Page 224 - SAMRC Annual Report 2023-24

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING AUTHORITY’S

RESPONSIBILITIES AND APPROVAL

The Accounting Authority is required by the Public the entity is on identifying, assessing, managing and
Finance Management Act (Act 1 of 1999), to maintain monitoring all known forms of risk across the entity.
adequate accounting records and is responsible While operating risk cannot be fully eliminated, the
for the content and integrity of the annual financial entity endeavours to minimise it by ensuring that
statements and related financial information appropriate infrastructure, controls, systems and
included in this report. It is the responsibility of ethical behaviour are applied and managed within
the Accounting Authority to ensure that the annual predetermined procedures and constraints.
financial statements fairly present the state of affairs The Accounting Authority is of the opinion, based
of the entity as at the end of the financial year and the on the information and explanations given by
results of its operations and cash flows for the period management, that the system of internal control
then ended. The external auditors are engaged to provides reasonable assurance that the financial
express an independent opinion on the financial records may be relied on for the preparation of
statements and were given unrestricted access to all the annual financial statements. However, any
financial records and related data. system of internal financial control can provide only

The annual financial statements have been reasonable, and not absolute, assurance against
prepared in accordance with Standards of Generally material misstatement.
Recognised Accounting Practice (GRAP) including The Accounting Authority has reviewed the
any interpretations, guidelines and directives issued entity’s cash flow forecast for the year ended to
by the Accounting Standards Board. 31 March 2025 and, in the light of this review and the

The annual financial statements are based upon current financial position, is satisfied that the entity
appropriate accounting policies consistently has or has access to adequate resources to continue
applied and supported by reasonable and prudent in operational existence for the foreseeable future.
judgements and estimates. On a quarterly basis the Although the Accounting Authority is primarily
Accounting Authority approved revised estimates responsible for the financial affairs of the entity,
in response to additional income received and they are supported by the entity’s external auditors
progress with research projects. by providing reasonable assurance of the entity's
financial affairs.
The Accounting Authority acknowledges that it
is ultimately responsible for the system of internal The external auditors are responsible for
financial control established by the entity and places independently reviewing and reporting on the
considerable importance on maintaining a strong entity’s annual financial statements. The annual
control environment. To enable the Accounting financial statements have been examined by
Authority to meet these responsibilities, the the entity’s external auditors and their report is
Accounting Authority sets standards for internal presented on page 216.
control aimed at reducing the risk of error or in The annual financial statements set out on page 225,
a cost effective manner. The standards include which have been prepared on the going concern
the proper delegation of responsibilities within a basis, were approved by the Accounting Authority
clearly defined framework, effective accounting on 29 July 2024 and were signed on its behalf by:
procedures and adequate segregation of duties to
ensure an acceptable level of risk. These controls are
monitored throughout the entity and all employees
are required to maintain the highest ethical standards
in ensuring the entity’s business is conducted in
a manner that in all reasonable circumstances is Professor J. Mahlangu
above reproach. The focus of risk management in Chairperson of the Board

222 SAMRC ANNUAL REPOR T 2023-24