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Major improvements in Walter Sisulu University’s financial systems and internal controls have earned the institution its second consecutive unqualified audit opinion on its financial statements for the year 2020.
The achievement of an unqualified audit opinion on the financial statements is a great stride for the university in turning over a new leaf from previous years, which were plagued by negative audit outcomes.
WSU’s Chief Financial Officer, Morgan Nhiwatiwa said that this audit opinion bodes well for WSU as it means that the University has maintained proper financial records, while properly accounting for funds received.
“Financial policies are now all up to date. Focus is now on addressing remaining internal control deficiencies and improving efficiencies in financial processes. This will not only assist in sustaining the positive audit outcomes, but improve the quality of service to our students, suppliers and employees,” said Nhiwatiwa.
Furthermore, the University is pleased to report that there were no audit findings on the DHET Infrastructure Grants managed by the Infrastructure delivery team: The Sibusiso Bhengu Development Grant, previously known as the HDI-Development Grant as well as the Infrastructure Efficiency Grants.
In 2020, the university had a spend of R53-Million from the Infrastructure Efficiency Grants (IEG) and R65-Million from the Historically Disadvantaged Institutions Development Grant (HDI-DG).
These funds were spread across multiple projects within the institution’s four campuses, with some being fully completed, whilst those that were in the design phase had to be put on hold due to Covid-19 pandemic.
Some of the University’s noteworthy milestones in terms of project spending for the 2020 financial year include:
- Completion of 200 and 400 seater Auditoria in Zamukulungisa
- Completion of the Iphulo Student Residence at Nelson Mandela Drive Campus in Mthatha
- Completion of the Old Potsdam Student Residence in the Buffalo City Campus
- Establishment of WIFI across all campuses and investment in ICT Infrastructure to support on-line Learning and teaching.
The institution’s Executive Director of Operations and ICT, Sinethemba Mpambane said: “Walter Sisulu University has turned over a new leaf in terms of governance and is now completing excellent Projects. We have a competent infrastructure delivery team that is passionate and geared towards improving the students’ experience and embracing our new Vision.”
“We will be maintaining the high standards and improving our systems to enable implementation of far more infrastructure projects that have effectively converted our campuses into construction sites,” said Mpambane.
Mpambane also indicated that going forward, investors including the Department of Higher Education and Training, would find it easier to fund projects and infrastructure developments undertaken by the university.
The Vice-Chancellor and Principal, Professor Rushiella Nolundi Songca, explains that the result was “part of the implementation of the strategic plan is to ensure that as we move forward we should remain constant in our joint effort to not only comply with processes that underpin our successes, but also to ensure that our determination leads to improved internal control mechanisms and efficiencies. This approach should guarantee the WSU trajectory and increase possible funder appetite.”
She further congratulated the entire team on their commitment to ensuring that WSU remains true to its vision.
- Yanga Ziwele
