The Zambia Institute of Chartered Accountants (ZICA) has expressed its dismay over the revelations contained in the Auditor General’s Report for the financial year ending December 2022 regarding the misuse of public funds amounting to over K300 million at the Ministry of Education.
ZICA President Yande S Mwenye said It is disheartening to note that 3,067 schools in Southern, North-western, Central, Muchinga, Northern, and Luapula provinces operated without accounting officers for the period under review and some dating back to 2018.
“The Institute wishes to state that in accordance with the Accountants Act No. 13 of 2008, section 18 (1) A person shall not, unless the person is registered as a Chartered Accountant under this Act- (a) practice as, be employed as, offer services as, or hold out to be, a Chartered Accountant.”
She said, “As ZICA, we are happy to note the statement issued by the Basic Education Teachers Union of Zambia (BETUZ)’s Public and International Director to the media, where he echoed the concern around misappropriation of funds due to the lack of recruitment of qualified Chartered Accountants.”
ZICA reiterated that the country cannot have huge resources of money being allocated by the Government treasury without qualified accountants to manage them. “Therefore, the recruitment of qualified accountants in secondary schools by the government is a pressing issue that can lead to significant challenges in financial management and oversight.”
She said this shortage may contribute to the mismanagement and potential abuse of public funds, undermining the integrity of educational institutions.
“It is clear that the involvement of qualified accountants will help in the strategic planning and financial decision-making processes, which are crucial for the long-term development of educational institutions, especially now that the government has rolled out the free education and the Constituency Development Fund (CDF).”
Mwenye said It is evident that the integration of skilled financial professionals into the educational framework will not only be beneficial but necessary for the advancement of the education sector in Zambia.
ZICA has called on the Zambian government to take urgent measures to address the shortage of qualified accountants in secondary schools to prevent the mismanagement and potential abuse of public funds and to restore the integrity of educational institutions.
