o appoint an external auditing company to perform a full audit on RBN entities (Royal Bafokeng Administration (RBA), Royal Bafokeng Institution (RBI), Royal Bafokeng Sports (RBS) and Royal Bafokeng Enterprise Development (RBED) finances in order to verify whether correct procedures were followed by the Finance department. To further comply with generally accepted accounting practices (GAAP) and International framework and reporting standards (IFRS). This will be achieved by examining financial statements for the year 2016 and issuing out the Audit reports by the end of August 2017.

The scope:

• Key management and financial controls in place;
• Preparation of financial statement and evaluating the overall presentation of Financial Statement;
• An assessment of business processes;
• Evaluation of appropriateness of accounting policies;
• Resolve audit issues raised during the auditing period;
• Assessment of the risks of material misstatement of the financial statement, whether due to fraud or error; and 
• Receive final audit report on the financials.