Institute of Chartered Accountants in Malawi (Icam) has asked government to consider involving personnel from the institution to help with financial reporting to strengthen public finance management (PFM).
Icam taxation and audit committee member Audrey Mwala, in an interview in Blantyre, said strengthening PFM is critical if the country is to sail through the current turbulent economic environment.
“We are aware that there is a backlog in auditing, but we believe this can be cleared and updated within one financial year.
“Timely financial reporting will ensure that revenue leakages are closed so that available resources are effectively utilised and that credible information, financial reports and systems are in place for responsible accountability and informing future planning,” she said.
Mwala said strengthening PFM system will ensure that the country continues to fund development programmes to spur economic growth.
Icam sentiments come at a time the International Monetary Fund (IMF), which has declared Malawi’s three-year $150 million Extended Credit Facility (ECF) on track, urged government to continue with reforms to strengthen PFM.
Minister of Finance, Economic Planning and Development Goodall Gondwe last week said government has done more to strengthen PFM.
“We think we have done a lot and will continue to do more to strengthen public finance management,” he said.
Financial experts, including Public Accounts Committee (PAC) of Parliament have on several occasions bemoaned a backlog of audits in government ministries, departments and agencies. n