PAAB secretary Admire Ndurunduru said he could not confirm the matter without verifying Mashayakarara’s records
THE Public Accounts and Auditors Board (PAAB) has been rocked by revelations that its chairperson does not possess professional accounting qualifications from the Institute of Certified Public Accountants in Zimbabwe (CPA Zimbabwe).
PAAB is a statutory body that operates through the provisions of the Public Accountants and Auditors Act.
It is the regulatory body for the accountancy profession in Zimbabwe.
It is responsible for endorsing and adopting international accounting standards, defining and enforcing ethical practice and discipline among registered public accountants and public auditors.
A person qualifies for appointment to the board if they are a qualified public auditor or public accountant.
Membership of the board consists of members appointed by the constituent bodies in terms of Section 6 of the PAA Act.
Insiders at PAAB alleged the chairperson, Valentine Mushayakarara, was appointed to the board without recommendations from any public auditor or accountant and has no mandatory qualifications from CPA Zimbabwe.
“The institute is called CPA Zimbabwe and his transcripts are not there as he did not sit for the exams,” a source said.
“The required three modules to be certified are advanced corporate reporting, strategic corporate finance and audit practice and Assurance services.”
Mashayakarara yesterday requested questions in writing when contacted for comment.
He was no longer answering his mobile phone despite repeated efforts.
PAAB secretary Admire Ndurunduru said he could not confirm the matter without verifying Mashayakarara’s records
“Thank you for the enquiry. Registration with the PAAB is done in terms of section 22 of the Public Accountants and Auditors Act,” he said.
“Let me check the records and get back to you.”
Ndurunduru was appointed secretary of the board in October 2012 and has extended his term twice.
According to section 17 of the Public Entities Corporate Governance Act, no one appointed chief executive officer of a public entity can exceed a term of five years unless it is extended by one more term.
Ndurunduru reportedly renewed two five-year terms and has now gone beyond the mandated 10 years. — Standard
