ACCOUNTANTS URGED TO ELIMINATE MISUSE OF FUNDS

Works and Supply minister, Felix Mutati By BUSINESS REPORTER

GOVERNMENT has implored accountants to assist in eliminating misappropriation of funds that are often cited in the Auditor General's report.

Works and Supply minister, Felix Mutati, said accountants had a major role to play in eliminating the vice which had become a major challenge in dealing with public resources.

The Minister, who is a chartered accountant, explained that once the vice was eliminated, public funds would be injected in productive sectors, thereby creating jobs.

He was speaking recently at the ACCA

General Meeting in Lusaka.

Government expects that misappropriation of funds in the Auditor General s report going forwards will be minimised or eliminated at best. Eliminating this vice will ensure that the output of that process is injected in development. Wasting resources compromised development and job creation, he said.

Mr Mutati also warned that accountants in a habit of unlawful practices would be reported to ACCA for appropriate action which included deregistration.

“In the public sector, we are going through changes including passing the Public Finance Act to ensure that accountants no longer hide information to ensure that those that are allergic to ethical standards are punished through the Act.

“We have also elevated in the public sector, the positions of accountants matching their responsibilities with their Tualifications, making them controllers of transactions and endorsers,” he said.

ACCA network chairperson, Sean Mukelabai, at the same occasion said that Zambia was among four African countries whose students studying accounting would take computer based exams.

Mr Mukelabai had since urged ACCA students to adapt to the change Student Annual