A recent FM op-ed suggests the Zondo commission misdirected itself in blaming auditors for enabling state capture. It could be said it didn’t go far enough ...
), suggests that the Zondo commission into state capture misdirected itself. First, he says, it placed all the blame on the auditing profession for facilitating, enabling and turning a blind eye to state capture at state-owned entities . And, second, it held auditors accountable for actions that were far removed from their legal obligations.
However, Firer’s views must be measured against both the requirements of the International Standards on Auditing and statutes such as the Public Finance Management Act that govern SOEs. They must also be considered against the many years of clean audit opinions given to SOEs when corruption, tender fraud and procurement malfeasance were actually so rife and so material that they could only have been missed by the incompetent, the blinkered or the dishonest.
Corruption, tender fraud and procurement malfeasance at SOEs were so rife and so material that they could only have been missed by the incompetent, the blinkered or the dishonest SOEs’ annual financial statements include the report of the accounting authority . Under the PFMA, it is the responsibility of the accounting authority to ensure there is a fully functioning system of internal control and internal audit, and that procurement be conducted in a fair, equitable, transparent, cost-effective and competitive manner.
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