The Technology Innovation Agency (TIA) was established in terms of the TIA Act, 2008 (Act No. 26 of 2008), with the objective of stimulating and intensifying technological innovation in order to improve economic growth and the quality of life of all South Africans by developing and exploiting technological innovations.

TIA’s core business objective is to support the development and commercialisation of competitive technology-based services and products. The Agency primarily uses South Africa’s science and technology base to develop new industries, create sustainable jobs and help diversify the economy. It invests in the following technology sectors: Advanced Manufacturing, Agriculture, Industrial Biotechnology, Health, Mining, Energy and ICT.

THE MERGER

TIA was formed through merging seven DST entities previously tasked with supporting and promoting innovation in the country. These entities included the Innovation Fund, Tshumisano Trust, Cape Biotech Trust, PlantBio Trust, LIFElab, BioPAD Trust, and the Advanced Manufacturing Technology Strategy (AMTS).

SERVICES

The Agency seeks to achieve its mandate by providing Financial and Non-Financial Support to its stakeholders, namely, Science Councils, Public Entities, Higher Education Institutions, private research institutions and entrepreneurs.

Our activities include the application of specific risk based audit procedures, with an objective of determining if funds disbursed by TIA (or any of the previous entities) have been used economically, efficiently, effectively and solely for the purpose agreed to between the TIA (or the previous entities that were inherited by the TIA). Our procedures include (but are not limited to) the following:

• Review the internal control environment and systems of internal control;

•  Verify and evaluate the use of the public funds by the investment (this includes, but may not be limited to - milestones and deliverables as set out in the contractual agreement being matched with costs, timetables and responsible parties);

• Examine, on a test basis, the evidence supporting the amounts and disclosures in the financial reports and disclosures; and

• Assess Corporate Governance and other compliance related matters relevant to the applicable laws, regulations and best practice.

Investment Audit has implemented a revolutionary, state of the art, paperless and electronic audit management software system. The system provides a streamlined process that aims to increase the efficiency and productivity of the entire Investment Audit process, including: risk assessment, task and team scheduling, audit planning, audit fieldwork execution, audit review and audit reporting.

Switchboard: +27 (0) 12 472 2700
Postal Address: P.O. Box 172
Menlyn
Pretoria,0063
Physical Address: TIA House
83 Lois Avenue
Menlyn, Pretoria, 0181

Email: info@tia.org.za
Web Address: www.tia.org.za