Accountants condemn cashgate, call for professionalism

The Institute of Chartered Accountants in Malawi (Icam) has condemned the recent revelation of massive public funds plunder at Capital Hill popularly known as cashgate and has called for the urgent need for professionalising the civil service.

Icam president William Matambo issued the condemnation on Friday evening during a cocktail aimed at welcoming new members into Icam.

Matambo said the institute has not been sitting quietly in the wake of the cash gate and revealed that it recently the Office of the President and Cabinet (OPC) as well as the Chair of Public Accounts Committee (PAC) of parliament on the same.

“Our recommendations contained short-term solutions such as how they could reinforce internal control to medium and long-term solutions that include the need to address challenges with political party funding, professionalising the civil service, among others,” said Matambo.

He described the revelations of theft at Capital Hill as problem which is ‘multi-faceted’ and requires a ‘multi-pronged’ approach if Malawi is to solve the problem with finality.

Matambo said the institute has volunteered to be part of the solution to solve cashgate to ensure that a repeat of such a national tragedy does not recur in future.

The Icam president also condemned the use of the term accountant by most people in the country saying one has to be certified to be called an accountant.

On this one, he said it was unfortunate that in Malawi there was still no law that restricts the use of term accountant.

“We are happy that the new law will prohibit use of the term indiscriminately. Only people who have undergone a process such as the one you are going through will have a right to be called accountants,” he said.

Commenting on its mandate, Matambo said Icam continues to enjoy a lot of respect because of its thought leadership among the professional bodies in Malawi.

He told the new members that their membership accords them preferential treatment including a 20 percent discount on accommodation at any Sunbird facilities.

Matambo also said the members will access tailor-made and soft loans at FDH Bank and Nedbank as well as accessing insurance services at discounted rates with Real Insurance.

“While there are all these benefits simply by being a member, let me hasten to mention that this is not all there is to know about Icam. These nice benefits come with a sense of responsibility,” he said.

He urged the members to conform to ethical guidelines as stipulated by our Code of Professional Conduct.