BY MBONGENI NDLELA
MBABANE – The Auditor General has issued a qualified opinion on the Consolidated Government Financial Statements for the financial year ended 31 March 2025, highlighting material misstatements while reaffirming the country’s commitment to strengthening accountability and transparency in public finance management.
According to the 2025 Auditor General report, assets were misstated by over E5.57 billion, while liabilities were misstated by approximately E2.66 billion, largely due to classification errors, unreconciled balances, and unappropriated expenditures.
One of the most significant findings was the misstatement of bank balances amounting to E4.58 billion, resulting from unreconciled cash books and undisclosed balances, which distorted the government’s year-end cash position.
The report also highlighted undisclosed tax and property rates debts exceeding E441 million, incorrect classification of employee advances worth E173.6 million, and fictitious liabilities of over E1.56 billion caused by misclassification and non-adjustment of elapsed budgets. Cash-in-transit amounting to E975 million was also wrongly recorded as liabilities.
Public debt as at 31 March 2025 stood at E35.39 billion, with contingent liabilities amounting to E4.55 billion. The Consolidated Statement of Assets and Liabilities reflects total assets and liabilities of E14.29 billion, underscoring the scale of government operations and the importance of accurate financial reporting.
Despite the audit qualification, management across public entities acknowledged the findings and committed to improving financial controls going forward. The report underscores the need for stronger budgetary controls, improved reconciliation processes, and stricter compliance with public finance management and procurement regulations.
The audit serves as a critical step toward strengthening financial discipline, reinforcing transparency, and building greater public confidence in the stewardship of national resources.
