ZBC forensic audit report ready

ZBC-EQUEPMENTFarirai Machivenyika Senior Reporter
THE forensic audit into the Zimbabwe Broadcasting Corporation’s operations has been completed and the Comptroller and Auditor-General Mrs Mildred Chiri yesterday handed over the report to Information, Media and Broadcasting Services Minister Professor Jonathan Moyo. The Comptroller and Auditor- General’s Office commissioned KPMG Chartered Accountants Zimbabwe in February to carry out the audit and come up with a turnaround strategy for the national broadcaster.

Prof Moyo said they would study the report and inform President Mugabe of its findings before making it public.
“We are delighted to finally receive this final report, we have been patiently waiting for it,” he said.

“We understood that it ended up taking much longer than initially anticipated because of the scope of the work that you encountered on the ground, but we are pleased that it’s finally done.

“We look forward to studying the report right away and we will then have to advise our principal of the report and its findings and we would expect the ZBC board to be seized with the implementation task as soon as possible.”

Prof Moyo said they expected a complete transformation of ZBC’s fortunes once the findings of the audit report and the turnaround strategy were implemented.

“We are convinced that from now onwards going forward we will be informed by this report, but also as you will recall there were two aspects to the task, there was the comprehensive forensic audit which is this report, but also the turnaround strategy, the turnaround audit which we know is in progress, but both this, and this being the important one of getting an understanding of the situation at ZBC, will inform the actions and interventions that are necessary and we are not going to waste time and effort in discharging that task.

“The real hard work is about to begin. As a result of this report, ZBC will never be the same again. It will transform along the lines of Zim-Asset for the best.”

According to terms of reference for the audit, KPMG was expected to determine ZBC’s adherence to and fulfilment of principles of corporate governance in all aspects, including its interpretation of its mission, adherence to legal or statutory and policy instruments and good practices.

It was expected to assess and test systems and detect any instances of corporate malfeasance and inefficiency for both remedial interventions and systems realignment.

The firm was also asked to quantify the magnitude of ZBC’s current obligations and likely restructuring costs for the attention of the shareholder and carry out a comprehensive financial systems audit which should look at all systems, decisions and practices which have underpinned ZBC finances for the past five years and test and assess financial discipline at all levels.

Information, Media and Broadcasting Services Deputy Minister Cde Supa Mandiwanzira, Permanent Secretary Mr George Charamba, ZBC board chairperson Father Gibson Munyoro, his deputy Ms Rudo Mudavanhu and KPMG partner and head of the audit team Mrs Emilia Chisango were present during the handover of the report.

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