ICAZ calls for a more professional public sector

THE Institute of Chartered Accountants of Zimbabwe (ICAZ) says there is need to professionalise the public sector to improve on governance, transparency and accountability.

This comes after ICAZ reported that its involvement with the government has been low.

In November 2022, the Office of the President and Cabinet’s policy analysis, co-ordination and development planning unit revealed that US$30 billion was needed for State-owned enterprises to be fully transformed.

This comes as most of the 107 State-owned entities are technically insolvent owing to corruption, poor governance and mismanagement of government funds.

The poor performance has cost the economy 28% of its gross domestic product.

Presenting at the annual non-governmental organisation conference held in Nyanga last week, ICAZ past president Bothwell Nyajeka said transparency and accountability within the public sector would attract donors to Zimbabwe.

“Zimbabwe is in need of external funding and foreign direct investment. Funders and investors will have greater trust in the economy if there is strong financial stewardship, accountability and transparency in the use of public funds,” Nyajeka said.

The two-day annual conference ran under the theme Unveiling the Path: Empowering NPOs in Zimbabwe with Enduring Transparency and Resilient Reporting.

Nyajeka said ICAZ would intervene in supporting the public sector by introducing and developing a world class public sector financial management professional qualification.

He indicated that ICAZ would be “improving and enabling efficient government auditing systems and standards, and that this capacity building would be sustained by continuing professional development and support mechanism”.

ICAZ will develop a separate structure to train the public sector professional accountant to be fully equipped to work in government, local authorities, and State-owned enterprises.

The body will also work with the Auditor-General’s Office to achieve these goals.

“ICAZ will also develop pathways that will detail how, a person with a public sector professional accountant qualification can become a chartered accountant and a person who is a chartered accountant can also be a public sector professional accountant,” Nyajeka said.

Professionalising the public sector will benefit ICAZ as it means increased opportunities for its members who will be better equipped to be employed in the public sector through consultancy work, he said.-newsday