1. Annual Financial Statements 2015/16

2. INDEX
Highlights/lowlights AFS 2015/16
Assets
Liabilities
Income Statement
Other Expenditure

3. AFS 2015/16
The Group received an unqualified audit report.
The Group posted a shortfall of R312m, compared to R714m for 2014/15 financial year.
This is mainly due to a transfer of R800m from capital to operational subsidy.
The Income on fare revenue remains a concern as the fare revenue for 2015/16 is R205m or 7% less than prior year.

4. TOTAL ASSETS

5. TOTAL LIABILITIES

6. INCOME STATEMENT

7. OTHER EXPENSES

8. SUBSIDY ALLOCATION AND OPEX EXPENDITURE

9. IRREGULAR EXPENDITURE

10. AUDIT FINDINGS Supply Chain Management: Supporting documentation
Procurement and contract management issues
Irregular expenditure and disclosure notes
Finance
Financial lease
Capital commitment
Contingent liabilities
Investment property
Property, plant & equipment
Fruitless and wasteful
SCM
FINANCE
HCM
ICT

11. AUDIT FINDINGS (continued)
Information Technology Systems
Service continuity
Leave provision
HCM
Overtime
Suspensions
Acting allowance
Predetermined objectives
Usefulness
Inconsistencies
SCM
FINANCE
HCM
ICT

12. AUDIT FINDINGS (continued)
To address the findings raised PRASA Board and Management has:
Instituted reviews of policies, processes and procedures, SCM and HCM and ICT Policy;
Re-aligned current existing organisational structures to increase efficiencies and enhance controls environment;
Introduced and implemented proactive assurance in key processes
SCM
FINANCE
HCM
ICT

13. THANK YOU