Page 262 - SAMRC Annual Report 2024-2025

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING AUTHORITY’S

RESPONSIBILITIES AND APPROVAL

The Accounting Authority is required by the Public assessing, managing and monitoring all known forms
Finance Management Act (Act 1 of 1999), to maintain of risk across the entity. While operating risk cannot be
adequate accounting records and is responsible for the fully eliminated, the entity endeavours to minimise it
content and integrity of the annual financial statements by ensuring that appropriate infrastructure, controls,
and related financial information included in this report. systems and ethical behaviour are applied and managed
It is the responsibility of the Accounting Authority to within predetermined procedures and constraints.
ensure that the annual financial statements fairly present
the state of affairs of the entity as at the end of the The Accounting Authority is of the opinion, based on
financial year and the results of its operations and cash the information and explanations given by management,
flows for the period then ended. The external auditors that the system of internal control provides reasonable
are engaged to express an independent opinion on the assurance that the financial records may be relied on
financial statements and were given unrestricted access for the preparation of the annual financial statements.
to all financial records and related data. However, any system of internal financial control can
provide only reasonable, and not absolute, assurance
The annual financial statements have been prepared against material misstatement.
in accordance with Standards of Generally Recognised
Accounting Practice (GRAP) including any interpretations, The Accounting Authority has reviewed the entity’s
guidelines and directives issued by the Accounting cash flow forecast for the year ending to March 31, 2026
Standards Board. and, in the light of this review and the current financial
position, is satisfied that the entity has access to
The annual financial statements are based upon adequate resources to continue in operational existence
appropriate accounting policies consistently applied and for the foreseeable future.
supported by reasonable and prudent judgements and
estimates. On a quarterly basis the Accounting Authority Although the Accounting Authority is primarily
approved revised estimates in response to additional responsible for the financial affairs of the entity, they are
income received and progress with research projects. supported by the entity’s external auditors.
The Accounting Authority acknowledges that it is The external auditors are responsible for independently
ultimately responsible for the system of internal financial reviewing and reporting on the entity’s annual financial
control established by the entity and places considerable statements. The financial statements have been
importance on maintaining a strong control environment. examined by the entity’s external auditors and their
To enable the Accounting Authority to meet these report is presented on pages 254 to 259.
responsibilities, the Accounting Authority sets standards The annual financial statements set out on page 263 to
for internal control aimed at reducing the risk of error 336, which have been prepared on the going concern
or in a cost effective manner. The standards include the
proper delegation of responsibilities within a clearly basis, were approved by the Accounting Authority on
defined framework, effective accounting procedures 30 July 2025 and were signed on its behalf by:
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 above reproach. The Professor J. Mahlangu
focus of risk management in the entity is on identifying, Chairperson of the Board

260 SAMRC ANNUAL REPOR T 2025-26