FASSET ANNUAL REPORT

ABOUT THIS REPORT Principles We have pleasure in presenting the 2020/21 Annual Integrated Report (AIR) for the Financial and Accounting Services Sector Education and Training Authority (FASSET). The purpose of this report demonstrates how effectively we have delivered on our skills development mandate, providing our stakeholders with a complete overview of FASSET, including how we work towards achieving the SETA’s purpose of adding value to our beneficiaries’ lives and worth to our skills development partners, while caring for the communities and environment in which we operate. The report also includes all statutory reporting specifically required, relating to financial and peformance information. Scope This report provides a consolidated view of the SETA’s performance for the 52-week period ended 31 March 2021. We have adopted the National Treasury Annual Report Guidelines for Public Entities to align ourselves with the prescribed standard in the public sector. This report aligns with the requirements of the King IV Report on Corporate Governance for South Africa (2016). The information contained in this report is consistent with the indicators used for our internal management and Accounting Authority reports; and is comparable with previous integrated reports. We have strived to provide useful information that enables stakeholders to make informed decisions. The outputs contained within this report are the result of a focused and considered process by both senior management and the Accounting Authority and its committees.

Assurance The Accounting Authority is satisfied with the integrity of the report and the level of assurance applied. The SETA’s consolidated annual financial statements have been audited by the independent external auditor, Auditor- General of South Africa (AGSA). Their unmodified report can be found on pages 84 to 88. The audited financial statements presented in this Annual Integrated Report were prepared in accordance with Standards of Generally Recognised Accounting Practice (GRAP) issued by the Accounting Standards Board and in accordance with the Skills Development Act (SDA) and the Skills Development Levy Act (Act No. 9 of 1999), as amended (SDLA). The Accounting Authority is satisfied with the level of assurance on the AIR and does not believe that it should be subject to further external assurance at this point. Approval The Audit and Risk Committee has reviewed this AIR (including the full Annual Financial Statements) and recommended these to the Accounting Authority for approval. The Accounting Authority has applied its mind to AIR and believes that it addresses all material issues, and fairly presents the integrated performance of the SETA. The 2020/2021 AIR was approved by the Accounting Authority.

Lynette Ntuli Chairperson

Ayanda Mafuleka CA(SA) Chief Executive Officer

FASSET Annual Integrated Report 2020/21

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