Accounting And Auditing Profession Crucial In Driving Success and Development Of Africa

Accounting
Russel Morena, SAIGA Chief Executive Officer

The modern world is very much numerate, William G Gray asserted in the book, Qabalistic Concepts.

Gray writes that ‘our lives got bounded by times, prices, amounts, calculations, percentages, and proportions.’ A lot could get deduced from the expression of facts presented above. But above all, the statement speaks to accuracy when collating and dealing with numbers. Therefore, the professions of accounting and auditing are most crucial in planning for the success and sustainable development of Africa.

Nations of the continent ought to continuously and consistently promote the transparent communication of financial information, to help the continent make sound economic decisions.

The backing of accountants in promoting ethical conduct and dealing with corruption is crucial.

Moreover, the support of the financial accounting and auditing fields will go a long way in exposing those engaged in looting the motherland.

Something important to note. Where foreign relations got concerned, not all representing themselves or their organizations as investors weaved African interests into their activities. Some were in pursuit of and accumulated massive wealth through the modern-day scramble and looting of Africa.

APNews.com recently reported that the United Nations estimates that illegal outflows of capital from Africa at over $830 billion. The losses happened between the years 2000 and 2015. There was absolutely no doubt that this erosion of African capital continued undetected.

Indeed siphoning money off the continent is committed by some presenting themselves as investors, perhaps even donors. Numerous are the self-loving foreigners operating in Africa with an attitude captured in Adam Smith’s Wealth of Nations.

“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner but from their regard to own interest.”

The purported goodwill of some capital injectors or donors into Africa was a masquerade for their real intentions to feed selfish desires.

Their self-loving activities leave African Governments’ coffers empty. Therefore, making it an uphill struggle to provide essential services. These services will include healthcare, education, and infrastructure. All these were necessary amenities that could boost African people’s efforts to thrive.

Any holes in the African financial volts ought to get urgently sealed. The rebuilding of African Civilization that Chancellor Williams writes about in his book – Destruction of Black Civilization, would not be possible if the taps don’t get closed for internal and external corruption, embezzlement of funds and illicit outflow.

As a result, Africa ought to take seriously financial accountants and auditors.

That is because professionals in the fields have a crucial role in exposing those misusing African economic assets. In addition, accountants and auditors can contribute to bringing to book those stealing from the people of Africa.

Therefore, the support should include creating awareness on auditing issues and continuous training, upskilling and capacitating accountants.

In other words, public interest matters regarding African development stand has to be advanced where the support of accountants and auditors gets prioritized.

Providing quality accounting education and supporting accounting training institutions in the continent would help prepare students for the working world and overseas examinations.

Africa needs to reach a stage where it counts its blessings. A special effort to appreciate the continent’s wealth of resources, including accountants and auditors, needs to happen urgently.

  • Russel Morena, SAIGA Chief Executive Officer

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