Msukaligwa Municipalities financial statements do not present fairly in the annual Auditor General (AG) report for the financial year of 2019/2020.
The auditors committee held back no punches about the financial situation that the municipality was facing.
Key issues were addressed in the annual report which was released on 28 May and the report of the AG ended on 30 June 2020.
The AG was concerned about the municipality’s functioning and ability to continue as it incurred a net loss of R76 348 177 during the year ended 30 June 2020.
As of the date, the municipality’s current liabilities exceeded its current assets by R923 584 805.
The AG was unable to determine and confirm, with the lack of internal controls, if the municipality had accounted for all irregular expenditure for the current and previous year.
Read the complete article in the Highvelder newspaper.
