THE auditor-general has taken the Presidency to task for not properly applying the preferential procurement regulations and failing to settle contractual obligations or money owed in 30 days, as required by the Public Finance Management Act and Treasury regulations.This raises questions about commitment to the government’s local procurement and supplier development programme.The late payment of suppliers is a major issue afflicting small and medium enterprises.The Presidency tabled its 2015-16 annual report in Parliament on Friday. While it received an unqualified audit opinion, auditor-general Kimi Makwetu identified material misstatements. He said the financial statements submitted were not prepared in accordance with the prescribed financial reporting framework as required by the Public Finance Management Act.Material misstatements of current assets and disclosure items identified by the auditors in the financial statements were corrected, resulting in an unqualified audit opinio...
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