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BusinessLive reports that the government controlled Unemployment Insurance Fund (UIF) received a qualified audit opinion from auditor-general Kimi Makwetu for the 2018/2019 financial year, a regression from the unqualified opinions of previous years.
Makwetu found significant internal control deficiencies in the financial management of the fund which resulted in “material misstatements” being identified during the audit. The UIF had total net assets of R144bn at the end of March. Makwetu said in his report, which was included in the UIF annual report tabled in parliament last week, that he was unable to obtain sufficient appropriate audit evidence to substantiate the amount recognised as investments in associates, joint ventures and unlisted financial instruments. Makwetu indicated he was unable to determine whether any adjustments were necessary to the investments in associates stated at R3.7bn, joint ventures stated at R154m and unlisted financial instruments stated at R6bn. Makwetu also noted that disciplinary steps were not taken against some officials involved in the irregular expenditure of R87m in prior years, as required by the Public Finance Management Act.
- Read the full original of the report in the above regard by Linda Ensor at BusinessLive
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