But the Land Bank's liability solution is a key opportunity for the institution to recover and remain a going concern, Auditor-General Tsakani Maluleke has said. In the audit report that formed part of the Land Bank's 2021 annual report, the AG added that while the Land Bank's audit outcomes had improved from a disclaimer audit opinion to a qualified audit, the sheer magnitude of audit findings in the previous year had made it more difficult for the entity to show an improved audit outcome quickly. In the audit report, Maluleke said loans and advances were a significant portion of the Land Bank's total assets and the associated impairment provisions. Maluleke said the Land Bank experienced a liquidity shortfall, which resulted in the entity defaulting on some of its obligations. During the Land Bank's meeting with Parliament, acting Land Bank CEO Khensani Mukhari said a newly formed board had to "hit the ground running" to provide stability.

Source: News 24 May 28, 2022 08:44 UTC