Just in time to meet the JSE's revised-revised deadline …
The City of Tshwane managed to publish its 2022/23 audited financial statements on Sens at 5:49pm on Tuesday with little time to spare before the final grace period given by the JSE expired.
Credit rating agency Moody’s had already placed the metro on review for downgrade in the light of this risk, and making the final deadline may spare the metro from falling deeper into junk status.Tshwane Mayor Cilliers Brink announced on Wednesday that the metro had improved on the previous year’s audit outcomes by obtaining a qualified audit opinion from Auditor-General Tsakani Maluleke.
According to the AG, a qualified opinion means “the financial statements contain material misstatements in specific amounts, or there is insufficient evidence for us to conclude that specific amounts included in the financial statements are not materially misstated”. “This includes far more rigorous oversight by the Mayoral Committee on rebuilding systems and controls in order to improve financial performance and to deliver value for taxpayers’ money.
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