Fraud still a challenge to financial management – Rwangombwa

PricewaterhouseCoopers (PwC), a global renowned professional service firm has been urged to support government’s commitment to effective management of public resources. Speaking at the official opening ceremony of the firm’s country office last week, John Rwangombwa, the Finance Minister called upon the firm to support government’s efforts to fight corruption, fraud and any other form of financial malpractices. Citing successful implementation of the first consolidated financial statements in 2007, Rwangombwa observed that this was a major milestone in improving public financial management. The system was prepared with the support of PricewaterhouseCoopers, who since then have continued to provide technical support to government. “For the country to continue moving forward, contribution is required from all stakeholders. I expect that together with the other professional audit and accounting firms operating in Rwanda, you will support government’s commitment,” Rwangombwa said. Rwanda is the only country in the region that is currently using consolidated accounts where by government entities have their financial statements put together. Government is now developing an Integrated Personnel and Payroll Information System (IPPIS) to facilitate the medium term expenditure framework and budget classification. Rwangombwa also urged the firm to get involved in bridging the country’s skills gap specifically in the accounting profession. Currently Rwanda’s Institute of Certified Public Accountants (ICPAR) has approximately only 130 members. PwC Rwanda office will be offering the full range of its services including Assurance, Tax, and Advisory services. PwC’s Territory Senior Partner, Philip Kinisu observed that the country has implemented several impressive political, social and regulatory reforms over the years. “In no small measure, the reforms that Rwanda has implemented influenced our decision to open a PwC practice in Kigali,”Kinisu said. The Senior Partner also reaffirmed his firm’s commitment to support the development of the accounting profession in the country. By opening a field office, PwC also complies with the requirements of the laws governing the accounting profession after working in the country for a number of years on a “fly in” basis. Enacted in 2009 the Accounting Law made it mandatory for all accounting firms working in Rwanda to register in Rwanda. PwC Africa Central network includes members firms in Angola, Ghana, Kenya, Nigeria, Mauritius, Tanzania, Uganda and Zambia. Ends

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Fraud still a challenge to financial management – Rwangombwa