Data provided by McGregor BFA
All data is delayed
Loading...
See More

Compensation fund fails another audit test

Sep 14 2012 18:03 Sapa

Related Articles

Parly gets unqualified audit

Nombembe: Work together for clean audits

Road Accident Fund in financial straits

Terence Goodlace new Implats CEO

Implats appoints new CEO

Cosatu calls for municipalities debate

 
Cape Town - The Compensation Fund remains in financial shambles, according to Auditor General Terence Nombembe (AG).

The AG cited various matters he found troubling after assessing the Fund's 2011/12 annual report, tabled by Labour Minister Mildred Oliphant on Friday.

The AG said inadequate monitoring and controls at the fund were the reasons for his qualified audit opinion.

He called into question the authenticity of certain information in the financial statements.

"I did not obtain all the information and explanations I considered necessary to satisfy myself" the AG said.

He was referring to a system used to calculate interest and debtors' penalties.

The benefits paid by the fund also did not match the claims lodged against it.

"Included in the R2.2bn disclosed to the financial statement is an amount of R43m relating to the permanent disability and medical claims that have been paid, but could not be reconciled to the benefits claims listing."

The Fund had been dogged by fraud and mismanagement allegations.

The AG says 71 cases of fraud and services not rendered by service providers are being investigated by the fund.

"The cases range from assessment, medical, finance, pension, registration and supply chain management."

The compensation fund provides financial aid to those injured at work.

*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Zuma: Pray for peaceful polls

President Jacob Zuma has asked members of the Universal Church of the Kingdom of God to pray for peaceful elections on 7 May.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...