Deputy Chief Secretary to the to the President and Cabinet Ray Ndhlukula has revealed that the government is working on introducing a law which makes it compulsory for public entities such as parastatals to produce annual financial statements. This follows a discovery that some parastatals have gone for as long as 10 years without being audited.
Speaking at the second Annual Public Sector Audit conference yesterday in Harare, Ndhlukula said
The reform [Public Sector Corporate Governance Enterprise Bill] also requires the production of audited financial statements by these entities as per the legislative and regulative provisions,” he said.
Some of them have not produced audited accounts for the past 10 years. How they continue to be there is amazing.
The Bill was approved by Cabinet and will be taken to Parliament for further consideration until it is signed into law, we are hoping this will be done before the end of August.