IPSAS to boost confidence in Govt accounting systems

12 Jul, 2019 - 16:07 0 Views
IPSAS to boost confidence in Govt accounting systems Mr Guvamatanga

eBusiness Weekly

Michael Tome
HARARE – Secretary of Finance and Economic Development George Guvamatanga says the adoption of International Public Standards (IPSAS) will help increase confidence in government accounting records.

Government together with Chartered Accountants Academy entered a partnership which will see public sector accountants and auditors being trained for IPSAS.

Standing in for permanent secretary launch of the program earlier this week, principal director in the ministry of finance and economic development, Zvinechimwe Churu said the new standards will encourage good cooperate governance and transparency in the government operations.

“A well-defined financial accountability structure serves as the foundation for establishing effective financial processes, it speaks to what entities boards should adopt or have adopted to meet their responsibility for ensuring that the organisation they govern is financially sound.

“From financial accountability stems the principle of transparency that all entities that operate in Zimbabwe, both public and private, should adopt for good corporate governance.

“The publics sector is moving to enhance financial accountability within its systems among others by moving form a spectrum of accounting bases such as, generally accepted accounting practices, cash accounting among others. One of the ways in which that is being done is the adoption of the accrual based IPSAS framework to assist in the financial reporting, transparency and accountability,” said Mr Churu.

Latest report by the Auditor-General underscored the need to up accounting standards in the country’s public entities after laying bare poor state of accounting records in public entities.

 

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