Armscor said on Friday that they had received an unqualified audit opinion from the Auditor-General. File Image: IOL

CAPE TOWN - The Acquisition Agency for the Department of Defence (Armscor) said on Friday that they had received an unqualified audit opinion from the Auditor-General for the financial year ended 31 March 2018. 

This was revealed when the organisation presented its 2017/18 annual report to the Portfolio Committee on Defence and Military Veterans in Parliament on 10 October 2018. 

Armscor attributes these results to sound financial management and adherence to the principle of good governance. 

The organisation said that it has worked hard to achieve most of its goals as outlined in the corporate plan. 

During the year under review, the Defence Sector Charter was approved by the Minister of Defence and Military Veterans. 

Armscor together with the Department of Defence and Aerospace Maritime and Defence (AMD) has also launched the independent Defence Industry Fund. 

This fund will see local small, medium and micro enterprises in the defense industry being equipped to compete in the global defense market. 

"It will also help with transforming the industry by introducing new entrants while ensuring the security of supply of strategic and sovereign capabilities to the South African National Defence Force. Armscor performed exceptionally well on the service level agreement objectives," the statement said.

“We have taken the mandate emanating from the President’s speech during his opening address of the Africa Aerospace and Defence (AAD2018) expo, that there is a cogent need to sweat the defense assets and forge tangible international partnerships in order for the defense industry to be sustainable,’’ said Kevin Wakeford, Armscor chief executive. 

BUSINESS REPORT ONLINE