OPINION | Preventing fraud and money laundering in African states requires strong audit institutions.
orruption is a major problem for Africa, with the continent losing billions of dollars every year to illicit financial flows caused by corrupt practices.
The seminar focused on institutionalised good governance, fraud and corruption concepts for supreme audit institutions and stakeholders. The opening and keynote addresses emphasised the importance of institutionalised good governance. Supreme audit institutions have a critical role to play in the fight against corruption. They are responsible for auditing public accounts and holding public officials accountable for their actions. Many people expect supreme audit institutions to do more to prevent corruption, but they don’t have adequate resources and support to do so.
Institutionalised good governance is essential for the effective functioning of supreme audit institutions. It involves establishing strong institutions, transparency, accountability, and the rule of law. When institutions are strong, they can provide a check and balance against corruption, ensuring that public officials are held accountable for their actions.
Third, African states should enhance transparency and accountability in public procurement processes by, for example, strengthening procurement regulations, introducing electronic procurement systems, and improving the monitoring and evaluation of procurement activities .
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UIF warns Durban companies dodging Covid fund auditorsA stern warning has come through to company directors in Durban who benefited from Covid-19 TERS relief funds which are dodging forensic auditors ECR_Newswatch Covid Fund
Read more »
SARB launches upgraded banknotes and coins - SABC NewsThe South African Reserve Bank (SARB) has introduced upgraded banknotes and coins into the South African market, which will be available from the 4th of May 2023.
Read more »
CRM software for South African businesses – Get notified before your team drops the ball[Promoted] CRM software for South African businesses - Get notified before your team drops the ball
Read more »
South Africa: Reserve Bank Launches New Banknotes and Coins - South African News Briefs - May 4, 2023
Read more »
Payday plans to expand in Nigeria, will target Africans in UK, US, CanadaThe Payday neobank, which operates in Nigeria and Rwanda, plans to target African diaspora communities in the UK, the US and Canada, CEO Favour Ori tells TheAfricaReport.
Read more »