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Patch 1 for AFS departmental template 2023/2024
- 13 February 2024
- Accounting
- South African Accounting Academy
This patch to the updated specimen annual financial statements for Departments is for the 2023/2024 financial year.
The AFS departmental template was published and released in Feb 2023.
Click here to download the Patch:
Relevance to Auditors, Independent Reviewers & Accountants:
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The PFMA is yet another piece of legislation that your relevant national and provincial departmental clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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As an auditor and independent reviewer, you need to consider and assess compliance with the tools available to departments to compile their financial statements as prescribed by the National Treasury.
Relevance to Your Clients:
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This applies to all departments that use the Department AFS template.