Vusumuzi Dube
Ricky Zililo, Senior Sports Reporter
HIGHLANDERS Football Club’s board and executive are holding marathon meetings in a bid to try and bring their financials in the earliest possible time following pressure from members.
The Bosso leadership met yesterday, three days after a joint sitting and resolved that those working on the financials should move with speed, with the hope of presenting audited financials before the end of March. Audited financial statements were meant to be presented to members at last month’s Annual General Meeting held at the Clubhouse but were not yet ready.
Concerned with the snail pace in wrapping up the accounts before handing them over to the auditors, the board reportedly wants the treasurer, Busani Mthombeni and his accounts team to expedite capturing data.
What worries the board, as well as most Highlanders members is that since it is clear that they will miss the 30 days audited financials reporting meeting, agitated members might think that the club’s financial records are being tampered with.
What also led to yesterday’s meeting according to impeccable sources is that there seems to be a lax in implementing what was agreed on in Wednesday’s joint meeting between the board, executive and the auditors.
Sources said it was resolved at the Wednesday get-together that there was a need to flight a statement giving an update to members about the audit process, with the auditors reportedly offering to assist in setting the record straight.
With the treasurer having reported at Wednesday’s meeting that they were aiming at having the audited financials presented by the last Sunday of April, Sunday News has it on good authority that clearance was given to the executive to look for assistance or even pay overtime allowances to workers who will be on shift making entries.
“This was a crisis meeting and both the board and the executive met so that the issue of agreed timelines is addressed. Everyone wants the financials issue resolved quickly and that is why the executive was given a leeway to get external assistance to speed up capturing data. The timelines that have since been agreed upon could see the meeting with members held before the end of March,” said the source.
The sticking point of the audit according to impeccable club sources is on preferred functional currency, with the auditors demanding that since the club’s majority revenue or expenditure which is in the region of 70 percent was in United States dollars, it is only proper that the financials are reported in foreign currency.
The auditors reportedly argued that when there are options to use the US$, which is the major functional currency that the club uses, why should the club opt for local currency.
The issue of reporting currency has since been resolved, with Highlanders abiding to what the auditors want.
Despite multiple sources confirming that two people (names withheld) had been identified to assist wrapping up financials before they are given to the auditors, Nozibelo Maphosa, the Highlanders communications and marketing officer insisted that the club is not searching for any consultants.
About yesterday’s meeting, Maphosa said: “We don’t share internal meetings resolutions. In cases where there is need to do so, we call Press conference or issue statements.”
Maphosa did not respond to questions that were sent during the week, which included allegations of threats to fire the auditors in a bid to coerce them to agree to audited financials being reported in local currency. The auditors are said to have refused to bow down to pressure. — Follow on Twitter @ZililoR
Online Reporter