Skip to main content

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.

Comments

Post a Comment

Popular posts from this blog

Washington approves virus drug as US states ease lockdowns

American authorities have approved an experimental drug for emergency use on coronavirus patients, as more US states eased pandemic lockdowns despite another spike in deaths from the disease. The approval is the latest step in a global push to find viable treatments and a vaccine for the coronavirus, which has left half of humanity under some form of lockdown, hammered the world economy and infected more than 3.3 million people. Remdesivir, an antiviral drug initially developed to treat Ebola, was given the green light on Friday after a major trial found that it boosted recovery in serious COVID-19 patients. "It's really a very promising situation," President Donald Trump said on Friday at the White House, where he was joined by Daniel O'Day, CEO of Gilead Sciences, which developed Remdesivir. The drug incorporates itself into the virus's genome, short-circuiting its replication process. Its approval came as the US leaders struggled with growing...
Post a Comment
Read more

Tears for Amama

Tears for Amama I know why my tears run down  my face now; I know what tears they are that speed down my jaws. For one of the names of great weight now needs a grave And a shelf in the museum of our political archives. For let’s face it: When a large tree finally fatally falls, Its thundering thud thickly thumps the earth; We all feel its vibration. Our bodies vibrate. Our breasts wiggle. And we all know – we all should know, No wind blew it down. No blast caught it off guard. It must be some machete that crushed its limbs, It must be some lumber saw that cut away its trunk. So there lies Our John Patrick Amama Mbabazi Mister honourable, For up-side-down and down-side-up Has his ex-right honourable name axed overnight. How horrible it now sounds In the ears of its ex-ardent admirers! How abominable it now is abused From the mouths of its ex-praise singers! But clever man of Kinkyizi, Formerly mistaken for clever  brain of ...
Post a Comment
Read more

KENYA ELECTIONS: The Outcome, the DNA of Uganda's Sustainability

As Kenya,  East Africa's arguably best economy heads for presidential polls on tuesday,  I find it imperative that I try to squeeze juice out of this sacred election. I know most of you, just like me, have so many rhetorical expectations from this mighty election, but most sacredly are the questions that preoccupy our minds as to how the political show down will go in our neighbourhood. Most importantly, everyone is asking himself the question: 'What does the Harambe election mean to us as a country?. As I allow you to ponder on the connotative underpinnings of this election unto us, allow me first delve us onto the historical perspective and its alliterative explanatory shaping of Kenya's politics.  In 1895, Kenya became a Protectorate under the colonial york of the British. Just like it was in Uganda and many African countries in Africa, if not all, so  was it in Kenya, that the master,  accruing from the cartoon number of administrators on the continent and ...
Post a Comment
Read more