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Chaminuka Provincial Newspapers

Marondera RDC red-flagged over property valuation

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MARONDERA- The acting Auditor General Rheah Kujinga has urged the Marondera
Rural District Council (MRDC) to revalue its property, plant and equipment in line
with the International Public Sector Accounting Standard (IPSAS) 17.

This comes after the council last revalued its property, plant and equipment in
December 2019.

According to the Auditor Generals report, revaluations should be made using
sufficient regularity.

IPSAS 17- Plant, property and equipment paragraph 14 requires revaluations to be
made with sufficient regularity to ensure that the carrying amount does not differ
materially from that which would have been determined using fair value at the end of
the reporting period, reads report.

In response to the plea, the council said it failed to conduct valuation due to cash-
flow challenges.

The valuation could not be conducted due to cash-flow challenges experienced by
council towards the close of the year. As of now, Council has already commenced
the procurement process of outsourcing services of independent evaluators, reads
part of response.

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