The Cape Town International Convention Centre (CTICC) was commended for its commitment to good reporting practices, when it was awarded the Municipal Finance Management Act (MFMA) Clean Audit Award by the Auditor General of South Africa.
According to CTICC Chief Executive Officer, Rashid Toefy, the centre achieved a clean audit (unqualified with no other findings) for the 2012/2013 financial year.
The criteria for obtaining a clean audit is stringent and only 38 % of municipalities in South Africa achieved this. Achieving a clean audit is therefore a huge accolade for the centre as it is further testament to the CTICC’s success in operating a profitable business, whilst still adhering to supply chain management regulations and good corporate governance. “This is the highest commendation that a municipal entity can receive”, says Toefy. CTICC was the only municipal entity in the Western Cape to receive this accolade.
Deputy Business Executive, Western Cape, Auditor-General South Africa, Leslie Holland commended the CTICC on its achievement. “The CTICC is a model example of a municipal entity that ascribes to the highest standards of financial administration and corporate governance”, he says.
In addition CTICC also enjoys the status of being the first convention centre in the world to align its reporting to the standards set out by the Global Reporting Initiative (GRI) policy framework. GRI is a global network-based organisation that produces a comprehensive international sustainability reporting framework for leading organisations.
“Last year the centre also garnered international recognition for its stringent reporting practices when it scooped the UFI 2013 Sustainable Development Awardfor best sustainable reporting”, concludes Toefy. UFI is the association of the world's leading tradeshow organisers and exhibition centre operators, as well as the major national and international exhibition associations, and is comprised of over 600 member organisations in 85 countries around the world.