Pub­lic sec­tor en­ti­ties hon­oured

Chronicle (Zimbabwe) - - Business Chronicle - Tid­ings Chaitezvi Ex­ec­u­tive Di­rec­tor (Re­search) — In­notec

THE in­au­gu­ral Pub­lic Sec­tor Au­dit Con­fer­ence and Fi­nan­cial Man­age­ment Awards was held on July 27 and 28 at Rain­bow Tow­ers, Harare. Vice-Pres­i­dent Em­mer­son Mnan­gagwa was the guest of honour. Over­view Au­dit­ing, both in­ter­nal and ex­ter­nal, is in­dis­pens­able in the pru­dent man­age­ment of the pub­lic sec­tor, serv­ing as the im­mune sys­tem en­sur­ing healthy eco­nomic and so­cial de­vel­op­ment. Au­dit­ing is a cor­ner­stone of good pub­lic sec­tor gov­er­nance.

By pro­vid­ing un­bi­ased, ob­jec­tive as­sess­ments of whether pub­lic re­sources are man­aged re­spon­si­bly and ef­fec­tively to achieve in­tended re­sults, in­ter­nal and ex­ter­nal au­di­tors help pub­lic sec­tor or­gan­i­sa­tions achieve ac­count­abil­ity and in­tegrity, im­prove oper­a­tions, and in­stil con­fi­dence among cit­i­zens and stake­hold­ers.

The pub­lic sec­tor au­di­tor’s role sup­ports the gov­er­nance re­spon­si­bil­i­ties of over­sight, in­sight, and fore­sight, as­sist­ing to de­tect and de­ter pub­lic cor­rup­tion, thereby im­prov­ing the ease of do­ing busi­ness in Zim­babwe; to pro­vide an in­de­pen­dent as­sess­ment of pub­lic sec­tor pro­grammes, poli­cies, oper­a­tions, and re­sults; and to iden­tify trends and emerg­ing chal­lenges.

The Pub­lic Sec­tor Con­fer­ence seeks to in­ter­ro­gate chal­lenges faced by var­i­ous pub­lic in­sti­tu­tions in at­tain­ing clean au­dits, and pro­vide guid­ance re­lated to au­dit­ing in the pub­lic sec­tor. The Con­fer­ence presents in­for­ma­tion on the im­por­tance of the pub­lic sec­tor au­dit ac­tiv­ity to ef­fec­tive gov­er­nance and de­fines the key el­e­ments needed to max­imise the value that au­dit ac­tiv­ity pro­vides to all lev­els of the pub­lic sec­tor.

Au­dit­ing in the pub­lic sec­tor plays an es­sen­tial role in en­sur­ing ac­count­abil­ity and sound fi­nan­cial man­age­ment of scarce na­tional re­sources, which are key el­e­ments for achiev­ing sus­tain­able so­cial and eco­nomic de­vel­op­ment.

The pub­lic sec­tor is the key driver for so­cio-eco­nomic de­vel­op­ment of any na­tion, with in­sti­tu­tions such as State En­ter­prises and Paras­tatals (SEPs) and Lo­cal Author­i­ties among others, play­ing sig­nif­i­cant roles.

In ad­di­tion to play­ing a piv­otal role for eco­nomic growth and so­cial sta­bil­ity, the pub­lic sec­tor is re­spon­si­ble for the cre­ation of an ap­pro­pri­ate and con­ducive en­vi­ron­ment in which all other sec­tors can per­form op­ti­mally.

The suc­cess of Zim-As­set is de­pen­dent on pru­dent man­age­ment of avail­able re­sources, transparency and ac­count­abil­ity. Ac­cord­ing to the Au­di­tor Gen­eral’s re­ports of re­cent years, a con­sid­er­able num­ber of key pub­lic sec­tor en­ti­ties in Zim­babwe are fac­ing se­ri­ous chal­lenges and are un­able to achieve clean au­dits. The chal­lenges are said to evolve around five ma­jor is­sues, namely; Cor­po­rate gov­er­nance Rev­enue col­lec­tion, man­age­ment and debt re­cov­ery; Pro­cure­ment of goods and ser­vices; In­vest­ments; Em­ploy­ment. With the height­ened cam­paign for for­eign in­vest­ment, ex­pec­ta­tions are high that pub­lic sec­tor or­gan­i­sa­tions will play their part and be in a po­si­tion to de­liver ef­fi­cient and ef­fec­tive ser­vices, and also be able to achieve clean au­dits to in­stil in­vestor con­fi­dence.

The Pub­lic Sec­tor Au­dit Con­fer­ence in­ter­ro­gated in­sti­tu­tional and pro­fes­sional chal­lenges faced by pub­lic sec­tor or­gan­i­sa­tions, se­nior man­age­ment, in­ter­nal au­di­tors and all em­ploy­ees, and seek to use case stud­ies, panel dis­cus­sions, brain­storm­ing ses­sions and other meth­ods to find prac­ti­cal and ap­pli­ca­ble so­lu­tions.

The Fi­nan­cial Man­age­ment Awards seek to recog­nise those pub­lic sec­tor en­ti­ties that have achieved, or made dis­tin­guish­able ef­forts to achieve fi­nan­cial pru­dence, act­ing as an in­cen­tive for the en­tire pub­lic sec­tor to strive to achieve more.

The event is im­por­tant for those in the fi­nan­cial ser­vice sec­tor, pub­lic sec­tor sup­ply man­age­ment, the gen­er­al­ity of pub­lic sec­tor lead­er­ship, as well as ac­count­ing and au­dit­ing firms, banks, and other rel­e­vant ser­vice providers.

Who at­tended? The be­low-listed peo­ple from Gov­ern­ment de­part­ments and agen­cies, paras­tatals, State-owned en­ter­prises, lo­cal author­i­ties, pub­lic health sec­tor and other or­gan­i­sa­tions: In­ter­nal Au­di­tors; Fi­nance Man­agers; Ac­coun­tants; Au­dit Com­mit­tees; Ten­der Com­mit­tees; May­ors and Town Clerks; Coun­cil Chair­per­sons and CEOs; SOE Chief Ex­ec­u­tive Of­fi­cers; Se­nior De­part­men­tal Di­rec­tors; Ac­count­ing and Au­dit­ing Firms Fi­nan­cial In­sti­tu­tions; Ser­vice Providers to Pub­lic Sec­tor In­sti­tu­tions; All stake­hold­ers.

Con­fer­ence Ob­jec­tives To help align the role of au­dit with the ob­jec­tives and as­pi­ra­tions of ZimAs­set;

To use au­dit as an ef­fec­tive tool for en­hanc­ing pub­lic ser­vice de­liv­ery;

To ad­dress threats such as fraud and cor­rup­tion within pub­lic sec­tor or­gan­i­sa­tions;

To help im­prove the ease of do­ing busi­ness in Zim­babwe;

To ad­dress chal­lenges and pit­falls faced by pub­lic sec­tor or­gan­i­sa­tions, that hin­der them from achiev­ing clean au­dits.

Ex­pected Out­comes Cre­ation and im­ple­men­ta­tion of poli­cies that pro­mote transparency, sus­tain­able fi­nan­cial man­age­ment and good pub­lic sec­tor gov­er­nance;

Es­tab­lish­ment of more sus­tain­able, re­silient, strate­gic and value-driven per­for­mances within the en­tire pub­lic sec­tor spec­trum; Un­cov­er­ing of new so­lu­tions to au­dit chal­lenges; Per­sonal growth for pro­fes­sion­als re­spon­si­ble for shap­ing the fu­ture of the coun­try’s pub­lic sec­tor, and the na­tional econ­omy in gen­eral.

To recog­nise those that did well in fi­nan­cial man­age­ment. Those that made an ef­fort to keep their records well.

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