Chapter One: Accounting Officer s Report

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1 Chapter One: Accounting Officer s Report Accounting Officer s Report During the financial year under review, the Compensation Fund made progress in achieving its objectives, details of which are outlined as follows: 1.1 Income and Investment The Fund raised R5,3 billion assessment revenue as compared to R4,9 billion in the previous financial year, an increase of 8%. This increase is mainly attributable to new employer registrations, and annual adjustment in minimum ceiling. The total value of assets increased by R3,5 billion from R24,6 billion to R28,2 billion, a 14% increase. This is as a result of sound investment strategy of the Fund, assisted by the Public Investment Corporation. The total surplus for the year increased by 56% from R2,3 billion to R3,6 billion and the accumulated surplus is R12,1 billion. The Fund is fully funded and is in a sound financial position as at 31 March Compensation Claims Claims incurred for the year amounted to R2,2 billion (3,0 billion: 2010), a decrease of 27%. This decrease in claims is due to the reduction in the provision for outstanding claims. 1.3 Decentralisation of Compensation Fund Services To ensure equity of access to COIDA services, the Fund has decentralised its services to the nine provinces, namely, Limpopo, Kwa-Zulu Natal, Eastern Cape, Mpumalanga, Western Cape, Free State, North West, Northen Cape and Gauteng. This has resulted in improvement in service delivery, as claims related services could be delivered directly to beneficiaries/service providers. 1.4 Capacity Constraints The Fund experienced capacity constraints during the reporting period. Key capacity problems were identified in strategic management processes and there was a need to close this gap. The Fund developed a new organisational structure which has since been approved by the Minister of labour. 1.5 Corporate Governance and Responsibilities The Fund is compliant and guided by, inter alia, the provisions of the PFMA, other legislation and Corporate Governance Principles outlined in the King III report. The King III report brings about added compliance requirements that the Fund has embraced and subscribes to these requirements. 8

2 1.6 OVERSIGHT STRUCTURES Risk Management A strategic risk assessment workshop was conducted in order to identify strategic risks that the fund is exposed to. A comprehensive operational risk assessment exercise was also conducted. A Risk Committee was also established Internal Audit Internal Audit has completed a number of audits, part of which was follow ups in implementing last years Auditor General s recommendation and the risk profile of the Fund. The Internal Audit annual plan was approved by the Audit Committee. Areas needing attention were discussed with Management and the Audit Committee. Attention was given to weaknesses identified and the Fund will continue to address those weaknesses Audit Committee The Minister, in consultation with the Accounting Officer, appoints the members of the Audit Committee. The Audit committee constitutes of independent members and remained instrumental in providing independent advice to the Fund. It has met more than four times this financial year to review the work of the internal audit, the internal control environment and the financial results. 1.7 Discontinued activities None 1.8 Events after reporting date There are no favourable or unfavorable events that I am aware of which occurred after the reporting date that might affect the Annual Financial Statements. 1.9 Performance Information The Fund has a Monitoring and Evaluation unit, which reports to the Commissioner and the Department of Labour s Chief Operations Officer. Quarterly Performance Reports were compiled and presented in accordance with the applicable prescripts. All senior managers are required to annually declare their financial interest in order to minimise conflict of interest. 2 SCOPA Resolutions 2.1 Introduction The Standing Committee on Public Accounts (SCOPA), heard evidence on and considered the contents of the Annual Report and the Report of the Auditor-General on the 2008/2009 financial statements of the Compensation Fund (the Fund). The Committee noted the disclaimed audit opinion, highlighted areas which required urgent attention of the Accounting Authority, and reports as follows: 9

3 2.2 Governance Issues The Auditor-General reported the following: a) The Audit Committee met ten times during the year, as required by Section 77 of the Public Finance Management Act (No. 1 of 1999). b) The Audit Committee noted internal control deficiencies and that a number of these matters had been reported in previous years. c) The entity utilised the Internal Audit Unit of the Department of Labour. However, due to vacancy constraints, the Internal Audit Unit could only execute 10% of the operational plans. d) A vacancy rate of 41.6% was reported at senior management level, including the leadership in the Finance Unit. e) In addition, personnel within the Finance Unit did not have adequate skills. A permanent Chief Financial Officer was only appointed in September The Committee noted that significant unresolved issues led to a disclaimer which could have been resolved had an effective internal audit function been in place. The Committee recommends that the Accounting Authority ensures that: a) The internal audit function is adequately staffed as a matter of urgency, b) The Fund establishes an effective Audit Committee that acts upon control deficiencies and takes corrective action where necessary; c) The Audit Committee takes into consideration work done by internal audit; d) Disciplinary action is taken against officials who persist in under performing; e) The Fund employs personnel with adequate skills; and f) The management is urged to rectify staff shortages as a matter of urgency. g) Ongoing monitoring and supervision are undertaken to enable management to ensure internal control over financial reporting; h) Internal control deficiencies are identified and communicated to those responsible for taking corrective action; and i ) The suspense account is cleared within three months and thereafter monthly, and that proper follow-ups are made by the relevant senior officials. Progress The Fund has implemented a co-sourced Internal Audit function effective from August An effective Internal Audit function is now operational. The Fund is in a process of strengthening internal capacity of the Internal Audit Directorate, to assist in strengthening the transition from an outsourced to a co-sourced internal audit arrangement. To date, The Executive Manager: Internal Audit was appointed in April Placement of 8 vacant positions is complete. The Audit Committee has met 10 times during the 2010/11 financial year. The Committee has complied with its responsibilities as required by Section 51(1)(a) and 77 of the PFMA and TR This was evidenced through oversight roles which they played in the following areas: Risk Management process; and Internal Controls A 3 year strategic and 1 year operational plan was developed for the execution of Audits Currently, Internal Audit reports are presented to the Audit Committee on an ongoing basis. A permanent Chief Financial Officer was appointed on 1 October

4 The vacancy rate of senior management is 0.3% at SMS level which translate to 2 vacancies out of 711 approved staff establishment. Skills audit has been conducted and has indicated critical skills required for the fund. Training programmes to address the skills gap are in progress. 2.3 Basis for accounting opinion The Auditor-General noted various instance where it was not possible to express an opinion and which led to a disclaimer. With regard to revenue contributions and assessment debtors, a) Materially incorrect assessments recorded by the Fund; b) Inadequate monitoring of controls over overdue assessment debtors resulted in the accumulation of incorrect provisional assessments and materially incorrect debtors with credit balances; and c) Lack of a proper management framework for the continuous review of the ageing of assessment debtors which resulted in an unreliable ageing of assessment debtors being applied for purposes of determining the provision for credit losses. The Committee recommends that the Accounting Authority ensures that: a) Management understands and exercises oversight responsibility related to financial reporting and related internal controls; b) Management designs and implements internal controls to ensure that revenue contributions and assessment of debtors are performed timeously; c) Professionally skilled personnel are used to perform duties and senior staff evaluate work of subordinates; and d) Proper evaluation of managerial abilities is undertaken prior to the appointment of any staff to a managerial position, and that managers who do not possess the required management skills to perform oversight be relieved of their management duties. With regard to bank reconciliations, the Fund transferred the unreconciled differences from its compensation and pensions bank account to the suspense account. At the end of the year, a balance amounting to R86.4 million remained in the suspense account. The large volume of transactions did not allow management to reconcile the bank balances with the general ledger and clear the suspense account prior to the finalisation of the financial statements. Progress: Management has reviewed its business processes and internal controls Current employees are trained to improve skills and capacity Professionally skilled personnel are appointed at supervisory and management level All vacancies at SMS level have been filled except for Chief Director HRM post which was created in October 2010 and is in the process of being filled The suspense account on both the Compensation account and Pension account was cleared by 31 March 2010 Monthly bank reconciliations are performed and suspense items are cleared. On the 2009/10 year audit, bank accounts reconciliations were unqualified. 11

5 With regard to claims incurred, the Auditor-General reflected that a backlog in the scanning of documentation onto the Fund s electronic document management system and inadequate management of supporting documentation for claims incurred have resulted in the Fund being unable to retrieve appropriate documentation in support of claims incurred. In addition, an unexplained difference of R81,6 million remained at year end between the total claims approved per the claims system and the general ledger. The Committee recommends that the Accounting Authority ensures that: a) Adequate steps are taken, with due regard to the costs thereof and the potential effectiveness in mitigating risks to the achievement of financial reporting objectives; b) Significant information is identified, captured and used at all levels of the entity and distributed in a form and within a time frame that supports the achievement of financial reporting objectives; and c) Steps are taken to recover losses incurred due to a backlog and inadequate management of supporting documentation for claims. Progress: Qualification Cleared The fund has since April 2010 developed a plan to improve the document management within the claims environment and to effectively eliminate scanning backlogs in the process. The objectives of the plan is to optimise the Kofax system; To procure additional scanning and indexing licenses; To procure additional scanners; To appoint additional personnel for scanning and document management. Since the implementation of the plan, the scanning backlog for 2009 medical claims documents has been finalised and as of September 2010, we were scanning medical claims that were processed during August Since the fund receives an average of documents per day which translates into 1m documents per month, there are currently 2m documents pending scanning and indexing and represent a two months backlog. It has been necessary to review the functionality of the Kofax to ensure that the imaging process is more efficient, to feature auto indexing; additional licenses as well as provision of operational reports to control all the processes. This process started in August 2010 following direct negotiations with the Kofax Company and is still in progress, to be completed by end October It is envisaged that once this project is complete, all documents will be scanned and indexed within 2 to 3 days of processing. There are currently 6 high volume scanners that were procured which will all be fully operational once the additional licenses have been procured and will assist in the elimination of the backlog. The office has since August 2010 embarked on a bulk uploading project with a view to minimising the influx of paper documents into our systems. This project enables medical providers to submit medical claims and reports in a CD format as data and images. The process is currently at the testing phase since August 2010 and will be rolled out to medical providers in the new financial year. Additional human resources have also been deployed to deal with scanning and the whole document management in the claims environment since September Property, Plant and Equipment The Auditor-General indicated that the Fund revalued its Compensation House Property as at 31 March However, the value of the property disclosed in the financial statements differs by R55,9 million from the valuation amount. According to accounting standards property, plant and equipment require that if a category of assets is revalued all assets in the category need to be revalued, as the Fund in Bisho did not obtain a valuation of its property. 12

6 The Committee recommends that the Accounting Authority ensures that: a) Management and employees are assigned appropriate levels of authority and responsibility in ensuring that they understand accountability to facilitate effective internal control over financial reporting; b) Officials are provided with in-service training; and c) All records are updated in order to keep staff updated on the relevant information. Progress: Qualification Cleared During the 2009/10 year audit, this qualification was cleared. Both the Bisho and Compensation House properties were revaluated by an independent valuator as at 31 March The fixed Asset register and general ledger were updated with the revaluations. Fixed Asset register is reconciled to the general ledger and approved by a senior manager on a monthly basis. Fixed Assets verification exercise is conducted twice a year. 2.5 Disclosure of Information The Auditor-General reported that the Fund did not disclose the following in respect of its financial instruments as required by Statement of Generally Accepted Accounting Practice, IFRS7 (AC 144): a) The classification of financial assets and liabilities into the required categories; b) The maximum exposure to credit risk on trade and other receivables; c) A reconciliation of movements in the provisions for credit losses; d) A comparison of the carrying amount and fair value for each class of financial asset and liability; e) The methods and assumptions applied for valuing financial assets and liabilities; f) For each type of risk arising from financial instruments, quantitative data about its exposure to that risk; and g) A sensitivity analysis for each type of market risk to which the Fund is exposed. The Committee recommends that the Accounting Authority ensures that: Disciplinary action is taken against staffs who fail to perform their duties satisfactorily. Progress: Qualification Cleared The classification of financial assets and liabilities into the required categories was done The maximum exposure to credit risk on trade and other receivables was done A reconciliation of movements in the provisions for credit losses was done A comparison of the carrying amount and fair value for each class of financial asset and liability was done. 13

7 The methods and assumptions applied for valuing financial assets and liabilities was done For each type of risk arising from financial instruments, quantitative data about its exposure to that risk was done A sensitivity analysis for each type of market risk to which the Fund is exposed was done Disciplinary action is taken against staff who fails to perform their duties 2.6 Non-compliance with Laws and Regulations The Auditor-General reported the following: a) Ineffective, inefficient and lack of transparent functioning of financial and risk management and internal control systems as required by section 51(1)(a)(ii) of the Public Finance Management Act, 1999 (Act No 1 of 1999) (PFMA); b) Lack of adequate system for bank and cash reconciliations as required by paragraph of the National Treasury Regulations; and c) Internal control deficiencies. The Committee recommends that the Accounting Authority ensures that: a) The fund has a clear understanding of the risks assessed, self assessment processes, reviews by the internal audit function and an effective audit committee; b) Vacant posts in the internal audit unit are filled to ensure compliance with PFMA; c) Improves its organisational structure by addressing areas of responsibility and establishing lines of reporting in order to support effective internal control over financial reporting; and d) Steps are taken to ensure that written procedures, record keeping, management reviews and asset safeguards are not segregated to prevent fraudulent financial data and asset misappropriation. Progress: A co-source risk management unit is in place and does perform risk assessment, Fraud prevention plan and strategy was developed and implemented and this resulted in uncovering fraud involving medical service providers in collusion with internal staff. Disciplinary action was taken against the officials involved which resulted in their dismissal. Criminal cases still continuing. Service providers were also reported to the HPCSA. A co-source internal audit unit is in place and monitors compliance with legislation. Business process, service delivery model and draft organisation structures have been finalised. Two Deputy Directors and two Assistant directors were appointed in December 2010 in Internal audit Unit. Three Assistant director posts have been advertised in January and will be filled by 1 April The Fund is in the process of finalising the new organisational structure, which will assist in resolving most of the capacity challenges including addressing areas of responsibility and establishing reporting lines. 3 Approval of Annual Financial Statements The Annual Financial Statements set out on page 82 have been approved by the Accounting officer. 14

8 4. Conclusion Sincere appreciation is accorded to the Minister of Labour for her active involvement, encouragement and unwavering support. I would like to thank the Board who unreservedly contributed to the performance and direction of the Fund. And lastly to the staff and management, I would like to acknowledge their commitment and unfailing support. Nkosinathi Nhleko Director-General 15

9 Commissioner s Overview Introduction It is a great honour for me to present to you the Compensation Fund Annual Report for the financial year 2010/11. The report highlights the progress made in achieving the strategic and operational goals of the Fund. The report will also deal with the successes and challenges experienced during the year. The Fund has immensely contributed in strengthening social protection and providing a social safety net to its clients and stakeholders. We were able to deliver services to millions of our clients and stakeholders despite the weaknesses in our control environment resulting from inadequate and ineffective computer systems and manual business processes. The Fund has also played a significant role and contributed immensely in the debates and discussions on the Comprehensive Social Security reforms. The Fund is in the final stages of the implementation of its turnaround strategy. Compensation Commissioner Mr Shadrack Mkhonto Highlights of the Year Despite several challenges in claims processing, the Fund processed and paid a total of 329,091 compensation claims at R801,724,702 in the year under review, as compared to 340,159 at R771,801,533 in 2009/10. A total of 868,284 medical accounts were paid as compared to 781,249 paid during 2009/2010 financial year. The value of these paid medical accounts for 2010/2011 amounted to R1,9 billion as compared to R1,4 billion paid in 2009 / To improve efficiency and capacity constraints, the Fund has fully capacitated the top management component. The Fund is also in a process of implementing the recently approved and reviewed organisational structure. The vacancy rate on the current Fund s establishment has been maintained at 5.5%. As one of the strategic focus of the Fund to promote return to work, develop skills and improve functionality of injured and diseased employees, the Fund has developed an integrated comprehensive policy framework for rehabilitation, reintegration and return to work of Compensation Fund beneficiaries. The process has been through a wide consultation with all relevant stakeholders. This also called for the amendment of COIDA, of which certain sections to be considered for amendments have already been identified. The Fund with other role players is currently busy with drafting those amendments. There has been a remarkable improvement in settlement of objections, 82% of objections have been finalised within the prescribed 3 months period, and the backlog has been cleared. Decentralisation of certain Compensation Fund services to Provinces aims at improving service delivery and bringing compensation fund services nearer to the people. The Fund has piloted and rolled out certain COIDA services to Provinces, this has yielded positive results. Through the pilot project, a total number of 33,845 compensation claims and 245,966 medical claims have been processed at an amount of R418,597,984 during the year. 16

10 Three educational campaigns to inform clients about the Fund, were conducted in Limpopo, Mpumalanga and Eastern Cape, this resulted in claims being registered and processed on the spot. Challenges for the Year The year 2010/11 has been a challenging for the Fund, the current IT systems have negatively affected the turnaround time in the processing of claims and service delivery, new IT systems have been developed and in the process of being deployed. Delays and non reporting of accidents is one of the major challenges facing the Fund and we envisage to address this matter through the implementation of the Communication Strategy. During the year, through the educational campaigns, print and electronic media, we were able to reach out to millions of our stakeholders. The weakness in our internal control and computer systems, have resulted in fraudulent claims going through the system undetected. As a result of these weaknesses, we have embarked on a rigorous programme to strengthen our governance framework, and risk measures to reduce and eliminate opportunities for fraud and corruption. Financial Viability Alexander Forbes Financial Actuaries performed the actuarial valuation of the Fund based on the Audited Management Accounts of the Compensation Fund as at 31 March 2011 and are satisfied that the Fund is still in a sound financial position. Summary of Actuarial Report The Fund should hold outstanding claims reserve of R5,0 billion as at 31 March 2011 (5,2 billion: 31 March 2010). The liability to pensioners for the current year should be R10,4 billion (R9,9 billion: 31 March 2010). The Fund showed a surplus of R3,6 billion in the 2010/11 financial year (R2,3 billion: 2009/10). The Fund has accumulated surplus of R12,1 billion as at 31 March 2011 (R8,5 billion: 2009/10). The Fund is therefore in a sound financial position at 31 March Year Ahead The revised five year Strategic Plan and the 2011/12 Annual Year Plan have been approved by the Minister, and the Fund is in the process of revising the approved plan and strategy to address the Auditor-General s findings on performance information in the 2010/11 financial year. The Fund will prioritise the implementation of the revised organisational structure, the amendment of COIDA, increasing the number of registered employers and improving revenue collection, continuing with the consultations for the rehabilitation and the reintegration policy framework. The implementation of the Turnaround Strategy will be continuing and is envisaged to be finalised by the end of the next financial year. 17

11 Appreciation I would like to extend my gratitude to the honourable Minister of Labour Ms Oliphant for the unwavering support she has given to the Fund, the Director-General Mr. Nkosinathi Nhleko for guidance and understanding. I would like to thank the Compensation Board and the Executive Committee for their unwavering support and commitment. I also want to thank all staff members of the Compensation Fund for their commitment and their valuable contribution, often in the face of adversity. I wish to thank all our clients and business partners. We trust that they are experiencing a positive impact we are making to simplify our interface with them and improve their experience with us. It is through your support that the Compensation Fund has managed to successfully deal with most of the challenges it faced in the year under review. The Fund will strive to achieve more in the next financial year. Your support will always be highly appreciated. S.S Mkhonto Compensation Commissioner 18

12 Reporting Framework The following represents the reporting framework of the Compensation Fund: Minister of Labour Compensation Board Director-General: Labour Board Sub-Committees Audit Committee Compensation Commissioner 19

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