PWC explains why Solidarity Fund received qualified audit opinion

The organisation’s financials were audited by PricewaterhouseCoopers (PWC) which looked into the use of donations received from all sections of society who contributed to the fund established to respond to the COVID-19 crisis.

Image: Solidarity Fund website.

JOHANNESBURG - Auditors said that the qualified audit opinion for the Solidarity Fund was due to a technicality of the organisation's solid performance.

The organisation’s financials were audited by PricewaterhouseCoopers (PWC), which looked into the use of donations received from all sections of society who contributed to the fund established to respond to the COVID-19 crisis.

The basis of the qualified opinion was cited as due to revenues from third-party collection agent donations amounting to R27 million.

PWC’s Raj Dlanlall said the issue flagged was common: "Accordingly, verification of these revenues was limited to the amounts that have been recorded in the records of the entity and we were therefore not able to determine whether any adjustments might be necessary to donations received, other receivables or cashflows from operating activities for the period that we're reporting on."

The fund has received R3.2 billion to date from over 323,000 people.

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