Financial Accounting Blog

Sunday, January 18, 2004

The BBC has a story from Zimbabwe showing that the United States is not alone in having accounting firms caught up in financial scandals and fraud.

A commentary in (The Herald) called on accounting firms and the Reserve Bank of Zimbabwe (RBZ) to accept some responsibility for allowing corruption to flourish for too long.

"Accounting firms must take some flak for the mess in the financial sector... Accountants are 'wilfully blind' to the fraudulent nature of transactions that go on... and should not be left out in the crackdown by the Reserve Bank of Zimbabwe," the writer, Sifelani Tsiko, said.

"The RBZ should shoulder the blame for failing to monitor and regulate the financial sector in the country. The mess in the sector should have been detected a long time ago and wiped squeaky clean to enhance the image and performance of the sector," he added.