Armscor receives clean audit for 2014/2015 financial year
Armscor, an agency of the Department of Defence and Military Veterans which also undertakes research and development and disposes of surplus military equipment, was recently presented with a Clean Audit award by the Auditor-General of South Africa for achieving a clean audit for the year ending 31 March 2015.
- Pictured here left to right are: Justice Motha (Chief Audit Executive), Sipho Mkwanazi (General Manager Acquisition), Vice Admiral (Armscor Board Chairman, ret), and Gerhard Grobler (Armscor CFO).
Speaking at the Clean Audit Wards, held in Pretoria on 12 October, Minister of Science and Technology, Naledi Pandor, applauded several entities, including Armscor, for the outstanding achievement.
"Taking into account the current economic climate, the department is aware of the need to maintain the highest standards of corporate governance, which is fundamental to the management of public finances and resources. We also continue striving to find innovative ways to optimise the use of available resources. We are proud of our corporate governance framework and our audit and risk management teams, which have contributed to the achievement of these clean audits."
Armscor also achieved a clean audit for the 2012/2013 financial year. During the 2013/2014 financial year, the Auditor-General gave the entity an unqualified audit. During this same period, Armscor enjoyed its best financial performance since 2009/2010 regarding acquisition projects.