NSFAS receives adverse audit from Auditor-General
AG representative Ignatius Fourie told the committee that the adverse audit stems from unreliable financial statements provided by NSFAS.
The NSFAS logo. Picture: @myNSFAS/Twitter
CAPE TOWN - The National Student Financial Aid Scheme (NSFAS) has received an adverse audit opinion from the Auditor-General's (AG’s) office for its 2021/2022 financial report.
On Wednesday, the AG's office and NSFAS briefed the higher education portfolio committee on the scheme's financial report, funding of students for the 2024 academic year, and an update on the Werkmans report - regarding allegations of corruption at the financial aid scheme.
AG representative Ignatius Fourie told the committee that the adverse audit stems from unreliable financial statements provided by NSFAS.
She attributed this to poor systems and a lack of capacity within the scheme.
"We were not able to conclude on the accuracy of the information in the annual performance report. There's insufficient measurement definitions and processes to collate and to report performance information. As a result of that we are then unable to do reliability testing, and to see if the figures that are being included are reliable.”