Prasa financials too disorganised to audit

[John Ashworth]

Prasa financials too disorganised to audit

As the Passenger Rail Agency of South Africa continues to chug its way out of its financial and governance troubles, Auditor General Kimi Makwetu gave the struggling state-owned entity a disclaimer of opinion in its 2018/19 annual report, saying management had not properly accounted for assets, fare revenue and other financial information.

A disclaimer is given when the auditee gives insufficient documented evidence in its financial statements or elsewhere for the Auditor General to give an audit opinion. The audit report reflects the standing for both Prasa as a group and its subsidiaries as operators...