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Connivance between Managers and Auditors hamper SACCO growth in Ntungamo

The union of savings and credit cooperative societies in Ntungamo district and the local government leaders have expressed concern over procured external auditors for the SACCOS in the district conniving with managers to defraud the savings and credit organizations, arguing for black listing of some audit firms.


The leaders says while the external auditors are procured by board and general assemblies of SACCOS, they in most cases do not represent the interest of SACCO members and cook figures at times given to them by managers and make opinions that the Saccos are healthy but in few months they fail an issue causing outrage.

The Ntungamo SACCOs union chairperson Ndibarema Wabeitwababo said most of the opinions presented by auditors do not reflect what is in SACCOs and at times the figures are just meant to make shareholders happy while the managers and staff are stealing from members a reason most members don’t share profit.

Speaking during the Nyakyera Farmers SACCO annual general meeting on Thursday, the Uganda cooperative alliance trainer Mr Robert Asiimwe cautioned SACCO leaders on taking the external auditors opinion to assess the health of SACCOs as they only risk losing much money.

The Ntungamo district commercial officer Mr Ezra Akanyijuka saisd the district is discussing blacklisting audit farms that give false audits to SACCOs on connivance with managers to defraud share holders.

The treasurer Ntunagamo SACCOS union Onesmus Karamuzi said the union has made a team of satisfied auditors to audit the work of external auditors in the district SACCOs.
The Ntungamo deputy RDC Isaiah Kanyamahane who presided over the annual general meeting said auditors found ti have connived with managers to defraud Saccos should be arrested and companies blacklisted that the issue of auditing is taken serious than making simple opinions.

Nyakyera farners SACCO dismissed their long serving manager early this year after finding audit irregularities despite opinions of external auditors saying the SACCO was healthy. However forensic audit done by Union auditors found losses amounting to over 700M.Mr Bitwababo however said over 70% of the money has since been recovered.

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