The Standing Committee on Public Accounts, having considered the Annual Report and the Report of the Auditor-General on the Water Research Commission for the financial year ending 31 March 2002, reports as follows:

The Committee commends the management of the Water Research Commission for the unqualified audit opinion expressed by the Auditor-General and trust that future audit opinions will be equally unqualified.

The Committee also noted the issue raised under Emphasis of Matter where National Treasury did not grant exemption to the accounting authority to invest some of their surplus funds (R29 400 166) with investment institutions other than the Corporation for Public Deposits. The Committee expects the Chief Executive Officer to expeditiously rectify the issue in question. The Committee will await the Report of the Auditor-General on the follow-up audit work in this regard.

Having considered the Annual Report, the Report of the Auditor-General and noted the unqualified audit opinion expressed by the Auditor-General, the Committee is of the view that no further interaction with the accounting authority is necessary for the financial year under review.

The Committee therefore awaits the next Annual Report and the Report of the Auditor-General.