NSFAS attributes negative audits to universities submitting incorrect statements

JOHANNESBURG - The National Student Financial Aid Scheme (NSFAS) has attributed its negative audit outcomes to universities that submit incorrect and inaccurate financial statements.

Last month the Auditor General of South Africa slapped NSFAS with an adverse audit opinion for its 2021/22 financial year.

The report revealed the scheme failed to balance its financial statements in the past five years while raising concerns over a series of calculation errors.

NSFAS acting board chairperson Lourens van Staden has urged universities to submit accurate financial statements.

"NSFAS has been severely impacted by the non-submission of data and in some instances, incorrect data being submitted by the institutions. Non and inaccurate submissions of institutional data have contributed to NSFAS receiving negative audit outcomes and also the late submission of annual financial statements.