South African parliament accounts qualified
Third successive qualified report
Third successive qualified report
The ability of the South African parliament to properly manage its money has
been questioned after its accounts were qualified for the third successive year.
The 2005-06 accounts were qualified by auditor-general Shauket Fakie, who
said parliament failed to meet the required financial standards.
According to Fakie , the major weakness in Parliament’s financial statements
related to asset management.
‘Assets included in the asset register amounting to R2.9m (£200,000) could
not be physically verified due to incomplete details reflected on the asset
register,’ he said.
Furthermore, there was no evidence that staff performance evaluations had been
undertaken, the debt- recovery policy was deficient and no risk-management
policy was submitted for audit, Business Day reported.
The government opposition leapt on the news with Democratic Alliance chief
whip Douglas Gibson calling for action to be taken against the secretary to
parliament, Zingile Dingane, and its audit committee for their failure to
properly manage public money.
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article