The Industrial Development Corporation (IDC) Group has adopted zero tolerance on audit lapses by which all its subsidiaries will abide, Acting Group CEO Mr Henry Sakala has said.
Mr Sakala said the strategic thrust of the IDC is to reduce the incidents of audit findings by 20% year on year to achieve zero audit queries in five years’ time.
He emphasized that in the coming year, financial officers will have to be assessed on how they manage their control environments, which has been included as a Key Performance Indicator (KPI) in their individual performance appraisals.
To this effect, he said planned activities for the financial year 2022 would include capacity building initiatives for officers directly involved in all audit processes, specifically those conducted by the office of the Auditor General and resourcing the group with a dedicated team to support the group in achieving a sound control environment.
He said this while addressing the Group Control Environment Process Review and Re-orientation Workshop attended by accounts officials in the IDC Portfolio of companies.
The workshop was aimed at coming up with practical issues that impact the internal environment in which IDC companies conduct business so as to strengthen the control environment across the group.