Fri, 26 Jan 2018 12:36:15 +0000
By BENNIE MUNDANDO
GOVERNMENT has been urged to undertake a radical fundamental overhaul of its financial and resource management controls to curb financial and economic crimes.
Government liaison director for Africa at the International Institute of Certified Forensic Investigation Professionals, Gibson Mwewa said the prevailing levels of financial and economic crimes in the public sector were a clear indication of a collapsed, outdated and ineffective internal control mechanism.
Professor Mwewa said that is why there was need for Government to undertake a radical fundamental overhaul of the system.
He said it was commendable that President Edgar Lungu was calling for strengthening internal controls to seal loopholes for such criminal activities and that forensic professionals were ready to assist Government in finding the weak links.
“It is therefore a commendable pronouncement by the Head of State calling for strengthening of internal controls in order to curb financial crimes and stump out abuse of public resources. Hearing the Head of State calling out to his permanent secretaries as controlling officers is a positive stride in the fight against abuse of public resources.
“As forensic professionals we stand ready to assist Government to undertake a comprehensive and pathologic diagnosis of the current internal control regime in order to help identify the weak points in the system and contribute to the development of a watertight, modern, and efficient internal control system in line with international best practice,” Prof. Mwewa said.
He said there was need to challenge and question why the current internal control arrangements were not helping solve the problem by taking into account how the current internal controls aligned to the process of promoting assurance in respecting and following approved authority or procedure and protecting public resources.
He said there was also need to understand how the current internal controls ensured accountability, acted as deterrent for wrong doing, and ensured effectiveness and efficiency and their reliability on financial reporting, among other things.
He further said ensuring compliance with laws, regulations and policies, promoting compliance with separation of duties, ensuring access controls and promoting physical audits which resulted in punitive action for wrong doing as well as ensuring the culture of accounting and maintenance of accurate documentation was critical in examining the current internal controls. “It is our considered view that the government should not shy away from establishing an independent taskforce comprising competent professionals to conduct a pathological review of the current internal controls and help develop a new system that will help tighten any loopholes across board and strengthen the fight against financial and economic crimes,” he said.
