Parliamentary committee welcomes prevention of R3.47 billion in financial losses  

By Staff Reporter

The Standing Committee on the Auditor-General has welcomed the recovery and prevention of the R3.47 billion in financial losses by the Office of the Auditor General through the Material Irregularities process.

This as the committee received a briefing from the Auditor-General of South Africa on its integrated annual report for the 2023/24 financial year.

“The AG has recovered R1.55 billion in financial losses; R1.14 billion in financial losses in the process of recovery and has prevented the financial loss of R0.78 billion for government departments, municipalities and entities.

“These successes show the importance of the execution of the new powers of the AG obtained through the amended Public Audit Act. In the year under review, the AG identified 626 MIs on non-compliance and suspected fraud,” the Chairperson of the Standing Committee on the Auditor-General Wouter Wynand Wessels said on Friday.

This resulted in 500 MIs on material