Thursday, July 18, 2024

Clearing the rubble: NOCMA part ways with Namalomba’s audit firm over incompetence

Clearing the rubble: NOCMA part ways with Namalomba’s audit firm over incompetence

BLANTYRE-National Oil Company of Malawi (NOCMA) has stopped an audit firm, Crowe J & W Malawi, from further rendering its services at the government owned entity over gross incompetence.

According to Nyasatimes, NOCMA has already officially communicated its stand to the firm, which is owned by estranged Shadreck Namalomba of the Democratic Progressive Party (DPP).

“It is very true that NOCMA has officially communicated to Crowe J & W that it no longer requires its services, going forward. The issue is that this company has been unable to conclude its annual audits with NOCMA despite pocketing huge sums of money.

“For the past two to three years, the company has never managed to come up with a comprehensive audit or let’s name it finished product. It’s sad because NOCMA has been spending money on this company which never produced any substantive final audit reports over the years,” said the source as quoted by Nyasatimes.

The 2019 report by the Auditor General revealed massive weakness in financial control and operations which included none availability of reconciliations, no coding of fixed assets and none availability of password security policy.

It is reported the Crowe J and W audit firm could not be rebuked for its shoddy services during the DPP regime as some of the money realized form its half-baked work were being channeled towards the party’s activities.

Namalomba, who is the Chairperson of the parliamentary Public Accounts Committee (PAC), is also facing impeachment calls from the committee members due to his recent statement made as DPP spokesperson against the Anti-Corruption Bureau.

Namalomba accused the bureau of harassing the country’s immediate-past president, Peter Mutharika.


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