FINANCIAL MANAGEMENT IMPROVEMENT PLAN PRESENTATION AND ACTION PLAN

FINANCIAL MANAGEMENT IMPROVEMENT PLAN

PRESENTATION AND ACTION PLAN OF AUDIT FINDINGS FOR THE 2012/13 AUDIT FINDING ACTION TIMELINE Audit of Performance Information (AOPI) Inconsistency between planned targets/indicators and reported targets/indicators. An overall review of the planned targets and reported targets is being undertaken. The internal audit function has assisted with the review of the revised Strategic Plan and Annual Performance Plan. In progress Audit of Performance Information (AOPI) Key performance indicators (KPI’s) are not measurable and time bound. Where applicable, KPI’s will be adjusted to be measurable and time bound. A review of the KPI’s is being undertaken and will be presented to the board for approval. In progress Expenditure in excess of approved budget. Due to the increase in operations of the entity, a significant increase in expenditure has been experienced. Controls over expenditure will be improved. Management is engaging with the department and treasury for additional funding. In progress No internal audit function in place. Deloitte has been appointed as the internal audit function. Completed Supply chain management policy not addressing prescripts of Treasury Regulations (TR). The current supply chain management policy is being reviewed to ensure compliance with TR. In progress