Reason + Instinct = Growth Investigation and Forensics Reason says: There are three ways to go. Instinct says: Only one leads to growth. Winner MPF Awards For Management Excellence 2014 Best managed international firm Bulawayo office No. 1 Clark Road Suburbs, Bulawayo E [email protected] T +263 9 231431-5 Harare office Camelsa Business Park 135 Enterprise Road, Highlands, Harare E [email protected] T +263 4 442511/4 F +263 4 442517 Grant Thornton - Zimbabwe is a member firm of Grant Thornton International Ltd (GTI). References to Grant Thornton are to Grant Thornton International or its member firms. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by each member firm. Contents TECHNICAL 09 12 AUDITORS GOING CONCERN CONSIDERATIONS 2015 NATIONAL TAX BUDGET HIGHLIGHTS The competition of imported finished products continues to impact negatively on the manufacturing sector. 24 CONFRONTING LIQUIDATION CRISIS IN THE FINANCIAL SECTOR Currently, there are 16 active commercial banks, three building societies, two merchant banks and one savings bank ECONOMY 04 ICAZ INVESTORS CONFERENCE IN S.A. Bonyongwe said automation of the ZSE will bring efficiency, capacity and speed of its trading and dissemination of information. 08 ZIM’S 2015 ECONOMIC OUTLOOK In 2014, manufacturing was hardest hit with a fall of almost five percent while mining output fell slightly (two percent). 10 MINING DRIVES ECONOMIC RECOVERY The country's mining houses, are in dire need of US$5 billion in fresh capital in the next five years. 20 CAs KEY TO ECONOMIC TURNAROUND What we have seen in the industry particularly this year, it has exposed structural changes or challenges that companies have gone through. REGULARS 02 PRESIDENT’S MESSAGE Council approved hosting the 2015 Winter School in Dubai at Grand Hyatt Hotel from 6-10 August. 16 MARTHA SHONIWA’S JOURNEY TO THE TOP I am proud that I found myself that partner who is with me through it all and I know that more fruitful years lies ahead in our partnership called marriage. 18 Your opinion matters! MIKE FRUDD - A PIONEERING CHARTERED ACCOUNTANT We would love to hear from you, so if you have an opinion about any of the topics you have read or others, feel free to contact us on: The Chartered Accountant c/o The Institute of Chartered Accountants of Zimbabwe 2 Bath Road, Cnr. Sam Nujoma Street Integrity House Harare, Zimbabwe. phone: +263-4-252 672, 263 772 192 060/61 email: [email protected] website: www.icaz.org.zw His talents and hard work saw him being admitted as a partner at PWC South Africa. THE CHARTERED Accountant EDITOR: Betty Mpala EDITORIAL ADVISORS: Phillimon Mhlanga, Matts Kunaka, Emmamuel Dhenhere, Sibusisiwe Ndhlovu SUB EDITORS: Edward Sanudi, Joice Svotwa, Tapiwa Kanyasa-Marime PRODUCTION SUPERVISOR: Kudzai Rushambwa PRODUCTION: Lindela Chigogora, Betty Mangwaira, Patience Mambo, Taona Zanza TECHNICAL SERVICES MANAGER: Rodrick Maponga SALES & MARKETING MANAGER: Lewis Chikurunhe BUSINESS DEVELOPMENT MANAGER: Enia Zimunya SALES EXECUTIVES: Christobel Washaya, Tinashe Pindura Published by: 130 Harare Street/Speke Avenue, Harare Web: www.financialgazette.co.zw, Tel: (+263 4) 781571-9 Fax: (+263 4) 781578 Printed by: PRINTWORKS Elephant Hills 9 June 2013.indd 1 2013/06/13 1:23 PM MATAMBA AND COMPANY CHARTERED ACCOUNTANTS (ZIMBABWE) 3rd Floor, 101 Kwame Nkrumah Avenue P.O. Box Cy1063, Causeway, Harare Tel: (04) 799 287/8/9, Fax: (04) 799 290 Email: [email protected] Website: www.matco.co.zw NOT YOUR ORDINARY AUDITORS Our Values Honesty We do not bend, we do not water it down, we do not try to make it logical, and we do not edit our own soul according to the fashion. We rate, follow our most intense obsessions mercilessly. We always do what we know is right even when we are under pressure. Accountability We take responsibility for our actions and deliver what is agreed. We take full ownership for our actions and their outcome. We have the courage to make bold decisions and do what we say we will do. Drive We are industrious and goal oriented. Audit Accounting Tax Company secretarial F1112A10 LC Competency It is not what we do; it is how we do what we do. We possess the skills and knowledge that allow us to do our work successfully. Elephant Hills 9 June 2013.indd 1 2013/06/13 1:23 PM Harare: +263 4 251415-8 Bulawayo: +263 9 64144/77057 Masvingo: +263 39 262029/264909 www.amgglobal.co.zw Creating a legacy of a Global African Brand [email protected]
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