File image: IOL
File image: IOL

CAPE TOWN - The Auditor-General of South Africa (AGSA) has presented clean audit reports for the 2016/2017 financial year for the Department of Trade and Industry (the dti) and majority of its firms. 

A clean audit translates to the dti's financial statements being completely objective on performance and compliant with legislation. 

The AGSA is similar to an ombudsman such as the Public Protector which acts as a "watchdog over the government". 

The role which the AGSA plays is that of ensuring accountability, legitimacy and equity within government structures. 

According to Minister of Trade and Industry, Rob Davies, the dti's clean audit indicates its commitment to sound governance and delivery on its mandate. 

R7 billion of financial support and support to over 1400 companies which will leverage private sector investment of R30 billion to the South African economy has been provided by the dti in the 2016/2017 period. 

dti: the dti receives a clean audit award from the Auditor General of South Africa (AGSA)http://t.co/2PmaIW4tHD

— the dti (@the_dti) September 13, 2015

“I am pleased with the progress that the department has made with the Black Industrialists (BI) programme and efforts made to fast track radical economic transformation. In its full year of operation, the BI has assisted 46 companies. With our support of approximately R1 billion these pioneering entrepreneurs have leveraged investments of over R3 billion in their companies thereby creating more than 7000 new direct jobs,” said Davies.   

READ ALSO: DTI to launch black industrialist firm worth R50m

Among the other government institutions whom received clean audits were Companies and Intellectual Property Commission (CIPC) and Companies and Intellectual Property Registration Office (Cipro). 

Significantly, CIPC received its first clean audit and was congratulated by Rob whereas Cipro implemented a modernised ICT strategy and enhanced its financial governance. 

Companies Tribunal, National Consumer Tribunal, National Gambling Board, National Lotteries Commission, National Metrology Institute of South Africa, National Empowerment Fund, Export Credit Insurance Corporation of South Africa Limited and the South African National Accreditation System are among the dti agencies who received clean audits. 

Davies further extended his applaud to Director General Lionel October for improving the control environment and government structures and thanked CFO Shabeer Khan for his contribution to the achievement. 

- BUSINESS REPORT ONLINE