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14 SOEs rack up billions in irregular expenditure - Makwetu

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CAPE TOWN - Auditor General Kimi Makwetu said not one of the 14 big state-owned entities audited by his office received a clean audit, a poorer outcome than last year.

Makwetu was revealing the results of the national and provincial audits for the past financial year at Parliament on Wednesday. He said the financial health of SOEs remained under significant pressure with doubts about whether they could continue operating without further financial help from the government.

Meanwhile, irregular expenditure racked up by Transnet and Eskom , who have private auditors, amounted to R57 billion. The amount of irregular expenditure that South African Airways was responsible for was so far unknown as its financial statements were still outstanding for the year under review and the previous year.The DA-run Western Cape continues to shine as the province with the best audit results, while the Free State has emerged as the worst.

Makwetu praise for the Western Cape, which also accounted for the least irregular as well as fruitless and wasteful expenditure, and had the highest number of auditees in good financial health.Gauteng came next with 30% clean audits, which Makwetu flagged as concerning, as it comes after years of 100% unqualified audit opinions.

 

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