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11/08/2018

My explanation and position on statutory Instrument 34 of April 16 ,2018 Accountants Fees stipulates the charge out rates for professional Accountants.there has been a lot of complaints from SMPs and SMEs in Zambia.what we note however is that the fundamental differences in the fee structure is the charge out rate which has been pegged at 30n or ZMW 0.3 Kwacha from 18n per fee unit.the surprising issue is the uproor from both professional Accounting firms or SMPs and SMEs.putting things in perspective The profession dictates that Accountants are supposed to be rewarded fairly for the risk they undertake in carrying out Audits on their clients.It also puts the responsibility of ensuring Financial statements are properly prepared by Accountants in the various companies seeking Audits.The added demands by other regulatory bodies like Financial intelligence centre and Other regulatory agencies policing money laundering puts on added work on the Accountant.
The SI 34 is a mere guide to cure a lot of unethical issues that were creeping up in the profession.while the complaints may be entertained it puts added responsibility on reporting Accountants to ensure their house is in order.The cry by a lot of stakeholders to reduce or vary the charge out rates is unwarranted
Before an Audit is commenced the Auditee firm should ensure their Financial statements and required schedules are in order.What we note is that most clients will want the Auditor to process the companies incomplete records.this puts on added pressure on the Audit budget and the Audit may take longer time than required.
Some companies have presented skeleton Accounts maybe up to trial balance or even just scattered records to Auditors and expect the reports to take a short Audit period.

12/06/2018

The law regulating fees for Accountants was put in place in April.Under a statutory instrument signed by the Minister of Finance.We have however seen an outcry even among the practitioners about the sustainability of the fees.Question is how much should the professional accountant charge for their services.It is common knowledge that similar professions charge fees that are in the same region for services rendered and it is now time for ZICA or ideally CA Zambia to charge commensurate fees for services rendered.Ideally professionals where ever they subscribe pay hefty fees from being accredited to the everyday nuances of plying their Trade.The enforcement by Health Professionals Council of Zambia and Compliance has created a wake up situation in the health profession and this will make the provision of health care commensurate with what patients pay for.It is timely and in like manner this wind of change has spilled over to the accountant.

22/03/2018

Today the US President Donald J Trump signed into law various measures to check the growth of unfettered Chinese expansion and colonisation of the world. The biggest threat to the industrial civilised world. While it may sound offensive to the Chinese people our position is that in everything you do you need to be ethical. China seems to be a country where they will expand their geopolitical presence at what ever cost and do not really care who gets hurt along the way. They seem to have adopted an unconventional approach to expanding their influence and flexing their muscle. Ethics are never part of their equation. Chinese neocolonialism especially has taken its toll on Africa who are hungry for anything related to growth and development. They seem to be hell bent on ensuring that they reach the top at whatever cost. The rise of Chairman Mao in the 60 s really awoke a deadly giant who needs to be tamed and stopped in its tracks. There have been numerous instances of poisoned products. Fake products and all coming out of China but all the world says it's china and forget about it. They have the ability to copy and counterfeit anything from consumer goods to the food that people eat and consume. Incidences of plastic food abound and people seem to underestimate the extent of this problem. It would not surprise us to find them replicating other countries currencies and weaponising that. Top on the of Donald Trump is intellectual property theft which the Chinese responded using a junior officer rubbishing the claims even before POTUS made a statement and signed. Signalling panic in the Chinese quarters. Theft is theft and the world should just let China know and halt their unethical conduct.

21/12/2017

The GOP bill and it's implications on social safety nets.It is good that the tax regime in the United States of America has agreed to cut tax rates for the corporates and States like Alaska.it is a good thing to cut taxes for the wealthy.Taxation is basically founded on the Robbin Hood idea.but what is the implication on the those people on social welfare .ideally POTUS 45 has a lot of interest in this and I will not be surprised if he is a major beneficiary of the Bill.Oil producers ideally will not benefit greatly from this bill.The American govt says it has cut billions of dollars for creation of Employment but we are yet to see whether the corporate world responds similarly.

03/10/2017

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01/07/2017

We are able to put together Bankable Business proposals acceptable in Zambia.Our experts are able to critique the key issues financiers and Tax Authorities look out for.Make a date