PUBLIC Accountants and Auditors Board (PAAB) chairman Valentine Mushayakurara has revealed that auditors are increasingly underbidding their services to win contracts which threatens audit quality.
Mushayakurara made the remarks during the two-day Zimbabwe Accountants Conference 2025, hosted by PAAB under the theme Future Ready Profession: Innovative with Integrity, Sustain with Purpose that began on Wednesday.
The annual conference is a key event on Zimbabwe’s professional calendar, drawing accounting professionals and stakeholders from both the public and private sectors.
It serves as a platform for knowledge exchange and dialogue, particularly on global trends affecting the accounting profession — such as anti-money laundering (AML) regulations, financial crime, and the role of accountants in promoting economic sustainability.
“Innovation cannot stand alone. It must be anchored in the bedrock of ethical practice, for integrity is the lifeblood of our profession,” Mushayakurara said.
“In an age when accountability and transparency are ever more scrutinised, the role of accountants as guardians of truth and stewards of fairness has never been more vital.”
He also raised concern over the growing trend of audit firms underbidding to win contracts, which he said could compromise audit quality.
“While this may reduce costs on paper, it raises serious concerns about the quality and depth of audits being performed. We at PAAB have made it a priority to focus on the quality of audits,” Mushayakurara added.
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He said the introduction of new international standards on quality management — specifically ISQM-1 and ISQM-2 — will bring a significant shift in how audit firms operate.
“As a consult, it is important that we, as accounting regulators, update our quality reviews,” Mushayakurara said.
He called on accountants and auditors to embrace emerging technologies like artificial intelligence and data analytics with purpose and precision, but always anchored in ethics.
Meanwhile, Eastern and Southern Africa Anti-Money Laundering Group (ESAMLG) financial expert Bhushan Jomadar commended Zimbabwe’s progress since its 2021 hybrid onsite evaluation, highlighting collaborative efforts between public authorities and the private sector.
These efforts have led to key reforms, including the establishment of a beneficial ownership registry.
ESAMLG is a regional body subscribing to global standards to combat money laundering, financing of terrorism, and proliferation.
Jomadar also urged accountants to adopt a forward-looking, risk-based approach to effectively combat financial crimes such as money laundering and terrorism financing.
“Accountancy professionals are uniquely positioned within the financial ecosystem. You are not just number crunchers — you are custodians of client assets and gatekeepers against financial abuse,” he said.
He stressed the need to integrate AML and Counter-Terrorism Financing awareness into everyday accounting practices, especially with Zimbabwe scheduled for its third-round mutual evaluation by ESAMLG in June 2026.
