a) Contrary to the requirements of section 53(3) of the PFMA, the RTMC budgeted for a deficit in the 2009/10 financial year. b) The budget and monthly cash flow forecast and cash flow performance reports were not prepared on a monthly basis, contrary to the requirements of Treasury Regulation 31.1.3. c) The Audit Committee of the RTMC did not function properly during the year under review and did not completely fulfil its required responsibilities, contrary to the requirements of Treasury Regulation 27.1 and sections 76(4)(d) and 77 of the PFMA. d) The RTMC's strategic plan for 2009-2012 did not include a materiality and significance framework, contrary to the requirements of Treasury Regulation 30.1.3. e) The Shareholders Committee only met once during the year under review, and as a result did not completely fulfil its required responsibilities as per the requirements of section 11(2) of the Road Traffic Management Corporation Act (No.20 of 1999).