KwaZulu-Natal Sharks Board Maritime Centre of Excellence



The Public Finance Management Act, 1999 (Act No.1 of 1999), as amended, requires the Accounting Authority to ensure that the Public Entity keeps full and proper records of the financial affairs of the Public Entity.  It also requires that the Annual Financial Statements fairly present the state of affairs of the Public Entity, its business, its financial results, its performance against predetermined objectives and its financial position as at the end of each financial year in terms of Generally Recognised Accounting Practices (GRAP) and International Financial Reporting Standards (IFRS).

KZN Sharks Board acknowledges that the annual financial statements are the responsibility of the members of the Board. The Auditor-General is responsible for independently auditing and reporting on the financial statements. The annual financial statements have been prepared in accordance with statements of GAAP, and GRAP. These annual financial statements are based on appropriate accounting policies, supported by reasonable and prudent judgements and estimates. The members have reviewed the public entity’s budgets and cash flow forecasts for the year ended 31 March 2014. On the basis of this review, and in the view of the current financial position as well as the existing borrowing facilities, the members have every reason to believe, and the auditors concur, that the public entity will be a going concern in the year ahead and have continued to adopt the going concern basis in preparing the annual financial statements.


To enable the members to meet the above responsibilities, the members of the board set standards and implement systems of internal controls and risk management that are designed to provide reasonable, but not absolute assurance against material misstatements and losses. The public entity maintains internal financial controls to provide assurance regarding:

  • The safeguarding of assets against unauthorised use of disposition;
  • The maintenance of proper accounting records and reliability of financial information used within the business or for publication.

In the opinion of members, based on information available to date, the annual financial statements fairly present the financial position of the KwaZulu-Natal Sharks Board Maritime Centre of Excellence at 31 March 2014 and the results of its operations and cash-flow information for the year and that the Code of Corporate Governance has been adhered to.

The annual financial statements for the year ended 31 March 2014 are set out on pages 88 to 129 of the Annual Report.