AG Kimi Makwetu is now addressing delegates on strengthening public trust through accountability and transparency, he says "it is not easy"pic.twitter.com/hoGfnyKC7k
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AG Kimi Makwetu is now addressing delegates on strengthening public trust through accountability and transparency, he says "it is not easy"pic.twitter.com/hoGfnyKC7k
It is not our imagination but there is evidence that the environment has detoriarated says AG Makwetu
If money is not already stolen, the environment is then fertile for it to be stolen says AG Makwetu
AG Makwetu says those in power are not given money to achieve clean audits, but rather to deliver services in accordance to the law and that must be the focus. Not how do we get a clean audit.
This country and our system need to elevate the importance of preventative controls says AG Makwetu
Preventative controls however requires a level of discipline that must be reflected from leadership.
We advocate for preventative controls over corrective controls because it is the cheaper option. It is expensive to implement corrective controls and chase after money that has left the bank says AG Makwetu
We do not want to find ourselves spending R5 million in attempt to recover R2 million says AG Makwetu
AG Makwetu says Internal Auditors have a huge role to play and they must take their place.
Internal Auditors need to stand back and ask what the controls are about and if they will assist in preventing things before they go wrong says AG Makwetu.
Through the ammendments to the Public Audit Act, Parliament has firmed up the mandate of public sector external audit says AG Makwetu
Many people have different ways in which they interpret the additional powers given to the AG, some say we will chase and arrest people which is not the correct interpretation says AG Makwetu.
AG Makwetu urges Internal Auditors in attendance to make the PAA ammendments redundant by implementing preventative controls.
Phase 1 of the implementation of PAA ammendments resulted in 28 material irregularities from 16 auditees. The next PFMA phase will cover 89 auditees who account for over 70% of the budget says AG Makwetu
When determining the best place to deploy preventative controls, Internal Auditors can use the 80/20 rule base on who accounts for most budget.
AG Makwetu says PAA implementation has shifted his team of auditors from sceptical auditors to suspicious auditors.
AG Makwetu concludes his address by challenging delegates to reflect on whether they are aligned to the culture of preventative controls. @IIASOUTHAFRICA
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