Speaking during the closing of the Accountant’s Annual Conference in Dar es Salaam during the weekend deputy Permanent Secretary in the ministry of Finance and Planning Amina Khamis Shaaban said that the personnel should live up to their professional oaths and not just take it as a fashion, leading to massive mismanagement of public finances.
“We are facing a lot of challenges where ethics and integrity among public servants have sharply been deteriorating, with many reportedly being involved in many corrupt practices,” she said.
Organised by the National Board of Accountants and Auditors (NBAA), the three-day conference brought together over 2000 professionals from various public and private organisations inside and outside the country.
The event also went along with awards giving to the best presented financial statements of the year 2018.
Speaking on financial statements, Shaaban said that responsible financial reporting contribute significantly to ensuring that financial information put out by the entities is reliable and enables investors to make informed decisions as they participate in the capital markets.
She called on institutions to invest in producing quality financial reports to attract more investors in the country.
“Firms should ensure that the quality of their financial statements becomes the foremost thing to consider for their progress,” she said.
Shaaban further said that “any professional accountant should remain impartial and loyal to ethical guidelines when reviewing a company or individual’s financial records for reporting purposes, manipulating financial records if allowed will affect industrialisation process.”
During the event, Tanzania revenue Authority (TRA) and Tanga Cement PLC emerged the overall winners of the best presented financial statement for the year 2018 using the International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards (IFRS) respectively.
The NBAA Executive Director, Pius Maneno said awards seek to promote integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework.
The board has also sent stern warning for the people who call themselves accountants and practicing the profession without having the required qualities to stop doing so as legal action will be taken against them whenever caught.
She further said that the board will continue strengthening its efforts with the profession colleges in the country to ensure that they enrol more graduates.
NBAA chairman, Professor Isaya Jairo said the objective of the awards is to promote good corporate accounting in the domestic market. “This is the best platform for promoting professionalism and excellence in the presentation of financial statements of companies.”
The award, held as the ultimate gauge for financial reporting prowess among companies in the country and which passes through a rigorous screening system overseen by seasoned judges with diverse backgrounds, involves companies using the International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS).