Wednesday, July 23, 2008
ACCOUNTING personnel in the public sector should embrace high professional standards to improve accountability and help in safeguarding the limited public resource, Secretary for Finance Mr Willard Manungo has said. Mr Manungo who was the guest of honour at the official opening of a five-day regional workshop hosted by Eastern and Southern African Association of Accountant General (ESAAG) which started in Harare on Monday, said the main thrust of the workshop was to improve financial management and accountability in the region.
This, he said, would serve public interest and contribute to the strengthening of the accountancy profession and the development of vibrant international economies through convergence of standards.
He said the adoption of international accounting ethics was aimed at, "strengthening international audit standard-setting processes, achieve convergence to international standards, and ensure that the international accountancy profession was responsive to public interest." The workshop is also set to create awareness on the latest developments in promoting best practice standards in the adoption of the International Federation of Accountants (IFAC).
IFAC is an association of national professional accountancy organisations which represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialised groups that interface frequently with the profession.
The association seeks to develop the profession globally and to harmonise professional standards worldwide to enable accountants to provide services of high quality in the public interest across political borders.
Currently, IFAC has 158 bodies and associates in 188 countries, representing more than three million accountants. Mr Manungo said professionals should always comply with the legal and regulatory framework through developing and implementing adequate financial management and reporting systems.