The IDT (Independent Development Trust) is pleased that the entity’s audit report has been

finalised by the Auditor-General South Africa, the delay was due to a dispute that the IDT

lodged with the AGSA related to the preliminary Audit outcome. All dispute resolution

mechanism were followed and the AGSA and the IDT finalised the consultations to the

satisfaction of all parties involved. The delay in finalising the audited financial statement was

reported to the Executive Authority, Minister Dean Macpherson and as required by law he had

to inform the Parliament of the Republic of South Africa’s presiding officers about the delay in

submitting IDT’s audited financial statement and the tabling of the 2023/24 Annual report.

In letters addressed to the National Assembly Speaker, Honourable Thoko Didiza and

Chairperson of the National Council of Provinces, Honourable Refilwe Mtsweni-Tsipane

dated 01 October 2024, the Minister indicated that “the Auditor-General South Africa (AGSA)

has requested an extension of the audit to be finalised by 26 August 2024. However, at the

time of writing the letters, the AGSA had not finalised their audit and they have advised of a

need for further engagement with the management of the IDT. As such, we do not have a date

of the finalisation of the annual audit for the IDT”. The Minister further stated that “the IDT’s

annual audits in recent years have been extensive mainly due to the concern about the entity’s

going concern assumption. This is because the IDT has been operating on a deficit for a

number of years, which has affected the entity’s going concern assumption. But, this has been

obviated by the department’s continued financial support due to the recognition of the important

role played by this entity in supporting government to deliver social infrastructure, particularly

in a situation where infrastructure development capacity is lacking in the public sector. In spite

of the challenge of reaching a break-even point, the IDT has been stabilising and we are

projecting that from the financial year 2026/27, the entity will start generating surpluses. The

IDT’s programme portfolio has increased significantly over the years, which is a demonstration

of the demand from clients and necessity to have this entity within the public sector”.

In receiving the report, the CEO, Ms Tebogo Malaka said, “The IDT is delighted that the AGSA

has been able to conclude the Audit report of the IDT, and thankful to the Auditor-General for

the support and resolving the dispute that management lodged with the AG over the preliminary

audit report. The qualified audit opinion comes in the background of years of disclaimed audit

opinion, this is testament to hard work by the Board of Trustees and management to implement

the audit action plan that is beginning to yield positive results”.

The IDT will be a position to table the 2023/24 Annual Report in Parliament as required by

Section 65 (1) of the Public Finance Management Act.

Ends

__________________________________________________________________________

Media enquiries: Phasha Makgolane, Senior Manager: Communications (Acting)

072 231 1564 or phasham@idt.org.za

Issued by: Independent Development Trust