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(TALKZIMBABWE) Govt approves the public finance and audit office bills

Govt approves the public finance and audit office bills
Business editor
Mon, 08 Jun 2009 12:53:00 +0000

THE inclusive Government of Zimbabwe has approved the principles of the public finance management and audit office bills, the ministry of finance revealed in a statement published on its new website.

"On Tuesday, 02 June 2009, Government approved the principles of the Public Finance Management and Audit Office Bills," said a statement on the website.

"This is in line with Government efforts to improve accountability over the use of public resources and strengthen the current accounting system and enact new organic budget laws."

Public Finance Management Bill seeks to repeal the Audit and Exchequer Act [Chapter 22:03] and the State Loans and Guarantees Act [Chapter 22:13] and to merge, strengthen and replace them with the Public Finance Management Bill.

The last general review of the Audit and Exchequer Act [Chapter 22:03] was carried out in 1967.

The bill is seeking to provide the regulatory framework for the management of public finances and promotion of good governance, according to the statement.

"The Bill comprises sections dealing basically with accountability, responsibility, transparency and control. It also spells out what is considered as financial misconduct and the related consequences."

The Bill will compel Ministries to take charge of their own accounts and produce their own reports, which would be tabled in Parliament.

It will also require them to produce financial reports for their respective Parastatals at the end of each financial period.

The ministry hopes that this will improve accountability and enhance efficiency in the use of public resources.

A separate Audit Office Bill was also proposed to deal with and strengthen the provisions of the Audit and Exchequer Act [Chapter 22:03] on audits by the Comptroller and Auditor General.

It seeks to separate the Auditor Generals management function from the audit and oversight role.

"The Bill also seeks to improve accountability in the audit process and eliminate the operational limitations inherent in the existing Audit & Exchequer Act by providing for an independent Audit Office Commission chaired by the Comptroller and Auditor General," according to the finance ministry.

Labels: AUDITING, NATIONAL UNITY GOVERNMENT, PUBLIC FINANCE

posted by MrK @ 7:42 PM