Alexkor audit delayed as high staff turnover leaves finance dept unstable, AG tells Parliament | Business

The audit of state-owned mining company Alexkor for 2020/2021 was only concluded in May 2022 due to the late submission of its financial statements for audit.High staff turnover at Alexkor has led to critical gaps in the monitoring of financial reporting, the Auditor General told Parliament.

The audit for 2020/21 still contained material misstatements, including regarding environmental rehabilitation liability, inventories, trade and other payables; as well as taxation, net cash flow from operating and financing activities, and disclosures of the impact of prior period errors for property, plant and equipment and intangible assets, Scopa heard. ACSA said the high staff turnover had impacted Alexkor's timely submission of annual financial statements for audit.

Moreover, it led to an impaired ability to ensure appropriate monitoring of financial reporting. Key positions like that of chief financial officer should be filled urgently, said the AGSA.

Wonder why in the finance division?

Here we go again! Another SOE that is being looted to death. CyrilRamaphosa pravingordhan MYANC privatise all SOEs. There are better people in private enterprise to run these businesses.

Nadat ek voordeel getrek het uit 'n weeklikse belegging, moet ek sê dat almal moet ophou val vir groot duisende, baie het belowe en misluk uit 'n honderd beleggings. MarkMaynardq is die beste. Jou inkomste hang af van jou kapitaal, handel met wie gewaarborg is van wins opbrengs.

We have a state owned mining Co 😐...... Lol now Finance Dept is all gone?!... They are all gone, they looted😢😅...

We now don't worry we know. ANC and corruption w

Like in every other state owned entity.

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