Reserve Bank of Malawi maintains 5% inflation projection

Icam for efficiency in public funds use

Post was last updated: March 2, 2021

Felix Mlusu

The Institute of Chartered Accountants in Malawi (Icam) has faulted government systems for fuelling what it calls lack of checks and balances on accountants who are not punished when they fail to account for public funds.

Icam was reacting to the Mid-term Budget Statement Finance Minister Felix Mlusu presented to Parliament on Friday.

In the statement, Mlusu said the government was working towards enhancing public finance management and ensure efficiency.

But in a statement, Icam says most accountants who fail to account for government expenditures are not disciplined because they are not registered with body.

“Registration of accountants will mean that they are regulated and disciplined when found to be in the wrong.

“The officers who fail to account for government funds should be punished as per the Public Financial Management Act (The 2020 Financial Management Bill-the amendments should be passed into law),” reads the comment.

Commenting in an interview, Icam Chief Executive Officer Francis Chinjoka Gondwe said the institute has been engaging the government to chart the way forward.

Section 26 of the Public Accountants and Audit Act stipulates that every accountant must register, whether the person is in government or private sector.

Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.

He is however flexible as he also writes about current affairs and national issues.

Source Link

Let us know what you think of this article and remember to add us on our facebook and follow us on our twitter. Come back daily for more Malawi business news.

Quick Links: Download Business eBooks | Ten Signs You Are An Entrepreneur | What is a Managing Director?