ECIC IR 2023

Integrated Report 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Irregular, fruitless and wasteful expenditure Disclosure as required by section 55 of PFMA Fruitless and wasteful expenditure

2023 R’000

2022 R’000

Opening balance

-

-

Additions – relating to previous years

679

-

Additions – relating to current

624

-

Closing balance

1 303

-

There is a confirmed fruitless and wasteful expenditure paid in the previous and current reporting periods amounting to R1 303 328.95 (R 678 672.48 for the previous financial years and R624 656.47 for 2023 financial year) which relates to an error in the rate paid to directors. This matter has been referred to the Loss Control Function.

Irregular expenditure

2023 R’000

2022 R’000

Opening balance

-

10

Condoned

-

(10)

Closing balance

-

-

The irregular expenditure recorded in the opening balance of the 2022 financial year was as a result of awarding a bid to a supplier whose tax affairs were not compliant. Adequate internal control remedies as outlined in the determination exercise were implemented. Disciplinary steps were taken as a consequence of the irregular expenditure, however no criminal steps were taken as this did not involve criminal activities. This irregular expenditure was condoned by National Treasury during the previous financial year.

YOUR EXPORT RISK PARTNER

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