Financial oversight of development finance institutions: The case of the Land and Agricultural Development Bank of South Africa (Land bank).
Teka, Malapateng George
Teka, Malapateng George
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Abstract
The Land Bank has been impacted by a steady flow of reported corruption, scandals and allegations of financial mismanagement. The government oversight responsibility has also been shifted to the National Treasury, from the Department of Agriculture, Forestry and Fisheries. Subsequently, the government saw fit to commission four forensic audits, and the resulting reports have been submitted to the Serious Economic Offences Unit of the South African Police Service, the Hawks, for further attention. This research seeks to determine, through a critical analysis of the Land Bank’s financial management strategy and National Treasury oversight model, to identify more efficient and effective oversight tools. A qualitative research methodology was utilised, involving a detailed literature review, an analysis of Land Bank’s financial data, and the gathering of data through interviews. The qualitative phase of the research entailed in-depth interviews with subject matter experts within the Land Bank and the National Treasury. The data obtained through these research instruments was analysed to identify factors that prevented proper oversight, to determine whether appropriate systems are in place to support the corporate planning process; and to identify a mechanism, system and/or plan which will assist the National Treasury in performing its oversight role efficiently and effectively. The results of the analysis of the data and the conclusions drawn from the literature review, revealed that the successful adoption of scientific financial oversight tools such as CAMELS and SDI are likely to assist the National Treasury in the performance of its financial oversight role.
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Submitted in partial fulfilment of the requirement for the degree Magister Technologiae: Cost and Management Accounting in the Faculty of Economics and Finance
Tshwane University of Technology
Date
2014-07-01
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Tshwane University of Technology
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Keywords
Financial oversight, Development finance institutions, The land and agricultural, Development bank of South Africa