Deloitte Botswana Senior Manager, Brian Watts, says corruption is done by multiple people through all sections of an entity’s value chain.
Watts was presenting on the Tip-off Anonymous Hotline at the Botswana Fibre Networks (BOFINET) Whistle-blowers Hotline launch yesterday.
For every fraud case detected by an external audit, Watts said, four are identified by internal audit while fourteen are detected through tip-offs.
“Reports show that there has been a recorded 5% loss of turnover due to fraud and unethical conduct where 10% of cases were discovered and disclosed, another 40% that was known but not disclosed and a further 50% that were never disclosed,” he shared during the presentation.
He added that some years back while doing a feasibility study for Deloitte to set up shop in Botswana, local executives did not believe there was need for whistle-blower hotlines.
He said they mostly believed the little that was being embezzled was not enough to hurt their enterprises. “That little over the years eventually amounts to a lot,” he added.
Still at the launch, Ministry of Transport and Communications Acting Permanent Secretary Gaolatlhe Dipholo, acceded that human species are plagued with a deadly vice of corruption. “There is a common saying ‘Steal cleverly; little by little’ that people go by,” he said, adding that corruption is an ever growing phenomenon that impedes growth in any institution.
“Fraud, corruption and maladministration diminish faith in an entity and robs citizens of their rights,” he shared with attendants.
Dipholo added that whistle blowing is saying no to activities that squander ‘little by little’ hard earned tax payer’s money.
Giving his address, BOFINET Board Chairperson Ratsela Mooketsi shared that fraud and corruption affects everyone and impedes progress.
He added that with the hotline launch, BOFINET is well on its way to uphold an ethical way of doing business.
Mooketsi said that the whistle-blowing policy was adopted to uphold the parastatal’s professional integrity and that the policy is formulated to protect whistle blowers and also regulate a formal channel for both employees and stakeholders.