UFH RECEIVES CLEAN AND UNQUALIFIED AUDIT OPINION ON CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR 2021 FINANCIAL YEAR
The University of Fort Hare (UFH) today announced that the University’s external auditors has issued an unqualified and clean audit opinion for the University’s consolidated and separate financial statements.
Mr. Charles Matumba, Chief Financial Officer (CFO) for UFH, said the external independent audit was completed by Chartered Accounting and Auditing Firm PricewaterhouseCoopers (PwC), and encompassed reporting for the financial year ending 31 December 2021.
The unqualified audit opinion indicates UFH’s financial statements contain no material misstatements and complied with predetermined objectives of legislation and performance information.
In the Independent auditor’s report to the Council and the Minister of Higher Education, Science and Innovation on University of Fort Hare, PwC in their report on the audit of the consolidated and separate financial statements remarked:
“In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of the group as at 31 December 2021, and their financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Higher Education Act and the Regulations for reporting by Public Higher Education Institutions, 2014, issued in terms of the Higher Education Act of South Africa,1997”
Mr. Matumba said this is an important moment and milestone for the University, especially when the institution’s financial performance over recent years was considered.
He said: “Based on the unqualified opinion from the external auditors, it is evident that the necessary financial governance controls have been fully restored at UFH through stronger fiduciary mechanisms.”
“The University has operated within its approved and allocated budgets for the year and has even increased its financial reserves – setting a base for the new strategic plan goal of creating a broader and stronger resource base and long-term financial sustainability of the Institution”, said Mr. Matumba.
Professor Sakhela Buhlungu, UFH Vice-chancellor (VC) and Principal said the University’s Council and Management Executive Committee (MEC) appreciates the importance of an unqualified audit outcome in terms of the University’s stabilization through its renewal programme.
“We would like to thank the Office of the CFO, our finance team, our group auditors PwC, MEC, Council and governance committees in achieving an unqualified audit outcome,” said Professor Buhlungu.
“The latest financials indicate that ongoing restoration and renewal through the appointment of the new Council and the ongoing efforts by Council and MEC to set UFH on a path of health,” he said.
“The unqualified audit outcome directly empowers us to deliver our mandate of ensuring UFH reclaims its place as a leading African University, to provide an even greater education experience to students, and to serve our communities through engagement and the academic project,” Professor Buhlungu concluded.
PICTURED: UFH Chief Financial Officer Mr. Charles Matumba