Vice President Phelekezela Mphoko has stressed the need for robust internal control systems in critical institutions such as Zimbabwe Revenue Authority (ZIMRA) and Zimbabwe National Road Administration (ZINARA) in order to curb leakages.
The Vice President made the remarks at the ongoing 3rd Internal Control Congress for Africa being held in Victoria Falls.
The government said it concerned that most national programmes are under threat due to weak internal controls which has resulted in revenue losses and failure by critical organisations to maximise the shareholder value.
Vice President Mphoko told captains of industry attending the 3rd Internal Control Congress to adopt a holistic approach towards developing robust internal control systems.
According to the Vice President, government’s move to establish a stand-alone ministry of cyber security should be applauded as it will go a long way in strengthening computer system controls.
Reserve Bank of Zimbabwe (RBZ) deputy governor, Dr Kupukile Mlambo said illicit financial outflows have resulted in limited fiscal space.
Internal Control Institute of Zimbabwe board member, Mr Proctor Nyemba hailed government’s commitment to strengthen internal controls.
Legal and institutional lapses, porous borders and corruption have been identified as some of the major contributing factors to illicit financial flows.