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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

De Ruyter used 'wrong forum' to air concerns over Eskom corruption - business leaders | BusinessBusiness Leadership SA CEO Busi Mavuso says former Eskom CEO André de Ruyter chose the wrong forum to air his views on corruption at Eskom and should instead have reported them to the board and the police. | News24_Business _Business Lol it's tough when your biggest cheerleader speaks up against you _Business Fuck ya talking about ain't this democracy? _Business How do you report theft to the thieves?
Source: News24 - 🏆 4. / 80 Read more »

'Like slaves': Zim farmworkers lash out at work conditions | BusinessFarm labourers in Zimbabwe are decrying colonial-era working and living conditions that they say still defines their jobs. | News24_Business _Business This is what they wanted, so no use crying now _Business But they will never admit that nationalizing everything tore apart their own country _Business Another blessed feature. l am so proud of myself for this moment. A huge appreciation to Brandonkaren11 for helping me through Bitcoin mining investment !!
Source: News24 - 🏆 4. / 80 Read more »

State not engaging business, says BusaMany still distrust the private sector ideologically, says CEO Cas Coovadia
Source: BDliveSA - 🏆 12. / 63 Read more »

'Catastrophic': De Ruyter warns of national blackout risk if legal bid succeeds | BusinessIn his final court submission as Eskom's CEO, André de Ruyter warned that a successful legal bid to halt load shedding at all hospitals, schools and cellphone networks could trigger a national blackout. Ook maar goed doemsprofeet de ruyter vertrek. Kan nie meer die woud sien nie oor die bome, is duidelik uit sy prolix affidavit Well people pursuing this legal action never asked for an advice from qualified engineers to understand that schools and hospitals cannot be excluded from load shedding bcz of how connected they are to other customers mxm!agree if succeds then blackout Will be triggered and not doing it could potentially kill people!
Source: News24 - 🏆 4. / 80 Read more »