Business Lead South Africa

Irregular spend of national, provincial government SOEs up to R51 billion and counting

PARLIAMENT, November 21 – Irregular expenditure for national and provincial government departments, as well as state-owned entities audited by the Auditor-General amounted to R51 billion and counting, it was revealed on Wednesday.   Releasing the audit results for the 2017/18 financial year, Auditor-General Kimi Makwetu said the R51 billion excludes the irregular spending incurred by […]

In The News South Africa

SA municipalities waste R28 billion in irregular expenditure – Auditor General

JOHANNESBURG, May 23  – South African auditor-general Kimi Makwetu said on Wednesday that accountability continues to fail in local government, saying that glaring governance, leadership and oversight lapses at municipal level had contributed immensely to the undesirable audit results. Makwetu reported a 75 percent increase in municipal irregular expenditure, from R16,212 billion in the previous year to […]

Business In The News South Africa

Nkonki goes on voluntary liquidation, blames negative media reporting

JOHANNESBURG, April 24 – Troubled audit firm Nkonki Inc has blamed “negative media” reporting as it announced it was voluntarily liquidating its Sunninghill office after the termination of the firm’s lucrative contracts with the government. Last week, Auditor-General Kimi Makwetu said his office had terminated audit contracts worth R90 million with Nkonki and embattled KPMG […]

Business In The News South Africa

Prima facie evidence for criminal prosecution against KPGM – EFF

JOHANNESBURG, April 18  – The Economic Freedom Fighters welcomed a decision by the Auditor-General to cancel contracts with embattled audit firm KPMG, and said there was evidence to prosecute some partners. Auditor-General Kimi Makwetu said on Tuesday his office had decided to terminate the KPMG contract, as well as that of fellow auditing company Nkonki […]