AG says new accounting measure caught R2.81bn in irregular expenditure | IOL Business Report

  • 📰 IOL
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 51%

South Africa Headlines News

South Africa Latest News,South Africa Headlines

AG says new accounting measure caught R2.81bn in irregular expenditure

PARLIAMENT – Auditor-General Kimi Makwetu said on Wednesday that a new accountability tool introduced in April has so far brought to light irregular expenditure of R2.81 billion on the part of eight state entities.

Makwetu said the bulk of that sum, R2.2 billion, was incurred by the Passenger Rail Association of SA , confirming the reported losses the agency suffered as a result of irregularities in its purchase of new locomotives. In total, 28 material misstatements were picked up in the accounts of the eight entities in question, following the amendment of the Public Audit Act to enable the Auditor-General to report on material irregularities and to allow direct action against accounting officers who fail to deal with these. This includes issuing a debt order against the accounting officer.

Makwetu said he foresaw that accounting officers would exercise greater prudence as the new rules meant that "if you don't, you might feel it in your own back pocket". He has for years bemoaned the fact that there is little or no consequence for flouting proper accounting process in public entities, and therefore no incentive for accounting officers to stem the waste of public funds he reports on annually.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 46. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AG lashes out at government over disappointing audit results | IOL NewsThe auditor-general, Kimi Makwetu, called on government leaders to take urgent action to halt the trend of disappointing audit results.
Source: IOL - 🏆 46. / 51 Read more »

Irregular expenditure at over R60 billion: AG - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Irregular expenditure at over R60 billion: AG Auditor-General Kimi Makwetu says irregular expenditure in government departments and state-owned enterprises has increased from R51-billion last year to R62,60 billion this year.
Source: SABC News Online - 🏆 32. / 51 Read more »

Irregular expenditure at over R60 billion: AG - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Irregular expenditure at over R60 billion: AG Auditor-General Kimi Makwetu says irregular expenditure in government departments and state-owned enterprises has increased from R51-billion last year to R62,60 billion this year.
Source: SABC News Online - 🏆 32. / 51 Read more »

Pravin Gordhan says there’s no money for SAA wage demand | IOL Business ReportPublic Enterprises Minister Pravin Gordhan has washed his hands of strike-ridden SAA, telling the national carrier and unions that the government could not afford the unions’ wage demand, as it had no additional funding. busrep
Source: IOL - 🏆 46. / 51 Read more »

SAA warns it could be out of business if strike continues much longer | IOL Business ReportUnder-fire SA Airways has warned that the strike would put the national carrier out of business if it continued for longer, as it benefited only competing airlines. busrep
Source: IOL - 🏆 46. / 51 Read more »

One dead, 11 missing in South Korean fishing boat blazeOne fisherman has been killed and 11 others reported missing after their boat caught fire off South Korea's southern coast, authorities say.
Source: News24 - 🏆 4. / 80 Read more »