News / National
ZACC fails to account for over US$12m availed to it
14 Apr 2022 at 03:03hrs | Views
The Zimbabwe Coalition of Debt and Development has expressed concerns that in a contradictory and dramatic irony that has left the country in shock, the Zimbabwe Anti-Corruption Commission (ZACC) failed to account for approximately US$12, 589,351 that was availed to institution for the period 2012-2017 as discovered after an audit.
Indications are that the Office of the Auditor-General (OAG) released a disclaimer stating that her office has not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
"Accordingly, she did not express an opinion on the financial statements of ZACC. In short, the Auditor-General did not manage to audit ZACC as the necessary audit documents were not availed to her office," Zimcodd said.
"The basis for the disclaimer opinion emanated from the fact that ZACC had unsupported expenditure, incomplete cash records (cash and cash equivalents), suspense account, trade payables, property, plant, and equipment to mention but a few."
The debt watchdog said although the unavailability of supporting documents sounds light and simple, the ramifications of such actions are detrimental and devastating to prudent public finance management as well as public trust.
"ZACC's failure to account the millions of dollars that was given to it between 2012-2017 is a clear testimony of its failure to the accountability and transparency litmus test that is prerequisite for any watchdog and ombudsman institution," Zimcodd said.
"Far from its mandate, ZACC has proven to be well acquainted with governance deficiencies, as the unavailability of adequate documentation and paperwork are nothing but a manifestation of rent-seeking, corruption, and economies of affection4. It is such malpractices that validate the catch and release phenomena. The number of arrests by ZACC and actual prosecution do not tally. However, it is understandable that arrests do not automatically lead to prosecution but the continuous growth of a lack of prosecution by ZACC makes citizens skeptical about its capacity in handling corruption."
It is stated that this scepticism is further aggravated by the recent OAG findings which go against ZACC's mandate.
"ZACC was established as a result of the Anti-Corruption Commission Act [Chapter 9:22] with the mandate of combating corruption, economic crimes, money laundering," it said.
Indications are that the Office of the Auditor-General (OAG) released a disclaimer stating that her office has not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
"Accordingly, she did not express an opinion on the financial statements of ZACC. In short, the Auditor-General did not manage to audit ZACC as the necessary audit documents were not availed to her office," Zimcodd said.
"The basis for the disclaimer opinion emanated from the fact that ZACC had unsupported expenditure, incomplete cash records (cash and cash equivalents), suspense account, trade payables, property, plant, and equipment to mention but a few."
"ZACC's failure to account the millions of dollars that was given to it between 2012-2017 is a clear testimony of its failure to the accountability and transparency litmus test that is prerequisite for any watchdog and ombudsman institution," Zimcodd said.
"Far from its mandate, ZACC has proven to be well acquainted with governance deficiencies, as the unavailability of adequate documentation and paperwork are nothing but a manifestation of rent-seeking, corruption, and economies of affection4. It is such malpractices that validate the catch and release phenomena. The number of arrests by ZACC and actual prosecution do not tally. However, it is understandable that arrests do not automatically lead to prosecution but the continuous growth of a lack of prosecution by ZACC makes citizens skeptical about its capacity in handling corruption."
It is stated that this scepticism is further aggravated by the recent OAG findings which go against ZACC's mandate.
"ZACC was established as a result of the Anti-Corruption Commission Act [Chapter 9:22] with the mandate of combating corruption, economic crimes, money laundering," it said.
Source - Byo24News
