Every year we report on the World Economic Forum’s (WEF) Global Competitiveness Index. This year South Africa slipped from 48th to 61st in the rankings. What was disappointing is that previously we were ranked 3rd in terms of corporate efficacy but this year fell to 34th. The audit profession had been ranked top for several years but has fallen to below 30th place.
Clearly this is a direct fallout from the various scandals engulfing State Owned Companies but it does call for sober reflection as to how we face these issues.