By Shadreck Gurenje
President Mnangagwa has said Corruption is an enemy of development and Zimbabwe under the Second Republic will not tolerate it.
Giving his keynote address at Zimbabwe Accountants Conference, President Dr Emmerson Mnangagwa said the duty of accountants is to speak out and refuse to be complicit in fraudulent activities.
The Head of State and Government also take the opportunity to urge accountants to act with propriety and fiduciary in the fight against corruption by upholding the principles of transparency and good governance.
“Corruption is an enemy of development, and it is incumbent upon the accounting profession to take firm stand against it .Zimbabwe will not tolerate corruption.
“As accounting professionals, you are in almost every facet of our economy, including government institutions, private corporations, financial services and development projects. You see the numbers.
“You know when financial irregularities occur. It is therefore, your duty to speak out and refuse to be complicit in fraudulent activities. I urge you to act with propriety and fiduciary in the fight against corruption by upholding the principles of transparency, accountability and good governance,” said President Mnangagwa.
President Mnangagwa also challenged accountants both in private and public sectors to be trustworthy gatekeepers of national resources.
“ I Challenge you, the accountants in both the public and private sectors, to be trustworthy gatekeepers of national resources. Every dollar spent must be accounted for.
Government programmes and private sector investments in infrastructure, healthcare, education, mining and agriculture must yield tangible benefits for our people and a competitive return on investment for our investors.
“I therefore, expect this profession to stand as a pillar that will guarantee quality service delivery and products, as well as the requisite financial prudence and fiscal discipline in all entities within our country
“I am aware that the migration period from cash accounting to the accrual-based international Public Sector Accounting Standards, under the Roadmap for Zimbabwe’s Public Sector, lapses by the end of 2025.
“I urge all public sector entities that are lagging behind to diligently put measures in place to ensure that they implement this initiative by the deadline.
“Additionally, various initiatives to strengthen the Public Sector, through the professionalism of the public sector accountancy personal, should be scaled up. Again, I urge our public sector entities to take advantage of programmes being offered by the Public Service Academy, the Public Accountants and Auditors Board as well as other professional accountancy organisations ,in order to build contemporary accountancy capacity in the Public Sector,”said President Mnangagwa.
President Mnangagwa also said there is an urgent need for stronger regulation in the accounting and auditing profession.
“As Zimbabwe progress, there is an urgent need for stronger regulation in the accounting and auditing profession. Loopholes that allow financial mismanagement, illicit financial flows, and corporate fraud must be closed with no exceptions. “We must ensure that financial professionals operate within the highest ethical and professional standards, in line with the International Federation of Accountants (IFAC} Code of Ethics.
“Integrity, discipline and ethics must define the Zimbabwean accountant. I therefore challenge the Public Accountants and Auditors Board and other regulatory bodies to strengthen all oversight mechanisms that govern your profession. Our economy cannot afford manipulation of financial reports, money laundering and tax invasion as these malpractices erode investor confidence and derail development efforts,” said President Mnangagwa.