‘Accountants must drive growth, modernisation’

Source: The Herald – Breaking news.

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 President Mnangagwa addresses the official opening of the Zimbabwe Accountants Conference (ZAC) in Harare yesterday. — Picture: Edward Zvemisha

Zvamaida Murwira, Senior Reporter

ACCOUNTANTS are gatekeepers of the country’s national resources and their financial insights must help support business growth, leading to modernisation, industrialisation and overall cross-sectoral economic growth, President Mnangagwa has said.

Officially opening the Chartered Accountants Conference hosted by the Public Accounts and Auditors Board Zimbabwe in Harare yesterday, the President said it was the responsibility of accountants to maintain discipline and integrity so that the country cannot suffer from the consequence of unethical financial conduct through manipulation of financial reports and money laundering, among other vices.

“My Government recognises the role of accountants in supporting private sector growth and investment through maintaining accurate financial records, helping businesses to attract investment, access funding, and comply with financial regulations”, he said.

“Accountants are also key in driving digital transformation and financial inclusion as well as enhancing corporate governance and ethical standards. Your strategic financial insights must support business growth so that enterprises are competitive, innovative and sustainable. The role you play in our economy should ultimately facilitate industrialisation, modernisation and overall economic growth across all sectors”.

The President challenged accountants in both the public and private sectors to be trustworthy gatekeepers of national resources.

“Every dollar spent must be accounted for,” he said.

Some of the stakeholders follow proceedings at the official opening of the Zimbabwe Accountants Conference (ZAC) at a local hotel in Harare yesterday.- Picture: Edward Zvemisha

The President said accountants were architects of economic transformation and ought to be transparent in their work.

“As you are aware, accountants are not mere record-keepers of financial transactions. You are architects of economic transformation, custodians of corporate and public finance, and enablers of national development. Whether in the private sector or the public domain, your work directly influences the efficiency, transparency and accountability of Zimbabwe’s economic activities,” he said.

President Mnangagwa called for stronger regulation in the accounting and auditing professions.

“Loopholes that allow financial mismanagement, illicit financial flows, and corporate fraud must be closed with no exceptions. We must ensure that financial professionals operate within the highest ethical and professional standards, in line with the International Federation of Accountants (IFAC) Code of Ethics.

“Integrity, discipline, and ethics must define the Zimbabwean accountant. I, therefore, challenge the Public Accountants and Auditors Board (PAAB) and other regulatory bodies to strengthen all oversight mechanisms that govern your profession. Our economy cannot afford manipulation of financial reports, money laundering, and tax evasion, as these malpractices erode investor confidence and derail development efforts.”

He challenged the Public Accountants and the Auditors Board to jealously guard the profession by making sure that only those who are qualified and registered, perform the duties of professional accountants.

“The Public Accountants and Auditors Act should be enforced to the letter and other stakeholders engaged in dealing with unlicenced and rogue practitioners in our market. As a nation, we cannot suffer from the consequences of unethical financial practices, including mismanagement of public funds, insolvency, and stalled economic progress. Corruption is an enemy of development, and it is incumbent upon the accounting profession to take a firm stand against it. Zimbabwe will not tolerate corruption,” said President Mnangagwa.

Some of the stakeholders follow proceedings at the official open

Accountants, he said, play a crucial role in strengthening Public Financial Management (PFM).

Further, they are key cogs that enhance financial transparency, accountability and efficiency in public sector entities.

“Government counts on professionals in this field to ensure the proper implementation of our budget, the reduction of corruption and improvements in audit processes throughout all our institutions,” President Mnangagwa said.

He implored accountants to act with propriety and a fiduciary mind in the fight against corruption.

“As accounting professionals, you are in almost every facet of our economy, including in Government institutions, private corporations, financial services, and development projects. You see the numbers. You know when financial irregularities occur. It is, therefore, your duty to speak out and refuse to be complicit in fraudulent activities. I urge you to act with propriety and fiduciary in the fight against corruption by upholding the principles of transparency, accountability and good governance,” he said.

The future of accounting, he said, is evolving, shaped by digital transformation, artificial intelligence, and global financial trends.

“A future-ready profession must embrace innovation, while ensuring financial sustainability. Zimbabwe’s accountants must be at the forefront of integrating technology, improving financial reporting systems, and enhancing management frameworks that align with international best practices,” the President said.

Speaking at the same occasion, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, commended the Public Accounts and Auditors Board for representing the accounting profession, providing technical and regulatory assistance.

“As the authoritative body overseeing the profession, the PAEB ensures that Zimbabwe’s accounting standards align with global best practices, thereby fostering trust in our financial systems. Through its mandate to set and enforce high-quality auditing, accounting, and financial reporting standards, the PAAB safeguards public interest and strengthens corporate governance. My message to you as professionals is that as professionals tasked with ensuring financial propriety and corporate governance, you are the backbone of Zimbabwe’s financial system,” said Prof Ncube.

PAEB chairperson Valentine Mushayakarara commended the Government for its commitment towards the success of the accounting profession.

The event was attended by Government Ministers, captains of industry, heads of parastatals and state entities, private sector representatives among others.