BUSINESS NEWS - Audit outcomes of state-owned enterprises continue to show a negative trend.
Auditor-General Kimi Makwetu says this can be attributed to inadequate controls, monitoring and oversight.
Over the past financial year, 47% of state-owned companies delivered unqualified audits with findings.
Armscor, Land Bank Life Insurance and three SOE subsidiaries (Gammatec NDT Supplies, NTP Radiosotopes and PetroSA Ghana) had improved to a clean audit status.
Petroleum Agency SA and Land Bank Insurance lost their clean audit status due to material non-compliance with legislation.
Makwetu says many outstanding audits were largely among the public entities.
“Their audit outcomes over the four-year period also indicate that the risks of good financial management disciplines are still prevalent."
