HomeSportAudit report troubles ZC

Audit report troubles ZC

THE much-anticipated scrutiny of Zimbabwe Cricket (ZC)’s financial position has been abandoned for the second time in as many weeks after board members demanded the completion of a credible audit, two weeks after a leading chartered accounting firm distanced itself from a controversial audit report.

By Enock Muchinjo

The financials were initially removed from ZC’s annual general meeting agenda two weeks ago. This followed revelations that auditors HLB Zimbabwe had nothing to do with an audit report circulated by the ZC senior secretariat to board members for the September 14 AGM.

Alarmed by the development, which could expose serious fraudulent activities in the organisation, ZC directors called for a special general meeting (SGM), which was scheduled for today in line with ZC’s constitution.

But still with no proper audit in place, the directors have postponed the financials again following an emergency board meeting which lasted late into Wednesday night.

ZC’s precarious financial position has come under the spotlight following the Zimbabwe Independent’s reportage of the audit fiasco in the last three weeks.

As exclusively reported in the Independent last week, ZC’s financials were removed from the agenda of the association’s AGM two weeks ago after HLB sensationally disowned an audit ZC claimed to have come from them.

In a letter to ZC chairman Tavengwa Mukuhlani, which we published last week, HLB said it had not completed the audit and demanded to know the origins of the fraudulently produced statement.

The audit firm said it was still waiting for ZC to co-operate by supplying key information, to enable them to complete the audit.

ZC has still not responded to HLB, or supplied the required information to the auditors despite pledging to do so in a board memo from the September 14 AGM, which would have paved way for today’s SGM.

In the board memo, seen by this paper, ZC’s internal audit sub-committee was tasked to meet auditors on September 22 to “hand over drafts”. On September 26, the auditor was supposed to have “provided audited draft accounts”.

The sub-committee was scheduled to hold a meeting with the auditors yesterday ahead of today’s SGM.
None of this happened, leading to the directors cancelling today’s SGM.

Asked to comment on the audit saga and why the auditors have not been furnished with requested information, ZC managing director Wilfred Mukondiwa said yesterday: “I can’t comment further on the financial statements beyond that we have a roadmap which we are adhering to and we stand guided by that.”

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