#audit

The Cabinet has ordered the Directorate of Criminal Investigations (DCI) to investigate payroll fraud after an audit revealed irregularities totaling Ksh 6.2 billion across 12 state departments. This decision, made during a meeting led by President William Ruto, aims to address longstanding payroll fraud, enhance the integrity of the public wage bill, and safeguard taxpayer funds through a comprehensive overhaul of the payroll system.

According to The Citizen, Auditor-General Maluleke has raised concerns over the financial audits of all metropolitan municipalities, highlighting R62.12 billion in debt write-offs and R1.61 billion spent on consultants. Despite these expenditures, 61% of the municipalities submitted flawed financial statements, prompting alarm ahead of the upcoming elections.

Auditor-general Tsakani Maluleke has expressed concern over 'regressions' in the audit outcomes of South Africa's eight metropolitan municipalities, highlighting issues related to weak financial discipline and failures in service delivery. These findings indicate a decline in the management and accountability of public resources within these urban areas.

Stakeholders are advocating for the adoption of technology in Nigeria's banking audit sector to improve operational functions, anticipate risks, and enhance assurance in the era of artificial intelligence, according to Punch Business.

Bankers in Nigeria have expressed concerns that traditional audit and governance frameworks are becoming insufficient due to the rapid advancements in artificial intelligence, which is transforming banking operations, risk management, and fraud detection. This warning was made during the 64th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos.

The Auditor-General has reported that the financial situation in Johannesburg requires immediate attention, noting a general regression in audit outcomes among metropolitan areas.