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51 Zimbabwe parastatals fail to submit financials

by Staff reporter
02 Nov 2023 at 05:40hrs | Views
A total of fifty-one state-owned enterprises have failed to submit their financial statements for auditing to the Auditor-General, as required by law.

The Acting Auditor-General, Mrs. Rhea Kujinga, highlighted this issue in her 2022 audit report. She pointed out that the failure to submit financial statements affects transparency, accountability, good corporate governance, and service delivery within the public sector. The report covers the audit results of state-owned enterprises and parastatals, including various financial statements and notes.

Mrs. Kujinga noted that out of the 51 entities that hadn't submitted their financials, 24 of them had not submitted statements for the 2021 fiscal year, and three entities had arrears spanning over five years. However, some entities were up-to-date with their financial reporting, despite the adverse effects of Covid-19 on accountability and transparency.

Automation of revenue collection systems by state-owned entities had increased efficiency, but issues related to asset management needed to be addressed. While automation reduced human errors in accounting for revenue, revenue collection and debt recovery issues arose from unclassified deposits due to insufficient customer details and the absence of debtors' reconciliations.

There was also an increase in asset management issues compared to the previous year. Mrs. Kujinga reported 25 such issues, mainly concerning the maintenance of buildings and the non-replacement of aged fleet vehicles. These issues could impact service delivery in some entities if not addressed.

Regarding the procurement of goods and services, Mrs. Kujinga noted that the enactment of the Public Procurement and Disposal of Public Assets Act had improved transparency. However, issues related to the non-delivery of paid goods were observed.

In terms of addressing prior year findings, there had been progress. Out of the 206 audit findings raised in the 2019-2021 annual reports, 92 were addressed, 60 were partially addressed, and 54 were not addressed.

The report lists the 51 entities that failed to submit financial statements along with the missing years for their statements.

    Agriculture Research Council of Zimbabwe 2022
    Agricultural Rural Development Authority (ARDA) 2022
    Airports Company of Zimbabwe (ACZ) 2021-2022
    Air Zimbabwe (Private) Limited  2021 – 2022
    Allied Health Practitioners Council of Zimbabwe 2021 – 2022
    Applebridge (Private) Limited 2015 – 2022
    Aviation Infrastructure Development Fund 2021 – 2022
    Broadcasting Authority of Zimbabwe (BAZ) 2021 – 2022
    Bulawayo School of Hospitality and Tourism 2020 – 2022
    Chitungwiza Central Hospital 2021 -2022
    Civil Aviation Authority of Zimbabwe (CAAZ) 2021 – 2022
    Courier connect (Private) Limited 2022
    Defold Mines (Private) Limited 2021 -2022
    Environmental Management Agency (EMA) 2021 -2022
    Forestry Commission 2021 – 2022
    Gwanda State University 2022
    Ingutsheni Central Hospital 2021 – 2022
    Manicaland State University of Applied Sciences 2022
    Management Training Bureau (MTB) 2022
    Medical and Dental Practitioners Council of Zimbabwe 2022
    Medical Rehabilitation Practitioners Council of Zimbabwe 2021 – 2022
    Mosi Oa Tunya Development Company (Private) Limited 2022
    Mpilo Central Hospital 2022
    National Arts Council of Zimbabwe 2022
    National Handcraft Centre 2009 – 2022
    National Biotechnology Authority (NBA) 2022
    National Gallery of Zimbabwe 2021 – 2022
    National Libraries and Documentation Centre 2009 – 2022
    National Museums and Monuments 2020 – 2022
    National Railways of Zimbabwe (NRZ) 2022
    National Oil Infrastructure Company of Zimbabwe  2022
    New Ziana 2021 – 2022
    Nurses Council of Zimbabwe 2021 -2022
    Pig Industries Board 2022
    Procurement Regulatory Authority of Zimbabwe (PRAZ) 2022
    Road Motor Services 2021 – 2022
    Silo Foods (Private) Limited 2022
    State Lotteries Fund 2022
    United Bulawayo Hospital (UBH) 2022
    UDCORP 2022
    Woodlands Farm (Private) Limited 2022
    Zimbabwe Academic and Research Network (ZARNET) 2020 – 2022
    Zimbabwe Council of Higher Education (ZIMCHE) 2022
    Zimbabwe Media Commission (ZMC) 2022
    Zimbabwe National Defence University (ZNDU) 2019 – 2022
    Zimbabwe Tourism Authority (ZTA) 2022
    Zimbabwe Posts (Private) Limited (ZIMPOST) 2022
    Zimbabwe School Examination Council (ZIMSEC) 2022
    Zimbabwe School of Mines (ZSM) 2022
    Zimbabwe United Passengers Company Limited (ZUPCO) 2021 – 2022
    Zimbabwe Youth Council (ZYC) 2020 – 2022

Source - The Herald