Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There...

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Transcript of Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There...

Page 1: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 2: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,

Reason says:

Instinct says:

Reason + Instinct = Growth

Only one leadsto growth.

There are threeways to go.

Harare officeCamelsa Business Park

135 Enterprise Road, Highlands, HarareE [email protected]

T +263 4 442511/4 F +263 4 442517

Bulawayo office

No. 1 Clark Road

Suburbs,

Bulawayo

E [email protected]

T +263 9 231431-5

MPF AwardsFor Management

Excellence2014

WinnerBest managed

international firm

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.

Investigation and Forensics

Page 3: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,

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Printed by: PRINTWORKS

130 Harare Street/Speke Avenue, Harare Web: www.financialgazette.co.zw, Tel: (+263 4) 781571-9 Fax: (+263 4) 781578

Your opinion matters!

Contents

EDITOR: Betty MpalaEDITORIAL ADVISORS: Phillimon Mhlanga, Matts Kunaka, Emmamuel Dhenhere, Sibusisiwe NdhlovuSUB EDITORS: Edward Sanudi, Joice Svotwa, Tapiwa Kanyasa-MarimePRODUCTION SUPERVISOR: Kudzai Rushambwa PRODUCTION: Lindela Chigogora, Betty Mangwaira, Patience Mambo, Taona Zanza TECHNICAL SERVICES MANAGER: Rodrick MapongaSALES & MARKETING MANAGER: Lewis Chikurunhe BUSINESS DEVELOPMENT MANAGER: Enia Zimunya SALES EXECUTIVES: Christobel Washaya, Tinashe Pindura

THE 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 Accountantc/o The Institute of Chartered Accountants of Zimbabwe2 Bath Road, Cnr. Sam Nujoma StreetIntegrity HouseHarare, Zimbabwe.phone: +263-4-252 672, 263 772 192 060/61 email: [email protected]: www.icaz.org.zw

REGULARS

02 PRESIDENT’S MESSAGECouncil approved hosting the 2015 Winter School in Dubai at Grand Hyatt Hotel from 6-10 August.

16 MARTHA SHONIWA’S JOURNEY TO THE TOPI 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 MIKE FRUDD - A PIONEERING CHARTERED ACCOUNTANTHis talents and hard work saw him being admitted as a partner at PWC South Africa.

TECHNICAL

ECONOMY

09 AUDITORS GOING CONCERN CONSIDERATIONS

12 2015 NATIONAL TAX BUDGET HIGHLIGHTSThe competition of imported finished products continues to impact negatively on the manufacturing sector.

20 CAs KEY TO ECONOMIC TURNAROUNDWhat we have seen in the industry particularly this year, it has exposed structural changes or challenges that companies have gone through.

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

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 OUTLOOKIn 2014, manufacturing was hardest hit with a fall of almost five percent while mining output fell slightly (two percent).

10 MINING DRIVES ECONOMIC RECOVERYThe country's mining houses, are in dire need of US$5 billion in fresh capital in the next five years.

Page 4: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 5: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 6: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 7: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 8: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 9: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 10: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 11: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 12: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 13: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 14: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 15: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,

Elephant Hills 9 June 2013.indd 1 2013/06/13 1:23 PM

Page 16: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 17: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,

3rd Floor, 101 Kwame Nkrumah Avenue

P.O. Box Cy1063, Causeway, HarareTel: (04) 799 287/8/9, Fax: (04) 799 290

Email: [email protected]: www.matco.co.zw

MATAMBA AND COMPANYCHARTERED ACCOUNTANTS (ZIMBABWE)

NOT YOUR ORDINARY AUDITORSOur 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.

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.

Drive�We are industrious and goal oriented.

F2A

11110 LC

Audit Accounting Tax Company secretarial

Page 18: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 19: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 20: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 21: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,

Elephant Hills 9 June 2013.indd 1 2013/06/13 1:23 PM

Harare: +263 4 251415-8Bulawayo: +263 9 64144/77057

Masvingo: +263 39 262029/264909www.amgglobal.co.zw

[email protected] a legacy of a Global African Brand

Page 22: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 23: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 24: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 25: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 26: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 27: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,
Page 28: Reason + Instinct = GrowthInstinct says: Reason + Instinct = Growth Only one leads to growth. There are three ways to go. Harare office Camelsa Business Park 135 Enterprise Road,