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MARINE LIVING RESOURCES FUND MLRF

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Title: MARINE LIVING RESOURCES FUND MLRF


1
  • MARINE LIVING RESOURCES FUND (MLRF)
  • ANNUAL REPORT 2007/2008

2
INTRODUCTION
  • The Marine Living Resources Fund (MLRF) finances
    the operations of the Marine and Coastal
    Management Program
  • This Program is responsible for
  • Managing the development and sustainable use of
    SAs marine and coastal resources
  • Protecting the integrity of SAs marine and
    coastal ecosystems
  • Striving to achieve a healthy balance between
    sustainable utilisation of resources while also
    protecting and conserving these same resources

3
ANNUAL REPORT SUMMARY
  • This Annual Report reflects a turnaround in the
    management and administration of the MLRF.
  • The turnaround strategy for the MLRF was
    developed in August 2006 in response to
  • Cash Flow Problems experienced by the MLRF
  • Auditor Generals Report (2002-2005) and SCOPA
    Hearing
  • Lack of skills, capacity and appropriate
    financial systems
  • Corrective strategies focused on corporate
    governance, risk management and compliance with
    International Accounting Standards.
  • Improved results achieved 2 years ahead of
    schedule

4
ANNUAL REPORT SUMMARY
  • In the 2002-2005 Annual Reports (submitted for
    auditing three years late), the Auditor-General
    identified a number of concerns including
  • Lack of Internal Controls
  • Lack of compliance with the PFMA
  • No proper accounting and fixed asset system
  • Lack of Historical Data and supporting
    documentation
  • Insufficient control on Debtors and Income
  • Failure to adhere to the principles of Accrual
    Accounting
  • Staffing Issues (capacity and skills)

5
ANNUAL REPORT SUMMARY
  • In the 2005/2006 audit report there were
    twenty-two qualifications resulting in the
    Auditor-General deciding not to express an
    opinion on those financial statements
  • In the 2006/2007 audit report the Auditor-General
    expressed an opinion with six qualifications
  • In the current audit report the Auditor-General
    expressed an unqualified audit opinion with no
    qualifications and no emphasis of matter
    affecting the audit report

6
COMPARISONS BETWEEN 2005/2006, 2006/2007
2007/2008 FINANCIAL YEARS
  • A comparison of the last three years audit
    findings by the Auditor-General

7
FINANCIAL PERFORMANCE
  • 2007/2008 also reflects a healthier financial
    position (positive accumulated surplus)
  • Better finances means more sea days for research
    and compliance vessels
  • Better able to fulfill mandate
  • This growth allows the MLRF to build and leverage
    on a strengthened balance sheet

8
FINANCIAL PERFORMANCE
9
PERFORMANCE INFORMATION
  • The Auditor-General reviewed the performance
    information, including performing procedures of
    an audit nature to obtain evidence about the
    performance information and related systems,
    processes and procedures
  • The Auditor-General concluded that no significant
    findings have been identified as a result of
    their review of the performance information
  • THANK YOU
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