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Projects - RBN Audit and Group Annual Financial Statements (AFS) 2018
Project Status:
Approved Active
Project Number: 2499
Project Scope:

To 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), Platinum Stars (FC) 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 2018 and issuing out the Audit reports by the end of July 2019.

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.
Key Focus Area: Governance & Administration
Focus Areas: Governance & Administration
Beneficiaries: Community, RBN Employees
Regions: Capital Region
Villages: Phokeng
Institutions: Shared Services: Finance
Progress Actual: 95.2 %
Progress Planned: 100 %
Baseline Start Date: Thursday 4 October 2018
Baseline End Date: Wednesday 31 July 2019
Actual Start Date: Thursday 4 October 2018
Actual End Date: Friday 28 February 2020
Schedule Variance:
-212 days
-70.667 %
Approved Total Budget: Hidden
Total Expenditures: Hidden
Estimated to Complete: Hidden
Total at Completion: Hidden
Budget Variance:
0 %
Risks: 4
Issues: Unresolved: 1
Resolved: 0
Total: 1




Milestones Calendar
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