Audit declares BSA breaks even

Bongani Magasela

Bongani Magasela

Boxing SA has been given a clean audited financial report which reflects on financial statements and performance for the year ended March 31 2007 and shows that they broke even.

The report was signed by Barry Wheeler on behalf of the Auditor General who assured that he conducted his audit in accordance with the International Standards of Auditing and General Notice 647 of 2007 issued in the Government Gazette of May 2007.

He added that he complied with ethical requirements and plan and perform the audit to obtain reasonable assurance whether financial statements were free from material misstatement.

"In my opinion the financial statements present fairly. In all respects, the financial position of Boxing SA as at March 31 2007 and its financial performance and cash flows for the year ended, in accordance with the identified basis of accounting as described and in the manner required by the Public Finance Management Act," he said.

"I believe that the audit report I have obtained is sufficient and appropriate to provide a basis of my audit opinion"

His report has already been presented to parliament.

BSA's CEO Bongani "Mr Fix-It" Khumalo said the report reflected BSA's achievements and challenges with regard to the priorities, objectives and targets BSA set in its business strategic plan.

"It it is evident that work around improving financial management and administration as well as the quality of tournaments has been our central focus.

"BSA is committed to improving and strengthening the management of our resources", said Khumalo who took the hot seat on June 1.