HomeBusiness DigestCorruption crippling efficacy of traditional internal audits

Corruption crippling efficacy of traditional internal audits

ZIMBABWE is grappling with deep-seated economic problems, and one of them is the currency conundrum which has presented its own peculiar challenges in the accounting and auditing practices. On Wednesday this week, the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya presented a monetary policy statement which sought to address the currency issue by including in the basket of multi-currencies a denomination called the “RTGS dollar” and restoring the inter-bank market. It remains to be seen what impact this will have on the economy, but the process could unfold at a slow pace, with regards to implementation in books of accounts. Business reporter Melody Chikono (MC) spoke to Institute of Internal Auditors of Zimbabwe (IIAZ) president Barnabas Vera (BV, pictured) to gain insights into the impact of economic turmoil on the profession. Find excerpts of the interview below:

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