Gqeberha, South Africa, 14 December 2023 – The Coega Development Corporation (Coega) received the Public Finance Management Act (PFMA) Clean Audit Award for the financial year 2022/23 from the Auditor General South Africa (AGSA), at the Premier’s 2023 Year End Reflections glittering event hosted by the Eastern Cape Province last night Wednesday, 13 December 2023 in East London. The AGSA presented awards to government departments and public entities that achieved clean audit results.
This award is a testament to the hard work and dedication of every Coega employee and stakeholders in ensuring that the organisation complies with good governance and financial management standards in accordance with the PFMA and other related National Treasury Prescripts. Particularly, this award recognises the following achievements that Coega strives for, every year:
Coega is committed to excellence, including sustained clean audit outcomes. Coega continues to be committed to Good Governance and has adopted controls and systems that clients and partners can rely on.
A clean audit report signifies credible financial statements fully aligned to international financial reporting standards.
There were no areas of noncompliance or findings on the reported performance identified by the Auditor-General of South Africa.
“Coega’s financial management practices adhere to the highest standards of transparency and accountability, reassuring tenants, stakeholders, partners, and clients, and boosting public confidence in general. Such recognition reflects the concerted efforts made by Coega’s finance team, management, and employees to maintain strict compliance with applicable legislation and financial regulations, as well as the optimal use of resources. By attaining yet another clean audit for the fourth consecutive year, Coega has reinforced its reputation as a reliable and trustworthy entity, positioning itself as an attractive partner for local and global investors and stakeholders,” says Mr. Rodger Hill, Coega’s Chief Financial Officer.
Moreover, sustaining a clean audit signifies that Coega has maintained the financial controls and systems, whilst reducing the likelihood of financial irregularities, fraud, and mismanagement. By upholding financial discipline, Coega not only mitigates financial risks but also aligns with international best practices, establishing a solid foundation to stimulate sustainable economic growth and development. This creates an opportunity for the organisation to assist other state-owned entities and government departments to achieve the same.
Coega remains steadfast in maintaining its clean audit status going forward through good corporate governance, as the organisation continues to implements its Five- Year Strategic Plan 2020/21 – 2024/2025, endorsed by its shareholder and Board of Directors, and supported by partners and stakeholders, concludes Hill.
