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The study investigates governance challenges in South Africa’s state-owned entities (SOEs) by assessing disclosures provided in SOEs’ annual reports and financial statements regarding fraud, unauthorised expenditure, irregular expenditure, and fruitless and wasteful expenditure between 2022 and 2024, in line with section 55 of the Public Finance Management Act (PFMA) No. 1 of 1999. Adopting an interpretivist research philosophy, the study utilizes qualitative methods through a content analysis of the annual reports and financial statements of the five sampled SOEs. The analysis revealed that, although the selected SOEs demonstrated partial compliance with Section 55 of the PFMA, significant governance and reporting shortcomings persist. While most SOEs maintained records and produced financial statements, none provided evidence of submitting these reports within the required timeframes, and one entity had not produced its 2024 reports by the cut-off date of 10 October 2025. The financial statements frequently lacked a fair and accurate reflection of each SOE’s financial position and performance. Disclosures related to financial misconduct were particularly weak and inconsistent, with irregular, fruitless, and wasteful expenditure reported more often than cases of fraud or unauthorised expenditure, which were largely omitted. These disclosure shortcomings suggest that compliance among SOEs remains superficial and procedural rather than substantive, undermining accountability, transparency and the overall integrity of financial reporting.

Several business failures culminated in the necessity to improve overall risk management for different corporates. Educational organisations also began to realise the exigency for efficient risk management in the sector and embarked on tracking Enterprise Risk Management (ERM) related advances in the corporate world and seeking ways to apply these for higher education. This study sought to assess the involvement of internal auditors in ERM in Zimbabwean public universities. This study is quantitative and employed a survey to collect data from heads of internal audit sections in public universities. The main findings of the study indicated that 64.78 percent of the internal auditors were performing their core and permissible roles as promulgated by the Institute of Internal Audit in risk management while 35.22 percent were performing some prohibited roles. The study recommends engaging qualified internal auditors who are aware of their specific roles in risk management or providing some training for the officers in the internal audit sections. The study further recommends that these universities should institute risk management sections headed by qualified Chief Risk officers to complement internal auditors’ efforts and improve the effectiveness and efficiency of ERM in Zimbabwean public universities. Chief Risk officers should become champions of risk management in these institutions to avoid tempering the internal auditors’ objectivity.