Assist detect fraud, auditors urged

By BUUMBA CHIMBULU
AUDIT Executives in Zambia must take a more proactive approach in assisting those charged with governance in fraud detection and prevention.
The infamous high profile cases of financial irregularities that have continued to be revealed by the Auditor General’s report in Government Ministries are concerning, says Zambia Institute of Chartered Accountants (ZICA) president, Cecilia Zimba.
Ms Zimba said the perennial financial irregularities revealed by the Auditor General should not continue to go unabated.
She said this recently in Livingstone at the ongoing Internal Auditors Conference.
“One would want to ask if Auditors were doing enough to assist management and those charged with governance in seriously addressing these issues and making fraud prevention integral in business strategies and organisations’ core values,” Zimba said.
Ms Zimba urged Internal Auditors to take a more proactive, action-oriented approach to all kinds of risks facing organisations.
She also called for continuous vigilance and creative thinking in order for internal auditors to remain relevant in the modern business dispensation.
“The stakeholders expect a lot from members of ZICA who are also Internal Auditors in the Public sector primarily because the resources are from tax payers. . It is disheartening that we no longer frown at these issues but we instead look at them as none issues,” Zimba said.
And Controller Internal Audit, represented by Ms Barabina Mporokoso said that the successful implementation of the Public Finance Management Act, Procurement Act and Risk Management Framework would provide a critical platform for accountability and transparency in the utilisation of Government resources towards supporting sustainable development.
Ms Mporokoso urged Audit Executives to follow the Risk Management Framework which was launched in June 2019.
“The framework spelt out the principles that guide the management of risks in the public sector in accordance with the Public Financial Management Act No.1 of 2018,” she said.