. VAT liability of R16 074 638: PSIRA stopped charging VAT on revenue from December 2009 and claimed VAT on expenses pending the finalisation of its VAT deregistration process. The outcome of a VAT audit by the South African Revenue Service (SARS) on the final deregistration could not be determined and thus there was insufficient and appropriate audit evidence regarding the existence, valuation, allocation and completeness of the VAT liability of R16 074 638.