Namutumba embark on PDM Saccos audit to achieve financial transparency

Namutumba District has initiated a significant step towards ensuring financial transparency and accountability within its community-driven initiatives by launching a comprehensive audit of Parish Development Model (PDM) Saccos.

The audit, according to district officials encompasses a total of 110 Saccos operating across Namutumba, reflecting a robust commitment to upholding best practices in financial management.

At the forefront of this endeavour is Mr Joseph Mukombe, the district’s dedicated Commercial Officer. Mukombe, during an informative onboarding meeting, diligently briefed PDM Sacco members on the audit’s requirements, emphasizing the critical role of active participation and discouraging absenteeism from the exercise.

Mr Mukombe stressed the importance of all stakeholders taking the audit seriously, urging them to organize and submit relevant documents promptly.

During discussions with PDM executives, concerns were raised, and Mukombe promptly addressed these issues, highlighting the significance of adherence to audit protocols and the need for thorough cooperation from all parties involved. He reiterated that this audit is not merely a formality but a crucial step towards ensuring the financial health and sustainability of PDM Saccos.

In a strategic move to enhance the audit process, Mukombe facilitated a meeting with the Chief Administrative Officer (CAO) and auditors, where a collaborative approach was emphasized. The auditors were encouraged to view these Saccos as “baby Saccos,” requiring a more interactive and supportive audit framework rather than strictly adhering to traditional professional audit standards.

This approach according to Mukombe aims to foster a constructive dialogue between auditors and Sacco members, promoting a deeper understanding of financial operations and governance practices.

The DCO emphasized that this audit aligns with government strategies aimed at promoting transparency and efficiency in community-based financial institutions. He reiterated the district’s commitment to ensuring that PDM Saccos operate ethically, effectively, and in compliance with regulatory guidelines.

As the audit progresses through all PDM Saccos in Namutumba District, stakeholders are optimistic that this collaborative effort will yield insights that contribute to improved financial management, stronger governance structures, and enhanced service delivery within the community.

The message is clear: the audit is not just a formality but a crucial step towards fostering financial integrity and sustainability in Namutumba’s grassroots initiatives.