Page 268 - SAMRC AnnualReport 2025-26

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
ACCOUNTING AUTHORITY’S
RESPONSIBILITIES AND APPROVAL

The Accounting Authority is required by the Public of risk across the entity. While operating risk cannot be
Finance Management Act (Act 1 of 1999), to maintain fully eliminated, the entity endeavours to minimise it
adequate accounting records and is responsible for the by ensuring that appropriate infrastructure, controls,
content and integrity of the annual financial statements systems and ethical behaviour are applied and managed
and related financial information included in this report. within predetermined procedures and constraints.
It is the responsibility of the Accounting Authority to
ensure that the annual financial statements fairly present The Accounting Authority is of the opinion, based on
the state of affairs of the entity as at the end of the the information and explanations given by management,
financial year and the results of its operations and cash that the system of internal control provides reasonable
flows for the period then ended. The external auditors assurance that the financial records may be relied on
are engaged to express an independent opinion on the for the preparation of the annual financial statements.
annual financial statements and were given unrestricted However, any system of internal financial control can
access to all financial records and related data. provide only reasonable, and not absolute, assurance
against material misstatement.
The annual financial statements have been prepared
in accordance with Standards of Generally Recognised The Accounting Authority has reviewed the entity’s cash
Accounting Practice (GRAP) including any interpretations, flow forecast for the year to 31 March 2027 and, in the
guidelines and directives issued by the Accounting light of this review and the current financial position, is
Standards Board. satisfied that the entity has access to adequate resources
to continue in operational existence for the foreseeable
The annual financial statements are based upon future.
appropriate accounting policies consistently applied and
supported by reasonable and prudent judgements and Although the Accounting Authority are primarily
estimates. On a quarterly basis the Accounting Authority responsible for the financial affairs of the entity, they are
approved revised estimates in response to additional supported by the entity’s external auditors.
income received and progress with research projects.
The external auditors are responsible for independently
The Accounting Authority acknowledges that it is reviewing and reporting on the entity’s annual financial
ultimately responsible for the system of internal financial statements. The annual financial statements have been
control established by the entity and place considerable examined by the entity’s external auditors and their
importance on maintaining a strong control environment. report is presented on pages 260 to 265.
To enable the Accounting Authority to meet these
responsibilities, the Accounting Authority sets standards The annual financial statements set out on pages 269 to
for internal control aimed at reducing the risk of error or 357, which have been prepared on the going concern
fraud in a cost effective manner. The standards include basis, were approved by the Accounting Authority on
the proper delegation of responsibilities within a clearly 29 July 2026 and were signed on its behalf by:
defined framework, effective accounting 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 above reproach. The
focus of risk management in the entity is on identifying, Professor T. Pretorius
assessing, managing and monitoring all known forms Chairperson of the Board

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