Munsoft Matters: MFMA Exemption Notice dated 5 August 2020

Dear Munsoft Client, 
 
Munsoft would like to draw your attention to the MFMA Exemption released on 05 August which grant a 2-month extension to the deadlines of Section 126(1) and (2), 127(1) and (2), 129(1) and 133(2) of the MFMA 2003 (Act No.56 of 2003).
 
Munsoft urges all clients to use this 2-month opportunity wisely to prepare thoroughly for the best possible Audit outcome during these trying times mainly due to Covid-19.
 
Some factors the Municipality could consider during the extension period to enhance Financial statement quality are:

  • Aim to have the preparations of Financial statements complete per normal deadlines prior to the MFMA Extension granted.
  • Each Municipal department head to initiate a full review of balances and transactions for each department and implement relevant corrective measures during the extension period.
  • Municipality Management is urged to initiate Financial Statement review prior to submission with Provincial Treasury, Department of Cooperative Governance and Traditional Affairs and Audit Committee.  This would greatly increase the opportunity to identify improvement areas prior to submission for Audit purposes per the 2-month MFMA extension period granted.
  • The municipality should consider the effect of the extension on the new timelines when the Audit General will perform its audit procedures.  There is a high probability that these audit timelines could run into the December holidays or even the preparation times for the Adjustment budget period during February 2021 and Draft budget preparations for 2022 which should be considered.

Click here to download the complete PDF version of the below document: 
MFMA Exemption 5 August 2020
 

For any queries or further assistance please contact your respective Service Delivery Manager (SDM).
 
This e-mail was sent to the Municipal Manager and CFO, Budget Officer, Finance Manager, and mSCOA Champ, of all Munsoft Municipalities. If you have received this e-mail, do share internally at your Municipality with other relevant staff members.
 
Kind Regards
Munsoft Team

More Munsoft Matters articles

Munsoft Matters: Cut-off Date for 2022/23 Fixed Asset Conversion Requests: 30 April 2023 23 Feb 2023 15:02 Munsoft Matters: 2022/2023 MTREF ADJUSTMENT BUDGET DUE 28/02/2023 22 Feb 2023 08:30 Munsoft Matters: MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 – FEBRUARY 2023 07 Feb 2023 12:45 Munsoft Matters: MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 – JANUARY 2023 17 Jan 2023 12:49 National Treasury Criteria for the Release of the 2022/23 Local Government Equitable Share (LGES) 09 Dec 2022 09:14 Munsoft Matters: MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 – DECEMBER 2022 02 Dec 2022 12:56 Munsoft Matters : MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 – NOVEMBER 2022 04 Nov 2022 09:29 Munsoft Training: November 2022 Training Schedule 20 Oct 2022 16:43 MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 – OCTOBER 2022 04 Oct 2022 14:29 Munsoft Matters: LOCAL GOVERNMENT DATABASE 20 Sep 2022 12:14 Munsoft Invitation: Audit Reports on Munsoft for 2021/22 Financial Periods 15 Sep 2022 11:15 Munsoft Training: September 2022 Training Schedule 30 Aug 2022 11:15 Munsoft Matter: MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 – August 2022 01 Aug 2022 13:25 Munsoft Matters: MFMA CALENDAR GUIDANCE AND LOCAL GOVERNMENT DATABASE SUBMISSIONS MTREF 22/23 12 Jul 2022 14:23 Munsoft Matters: Munsoft Spatial application. 05 Jul 2022 12:27