National Consumer Tribunal Annual Report 2011/12 National Consumer Tribunal 2011-12 | Page 68

Report of the Auditor-General
REPORT OF THE AUDITOR-GENERAL TO PARLIAMENT ON THE NATIONAL
CONSUMER TRIBUNAL FOR THE YEAR ENDED 31 MARCH 2011
REPORT ON THE FINANCIAL STATEMENTS
Introduction
1. I have audited the accompanying financial statements of the National Consumer Tribunal,
which comprise the statement of financial position as at 31 March 2011, and the statement
of financial performance, statement of changes in net assets and cash flow statement for the
year then ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 69 to 103.
Accounting authority’s responsibility for the financial statements
2. The accounting authority is responsible for the preparation and fair presentation of these
financial statements in accordance with South African Standards of Generally Recognised
Accounting Practice (SA Standards of GRAP) and the requirements of the Public Finance
Management Act of South Africa, 1999 (Act No. 1 of 1999) (PFMA), and for such internal
control as management determines necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor-General’s responsibility
3. As required by section 188 of the Constitution of the Republic of South Africa, 1996 (Act No.
108 of 1996) and section 4 of the Public Audit Act of South Africa, 2004 (Act No. 25 of 2004)
(PAA), my responsibility is to express an opinion on these financial statements based on my
audit.
4. I conducted my audit in accordance with International Standards on Auditing and General
Notice 1111 of 2010 issued in Government Gazette 33872 of 15 December 2010. Those
standards require that I comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material
misstatement.
5. An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
6. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a
basis for my audit opinion.
Opinion
7. In my opinion, the financial statements present fairly, in all material respects, the financial
position of the National Consumer Tribunal as at 31 March 2011, and its financial performance
and cash flows for the year then ended in accordance with South African Standards of
GRAP and the requirements of the PFMA.
Annual Report 2011
page 66 | national consumer tribunal