. PSIRA did not have an efficient, effective and transparent system of financial and risk management (including an approved fraud prevention plan) and internal control. . PSIRA did not have a system for properly evaluating all major capital projects prior to a final decision on the project and collecting all revenue due and did not have mechanisms to prevent irregular; and fruitless and wasteful expenditure. . The final Strategic Plan and the projection of revenue and expenditure for the financial year were not submitted to the executive authority at least one month before the start of the financial year. . The Accounting Authority did not submit a budget to the Executive Authority for approval at least six months prior to the start of the financial year. . PSIRA accumulated surpluses without obtaining formal approval from the National Treasury. . PSIRA did not have an Audit Committee. . The public entity did not have an effective cash management and investment policy.