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Chronicle Reporter
KPMG Chartered Accountants have been awarded the tender to carry out a forensic audit at the Zimbabwe Broadcasting Corporation (ZBC). Regis Chikowore, the Principal Director in the Ministry of Information, Media and Broadcasting Services, said KPMG would also be required to come up with a turn-around strategy for the struggling public broadcaster.

“The Ministry of Information, Media and Broadcasting Services is pleased to advise that the tender process for selecting an independent audit firm by the Auditor General to carry out a forensic and turnaround audit at the Zimbabwe Broadcasting Corporation has been completed,” said Chikowore last night.

“The tender has been won by KPMG Chartered Accountants (Zimbabwe) who are expected to now move with speed to commence the much awaited audit exercise.”
The audit follows a request by the Ministry of Information, Media and Broadcasting Services to the Comptroller and Auditor-General to undertake an urgent forensic audit following the dissolution of the Cuthbert Dube-led board and sending on leave of the chief executive officer Happison Muchechetere for awarding himself a huge salary of nearly $44,000 per month while workers went unpaid.

Huge salary awards for top executives saw the ZBC wage bill shoot up to $1,3 million per month, against revenues of just $300,000. Several companies bid for the tender, including Price Water House Coopers, Jack and Fields, Ernst & Young, BDO, Welsa International, Camelsa and Deloitte.

Two other companies, Ruzengwe and RKF, were disqualified. Firms that provided audit services to the   national broadcaster were not eligible to participate  in this tender for ethical and professional considerations.

At the end of investigations, the auditors are expected to submit a comprehensive report to the Auditor-General highlighting findings, recommendation on corrective action to be taken and specific recommendations geared towards greater and better financial management, accountability and corporate governance.

They would be expected to submit the report by March 31, 2014.