The accounts of TAAG – Linhas Aéreas de Angola were approved with reservations by the independent auditor, the Dutch giant KPMG, which points to the “existence of significant discrepancies between the quantities presented in the inventory items and those physically counted.”
KPMG’s audit report highlights, among the irregularities, the lack of details regarding an amount exceeding 19 billion kwanzas related to “goods in transit.”
“Goods in transit” is an accounting term referring to goods or products that a company has already purchased and is responsible for, but which have not yet physically arrived at its warehouse or place of operation.
In TAAG’s case, these “goods in transit” would be, for example, spare parts for aircraft purchased from foreign suppliers and on their way by ship or plane; equipment or other essential materials being transported from one country to another.
However, according to the independent auditor’s analysis, the major issue is not the existence of these goods, but the lack of details and tracking about them.
KPMG experts argue that “when such a large amount (over 19 billion kwanzas), moved by a major company, is not properly documented, it may indicate serious management problems or even the possibility of fraud, since there is no way to guarantee that the goods actually exist and will reach their destination.”
The independent auditor also draws attention to the negative equity and negative net results of the company, whose current liabilities exceed current assets by 181 billion kwanzas.
“These events or conditions (…) indicate that there is a material uncertainty that may cast significant doubt on the entity’s ability to continue as a going concern,” the auditor emphasizes in the report.
Isto é Notícia, 22/09/2025
