The one positive of this, even if some of it is depressing, is that there'll be life on the other side, writes Adriaan Basson.
In the 2018/19 financial year, less than a quarter of audited government departments and public entities achieved clean audits.
KPMG’s former US national managing partner for audit quality and professional practice has been slapped with a prison sentence for defrauding an accounting regulator.
Departments responsible for state-owned entities must strengthen their oversight, Auditor General Kimi Makwetu said as he announced regressing audit outcomes.
Auditor General Kimi Makwetu has said the commission not only incurred millions in irregular expenditure but also exceeded its approved budget.
The current head of KPMG's largest business unit has been suspended. He was also the lead audit partner on VBS Bank.
The developments around audit firm KPMG following its implication in state capture has stressed the need to introduce reforms in the auditing and accounting professions, said Deputy Reserve Bank Governor Francois Groepe.
The Independent Regulatory Board of Auditors says it is "likely" to investigate the conduct of the individual auditor who signed off on the forensic probe into the SARS 'rogue unit'.
Auditing board’s imperatives for greater independence are dismissed as being secondary to BEE, writes Steve Kretzman.
Suspended Msunduzi municipal manager Mxolisi Nkosi has finally broken his silence — not on his suspension — but rather that of his former colleague and the city’s chief internal auditor, Petrus Mahlaba.
Only one municipal business unit has increased their performance, with all the others underperforming for the last financial year.
State-owned enterprises are increasingly relying on government guarantees to secure loans.
Two security contracts that state-owned airline SA Express had with Bosasa, now known as African Global Operations, resulted in over R1m of irregular expenditure.
Nedlac has been slapped with a qualified audit opinion in its annual report after incurring some R1m in irregular expenditure and not initially disclosing it in line with the PFMA, says the Auditor General.
For two weeks after it suspended partner Sipho Malaba for what it alleged was dishonesty, KPMG said nothing. Then it said nothing about the second partner it had also suspended.
KPMG South Africa, KPMG Zimbabwe and foreign affiliates of accounting firms Deloitte & Touche and BDO have agreed to pay penalties for becoming involved in audit work that did not comply with US audit standards.
Site visits to large infrastructure projects for the departments of basic education, water and sanitation, and public works revealed shocking work that had to be chalked up to irregular expenditure.
A forensic audit must be conducted for all funds received and dispersed by a fund administrator, exposed by City Press for failing to account for more than R220m belonging to descendants of mine workers.
After receiving an award for Msunduzi Municipality’s recent clean audit, the City management’s celebration was short-lived.
AS investigators attached to various probes prepare to comb city hall to untangle the intricate web of accusations and counter accusations there, yet another high profile official has been suspended.
Msunduzi Municipality finally received the clean audit they have long been waiting for and all parties are ecstatic at the news.
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