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Makwetu: 'Financial outlook for most state-owned entities bleak'

A significant number of parastatal's audits were not completed by the end of September cut-off date because they were still struggling to prove they are going concerns.

FILE: Auditor-General Kimi Makwetu. Picture: GCIS

CAPE TOWN - Auditor-General Kimi Mawetu says the financial outlook for most state-owned entities (SOEs) is bleak.

A significant number of parastatal's audits were not completed by the end of September cut-off date because they were still struggling to prove they are going concerns.

On Wednesday, Makwetu released his consolidated report on the audit outcomes of national and provincial departments and their entities.

The South African Airways (SAA), Denel and the Nuclear Energy Corporation are among the SOEs whose audits and financial statements have been delayed because they can’t be signed off as going concerns.

Makwetu said: “So those are the ones that are still trying to figure out how to stand on firm ground as far as their financial capabilities are concerned.”

The Independent Development Trust (IDT) received a disclaimed opinion for the third consecutive year. The IDT is responsible for helping other departments and entities implement their projects.

“Among the entities which we audited was the South African Broadcasting Corporation, which regressed from an adverse opinion to a disclaimed opinion,” Makwetu said.

He added that the Development Bank of South Africa was the only SOE audited by his office to get a clean audit.

(Edited by Mihlali Ntsabo)

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