By 
The Auditors General Financial report revealed that, Zimbabwe United Passengers Company (ZUPCO) was leasing buses from individual bus owners “lessors” throughout the financial year under review and majority of lessors were not submitting formal tax invoices and it was impossible to verify the accuracy and completeness of the disclosed operators’ fees expenses due to the status of accounting records and non-submission of third party documents by management in support of these expenditures therefore was unable to satisfy that cost of sales was fairly stated.
Acting Auditor General Kujinga also highlighted that she was unable to get satisfactory explanations for the misstatement of receivables, management did not also avail the basis for the calculation of allowance for credit losses of ZWL$39.9 million (2020: ZWL$11.8 million) and was unable to verify receivable balances by alternative means. Technologies was signed in
August 2020. Under the agreement, Matsimba Technologies provided ZUPCO with vehicle tracking and tap-card payment systems. ZUPCO agreed to pay fees equivalent to 5% of its gross revenue generated from transportation of passengers.
Findings from the report reflected that ZUPCO was not preparing monthly reconciliations for trade and other receivables. As a result, there was an unreconciled variance of ZWL$ 83.3 million between the trade receivables general ledger and the trade receivables age analysis.
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