the foregoing my engagement included performing procedures of an audit nature to obtain sufficientappropriate evidence about the performance information and related systems, processes and procedures. Theprocedures selected depend on the auditor’s judgement.Audit findings (performance information)16 I believe that the evidence I have obtained is sufficient and appropriate to report that no significant findings have beenidentified as a result of my review.APPRECIATION17 The assistance rendered by the staff of Eastern Cape Development Corporation during the audit is sincerely appreciated.East London30 July 200861
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2007 / 2008 Annual Report - Eastern Cape Development Corporation

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