The University of Fort Hare (UFH) today announced that the University’s external auditors has issued an unqualified audit opinion for the University’s consolidated and separate financial statements for the 2024 financial year.
This is the fourth consecutive year that UFH achieved an unqualified audit opinion.
The external independent audit was completed by Marais and Smith Chartered Accountants and encompassed reporting for the financial year ending 31 December 2024.
The unqualified audit opinion indicates UFH’s financial statements contain no material misstatements and complied with predetermined objectives of legislation and performance information.
The achievement and milestone of a fourth consecutive unqualified audit for UFH is significant, especially when the institution’s financial governance and performance before the institutional renewal program is considered, according to Mr. Charles Matumba, UFH Chief Financial Officer (CFO).
Mr. Matumba said: “Based on the unqualified opinion from the external auditors, it is evident that the necessary financial governance controls have been fully restored and remain functional at UFH through strong fiduciary mechanisms.”
The University has adhered to its approved and allocated budgets for the year and has even augmented its financial reserves, he said.
“This achievement lays the groundwork for our new strategic goal of establishing a broader and more robust resource base, thereby ensuring the Institution’s long-term financial sustainability,” said Mr. Matumba.
Professor Sakhela Buhlungu, UFH Vice-chancellor (VC) and Principal said the University’s Council and Management Executive Committee (MEC) appreciates the importance of an unqualified audit outcome in terms of the University’s stabilisation through its renewal program.
“We extend our gratitude to the Office of the Chief Financial Officer, our finance team, the auditors, the MEC, the Council, the governance committees, and all directorates or divisions for their roles in achieving an unqualified audit outcome,” stated Professor Buhlungu.