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Government urged to adopt accounting standards

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By Yohane Symon:

PROFESSIONAL EDGE HEAD—Msilimba

The government has been urged to implement International Public Sector Accounting Standards (Ipsas) as a way of minimising fraud in the government ministries, departments and agencies.

Institute of Chartered Accountants in Malawi (Icam) Chief Executive Officer, Francis Gondwe, made the remarks in Mangochi District yesterday on the sidelines of a training session which Professional Edge Group organised in conjunction with DMI St-Jones Baptist and Exploits universities.

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The training was aimed at equipping accountants and finance personnel from the government departments on the implementation of Ipsas which the government adopted in 2011.

“[The] government needs to adopt the International Public Sector Accounting Standards to reduce fraud in the Public Sector. Currently, [the] government financial accounts are prepared on cash and receipt basis. But under Ipsas, we will also have a balance sheet which can improve financial reporting, among other benefits,” Gondwe said.

He said fraud can be reduced if the government adopted and implemented Ipsas.

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About 48 government personnel from ministries, departments and statutory corporations attended the meeting which South African financial expert, Cornelius Maingamainga, facilitated.

Maingamainga said countries that have implemented Ipsas in Africa have combated fraud in the government departments.

Professional Edge Consultants Head, Golden Msilimba, said the training has provided Malawi government with an opportunity to train its financial personnel on how to implement Ipsas.

Msilimba said Malawi has lately experienced cases of fraud involving government funds.

“We have noted that government employees lack capacity to handle international accounting standards; hence, we thought of training the offices as a way of helping Malawi to improve its profile on international accounting standards,” he said.

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