INSETA secures first clean audit in five years amid R443m funding scrutiny

The Insurance Sector Education and Training Authority (INSETA) has achieved its first clean audit in five years, alongside 100% organizational performance for the 2025/26 financial year. The Auditor-General of South Africa issued an unqualified audit opinion, marking a significant improvement in the authority's financial management, governance, internal controls, and accountability.

INSETA board chairperson Refilwe Matenche described the result as a "significant milestone" for the organization. This achievement comes amid scrutiny over allegations involving R443 million in student funding. While INSETA has confirmed an independent investigation into governance matters linked to these allegations, the authority declined to comment on the substance of the allegations while the process is ongoing.

The allegations center around the Insurance Sector Student Fund, following calls for a forensic investigation by OUTA. The matter stems from a precautionary suspension of INSETA CEO Gugu Mkhize in June due to failures in the bursary payment system. The new audit announcement does not detail the Auditor-General's findings or specify which issues resolved the previous qualified opinions.

However, INSETA's latest Annual Performance Plan shows improving performance over several years, with overall performance against planned targets increasing from 72% in 2020 to 95% in 2025. The authority aims to equip 100,000 beneficiaries with future-fit skills over the remaining four years of its 2025-2030 strategy, focusing on research, innovation, transformation, digitalization, small businesses support, alternative funding, and impact measurement.

INSETA's board, led by Matenche, remains committed to sustaining progress and ensuring the organization's credibility, accountability, and focus on its mandate.