ased firm that carried it out, have been appointed auditors to the board.
The forensic audit, demanded by the government after allegations of financial impropriety were levelled against the ZC executive, was launched in March 2006 by Peter Chingoka, the ZC chairman. Until recently, the routine audit work was carried out on an honorary basis – ie for free – by Price Waterhouse Coopers, a firm of international standing with offices in Harare. It is unclear whether Ruzengwe and Partners are also working without payment, or whether PWC stood down or were replaced.
An accountant who has worked on ZC’s accounts in the past told cricinfo that there were questions over the appointment of the same outfit who had carried out the forensic audit.
“At a large blue-chip firm, questions would be asked regarding a potential conflict of interest,” he said. “I think there are clear ethical concerns.”
Many stakeholders are concerned that no accounts since 2005 have been made public.
Another official with close links to the ZC said: “For the board to be taken seriously and properly discharge its mandate, it is responsible for ensuring that an annual audit of ZC finances is done in timely manner by a reputable firm of auditors, and that the financial
statements contain a full and proper explanation of all movements in ZC finances over the preceding 12-month period. This basic reporting requirement is legislated by statute in Zimbabwe. Stakeholders have been subjected to a two-year battle to obtain the books and this has resulted in calls for a forensic audit … [which has] diverted resources away from
cricket. Let’s face it, none of this would have been necessary had the board
being doing its job properly in the first place.”
The last audited accounts made public were for the year ending April 30, 2005 and were prepared by PWC.
Post published in: Zimbabwe Sports News