The Auditor-General's office expressed the view on 13 October 2010 in its presentation to Parliament of PSIRA's 2009/10 financial performance that the position at PSIRA was worrying. In respect of financial information there was a need for proper record keeping, for good quality and reliable annual financial statements and for adequate systems of reporting. The key drivers to improve the audit outcomes of governance were risk identification, fraud prevention, internal audit and audit committees. PSIRA lacked efficient, effective and transparent systems for risk management and internal control, as well as systems for evaluating capital projects. PSIRA had not had an Audit Committee for a year, and had accumulated surpluses without approval from National Treasury.