Treasury entities are going backwards, audit outcomes show

The heads of the Public Investment Corporation , the SA Revenue Service and other entities under the Treasury will face a grilling by MPs this week after a regression in audit outcomes over five years.

The portfolio includes the Financial Sector Conduct Authority , the Independent Regulatory Board for Auditors , the Development Bank of Southern Africa , the Land Bank and the Financial Intelligence Centre, among others. Finance committee chair Joe Maswanganyi expressed concern that regulatory bodies within the Treasury fold had themselves failed to comply with basic audit requirements.The same applied to the Treasury, which was responsible for standards and supply-chain management across the government. It had consistently failed to comply with prescripts and the committee “can’t keep quiet” about this, he said.

Kestlmeier also flagged the Treasury’s and the PIC’s lack of internal controls in some areas as a concern, noting that the state-owned asset manager lacked effective leadership in this regard.

The rot continues unabated.

Why has treasury not acted according to its mandate in local authorities?

Fight back plan? Perhaps

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