Renowned business tycoon Thomson Mpinganjira has described media reports and Public Accounts Committee reviews at Parliament as a sign of a total breakdown of systems of internal control in the local assemblies and other government ministries, department and agencies.
He said this in Mangochi on Friday during the opening of the Institute of Chartered Accountants in Malawi (Icam) 2017 Lakeshore Conference which was held under the theme innovations, technology, and influence-the road ahead for Malawi.
Mpinganjira said that while it is a good development that the Accountant General and Auditor General have cleared the backlog of audits for local assemblies for years ended 30 June 2013, 2014, 2015 and 2016, what the reviews are showing is deplorable and unacceptable.
“The accountants working for these institutions are members of Icam. Yes, some may not be our members, we ask you to top your game now. Be professional and accountable. The long arm of the law will catch up with you,” he said.
Mpinganjira emphasised on the need for professional accountants to discuss strategic business leadership in digital age saying it is no longer enough to become a professional accountant without being a strategic leader in forefront of digital technology and innovation.
He also challenged accountants in the country to be at the heart of curbing corruption, reporting suspicious transactions and unethical behaviour if they are to make a huge impact on business operations.
In his remarks, Icam president Henry Chowawa said the institute is being haunted by levels of moral decay with over 10 cases being investigated, but the setting up of the ethics committee will seek to address the challenge.
Commenting on the economic front, Chowawa said much as the country is seeing positive economic trends like inflation now in single digits and kwacha stability, “a non-economist like me wonders why these positive trends appear to be taking too long to reflect improved livelihood for an ordinary Malawian”. n