The salary of the AuditorGeneral is decided by the President and approved by the National Assembly, following a cost of living adjustment. A Standing Committee on the AuditorGeneral examined and endorsed the proposed salary increase for the fiscal years 2023/24 and 2024/25, recognizing the President’s authority and considering it a fair adjustment. This process highlights the importance of maintaining financial responsibility and clarity in government activities and shows the dedication to safeguarding the financial welfare of those who serve our democracy, demonstrating the functioning of a sturdy and financially fair democratic establishment.
The Standing Committee on Finance is visiting Ithala Bank following the suspension of its Financial Services Provider (FSP) license due to operational issues. The committee aims to ensure that the bank meets financial health standards and rectify any setbacks. The visit includes discussions with stakeholders and the objective of reinstating the bank’s FSP license. The committee’s swift action demonstrates decisive leadership and dedication to maintaining financial stability in South Africa.