Page 97 - DUT Annual Report 2020

BAN UNIVERSITY OF TECHNOLOGY
DURBAN UNIVERSITY OF TECHNOLOGY
COUNCIL’S STATEMENT OF RESPONSIBILITY FOR THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
Council is responsible for the preparation, integrity, and fair presentation of the consolidated annual financial statements of the Durban University of Technology (“the University/DUT”). The responsibility for the preparation and presentation of the consolidated annual financial statements has been delegated to management.
The consolidated annual financial statements presented on pages 101 to 166 have been prepared in accordance with the International Financial Reporting Standards (“IFRS”), as prescribed by the Minister of Higher Education and Training in the regulations in terms of the Higher Education Act, 1997 (Act No. 101 of 1997), as amended, and include amounts based on the judgments and estimates made by management. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimations. The estimates and underlying assumptions are reviewed on an ongoing basis.
Council considers that in preparing the consolidated annual financial statements they have used the most appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRSs that they consider to be applicable have been followed. Council is satisfied that the information contained in the consolidated annual financial statements fairly presents the results of operations for the year and the financial position of the University at year-end.
Council has the responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable accuracy the financial position of the University to enable the Council to ensure that the consolidated annual financial statements comply with relevant legislation.
Durban University of Technology and its subsidiaries operate in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk management and internal control procedures, which are designed to provide reasonable, but not absolute, assurance that the assets are safeguarded and the risks facing the University are being controlled.
The ‘going-concern’ basis has been adopted in preparing the consolidated annual financial statements. Council has no reason to believe that the University will not be a going concern in the foreseeable future, based on the forecasts and available cash resources. These consolidated annual financial statements support the viability of the University. Attention is drawn to note 29 and 30 of the consolidated annual financial statements in respect of events subsequent to year end and the going concern of the University, respectively.
The University’s external auditors, Deloitte & Touche and SM Xulu Incorporated, audited the consolidated annual financial statements, and their report is presented on pages 96 to 100. Council believes that all representations made to the independent auditors during the audit were valid and appropriate.
Between the year-end date and the date of this report, no material facts or circumstances have arisen that materially affect the financial position of the University.
APPROVAL OF THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
The consolidated annual financial statements set out on pages 101 to 166 were approved by the Council on 26 June 2021 and are signed on its behalf by:
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VICE CHANCELLOR AND PRINCIPAL CHAIRPERSON OF COUNCIL
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CHIEF FINANCIAL OFFICER
DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
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