Michael Rogat

COMPANY PROFILE We strive for excellence www.mkauditors.co.tz 1 TABLE OF CONTENTS INTRODUCTION..............................................................................3 BACKGROUND................................................................................5 OUR PRODUCTS AND SERVICES.................................................7 Audit, risk assurance and advisory services..........................7 Taxation...............................................................................................9 Corporate finance...........................................................................12 Management consulting...............................................................15 Business Support Services..........................................................15 Company secretarial and legal advisory services..............19 OUR TEAM.....................................................................................22 2 www.mkauditors.co.tz INTRODUCTION MK Auditors is a registered financial services firm with Certificate of Registration No. 98502 issued by Business Registration and Licensing Agency (BRELA). The firm is also registered by National Board of Accountants and Auditors (“NBAA”) with the Registration No. PF 027, and is licensed by the Tanzania Revenue Authority (“TRA”) as practicing tax consultants. Our range of professional activities includes offering financial consulting services in auditing, accounting and taxation, business consulting, management consulting, information technology and legal advisory services to the Private Sector, Public Sector, NGOs and Religious Organizations. The firm was founded as a Partnership in 1993 in Arusha, Tanzania, with the aim of providing Accounting, Tax Consulting and Business Advisory Services to our clients. Given Arusha’s status as the headquarters of the East African Community, we soon had clients throughout Arusha and across the country. The partnership was registered with the NBAA as Certified Public Accountants in 2005. Upon seeing the market demand, the Information Technology and Legal Advisory Services were introduced in 2011 when experts in these fields joined the partnership. In 2015, the company opened a branch in Dar es Salaam. MK AUDITORS has a team of well-qualified, energetic and highly experienced professionals, all backed by twenty-three years’ company experience in accounting, tax and business consulting. The firm has served a wide range of clients across diverse industries and sectors since its inception. Our growth has been built on providing superior service to our clients. MK recognizes the importance of excellence in all aspects of our assignments, and our mission, vision and core values reinforce these client service beliefs among our entire team of professionals. A large number of our staff comprises Chartered Accountants (ACCAs) and Certified Public Accountants (CPAs). They include experienced Tax consultants and Certified Systems auditors who are highly trained and have an in depth knowledge of the local environment as well as international knowledge and exposure. www.mkauditors.co.tz 3 MK AUDITORS professionals are unified by a collaborative culture that fosters integrity, honesty, outstanding value to clients’ business and commitment to assist our clients. Our team of professionals are committed to exceptional client service and dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in our clients’ businesses. Our experience and professionalism turns our clients’ business’ vision into a reality. Our teams of energetic, skilled and experienced professionals make MK AUDITORS a better choice for clients operating businesses in various industries. Our services are tailored to meet clients’ needs, whether it is a large, medium, small or fast growing multinational organization. Our firm is characterized by an emphasis to exceed the needs of our clients by delivering a superior level of service. Our goal is always to provide clients with a quality service that focuses on their specific needs. We address business problems with creative solutions, based on practical experience and high level of expertise, professionalism and independence. Our partners and directors have a proven track record of providing accounting, auditing, tax compliance and financial advisory services to various businesses in Tanzania. 4 www.mkauditors.co.tz MISSION, VISION, VALUES MISSION Our mission is to help clients achieve the most effective and efficient way to do business by providing clients with quality financial services that focus on their specific business needs. VISION Our vision is to be the leading financial consulting and advisory firm in Africa. VALUES • We believe that people matter and we value individual opinion. Being a service industry we strive for professionalism in everything we set out to do by respecting clients’ needs and offering exceptional service through sheer hard work and a wide knowledge of the industry we operate in. • We value every individual employee and the effort they bring to each project while encouraging integrity, honesty, high quality performance and opportunity to learn and grow with the firm. • We strive to maintain an environment where a commitment to quality, honesty, respect, fairness and professional ethics governs the actions and decisions of all individuals within our firm. www.mkauditors.co.tz 5 OUR SERVICES APPROACH Our service approach involves integrating our multidisciplinary team of skilled and experienced consultants within the clients’ environment so as to ensure all aspects of the clients’ business are dealt with appropriately. Our approach is distinguished by three elements that underpin our ability to deliver quality and tangible results to our clients. • Collaborative Approach. We work closely with our clients to ensure that we have a complete understanding of the problems to be solved, so as to enable us to deliver appropriately tailored solutions. Action-Oriented. We aim to provide our clients with practical recommendations for their specific business environment that will lead to lasting improvements in the business performance. Structured Approach. We clarify objectives and identify potential constraints in our clients’ finance, tax, management and technology systems, then develop potential actions to help meet the objectives based on both our knowledge of best practices and our understanding of the scope of work. • • We understand how important it is for our clients to have constant contact with MK AUDITORS and for this reason, our partners are in easily accessible. An Engagement Partner and Engagement Manager are always at hand to give support to the engagement team and to deal with any discrepancies that our clients might have. 6 www.mkauditors.co.tz OUR PRODUCTS AND SERVICES Finance has become one major industry with a myriad of associated activities. The ever-changing market and the diversified economy, has spawned a multitude of industries, creating a challenging work scenario, where innovation and speed hold the key to success. We provide Professional services as detailed below: • • • • • • Audit, risk assurance and advisory services Tax consulting services Corporate finance Management consulting Business Support services Company secretarial and legal advisory services AUDIT, RISK ASSURANCE AND ADVISORY SERVICES 1. AUDIT, RISK ASSURANCE SERVICES Assurance services provide value to decision-makers on reliability of the information. It relies on independence and objectivity, which are ensured through appropriate selection, allocation and training of partners and staff, together with the application of high standards of quality control. We work on the foundation of quality and integrity complying with International Standards on Auditing (ISA), and well focused on the goals to achieve. We set milestones and time - frames for every project undertaken and our team engages in constant interaction with our clients, from start to end. This ensures that our report complies with clients’ requirements and our end result accredits to customer satisfaction. Services include: • Statutory audit, which provides a high level of assurance to those using the annual accounts of companies and other entities • Non-statutory audit and supplements to statutory audit, which can be tailored to the particular needs of users and circumstances of the entity being audited. www.mkauditors.co.tz 7 • Internal audit, providing assurance to management that its systems and controls are effective, both in design and in operation. Special-purpose reports for particular users who seek independent corroboration of financial information supplied by a business. They include: a. Report on the reliability of non-financial information supplied by entities for various purposes. b. Reporting to regulators on financial and non-financial information produced by regulated businesses. c. Specialized fraud reviews. • 2. ADVISORY SERVICES Businesses need stable foundations and even the most creative commercial ideas have to stack up financially. Effective management is what turns ideas, products and services into steady profits. Our Services include: • Assisting clients in setting reliable accounting and control systems (both computerized and clerical). • Assisting clients with the preparation of regular management information, including management accounts. • Helping clients with the preparation of annual accounts that meet statutory and other requirements. • Providing sound and insightful financial advice and commentary, based on reviewing the accounts and other information. 3. MANAGEMENT AUDIT With the help of management auditors, MK AUDITORS’ audit techniques are customized as per client requirements. The scope of the audit is defined as per internal controls and is carried out with specific emphasis on cost control. 8 www.mkauditors.co.tz 4. PROJECT AUDIT Project Audits are carried out in a phased manner, right from the planning to execution phase, where each milestone is assessed/ reviewed in regard to the inputs (cost, material etc.) and the outcome set in the planned budget. 5. RISK ASSESSMENT / REVIEWS: Risk analyses are carried out during the execution of every phase of a business process and the corresponding risk factors are duly studied, to generate a Risk Mitigation Report. This helps our clients to minimize unavoidable risks and also take a different course, in cases where risks can be nullified. TAXATION SERVICES Proficient tax advice is vital for businesses. MK AUDITORS ensures that complex tax issues are made simple for our clients in order to help retain and utilize more of their assets while minimizing taxes. MK Auditors tax compliance and advisory services offer comprehensive client tax plan that best meets their goals. Tax services provided include: CORPORATE TAX COMPLIANCE SERVICES a. Review of the draft and final accounts in order to determine the taxable sources of income and highlight any tax exposure areas that arise; b. Preparation of the annual income tax computation; c. Completion and submission of self-assessment return together with the financial statements to clients for signature and subsequently to the Tanzania Revenue Authority (TRA); d. Computation of installments taxes and tax balances payable, advice on when the instilments are due and assist clients in making payments to the TRA; and e. Dealing with any clarifications or routine matters relating to the tax computation. f. We support our clients for tax audits, investigations and assessments by the TRA as a separate component of our corporate tax compliance being outside the scope of service areas listed above. www.mkauditors.co.tz 9 1. SPECIFIC TAX ADVISORY SERVICES • Special reports or opinions MK AUDITORS performs analyzes and issues special reports or where applicable, express opinions on tax matters that require specific attention. • VAT refund certification MK AUDITORS issues statutory compulsory audit certificate (Certificate of Genuineness) certifying the refundable amount. VAT specialists verify on a regular basis the documents in support of the amounts claimed in order to obtain reasonable assurance that the amounts claimed are free from material misstatement. . • Tax risk opportunity Reviews MK ADITORS conducts review of clients’ systems of reporting and compliance to local and international tax laws and provide insights in efficiently addressing potential risks or opportunities. The purpose of Risk & Opportunity Reviews is to evaluate existing exposures and identify possible errors, inefficiencies or potential risk areas. The scope can include all taxes or only certain types of taxes of the clients’ utmost concern. Where identified, tax saving opportunities will be explored. • Tax due diligence Identifying tax risks that can impede or even derail a merger or acquisition is a critical aspect of the due diligence process. Our tax due diligence procedures (both buy-side and sell-side, or reverse due diligence) helps our clients pinpoint and investigate tax risks prior to the execution of a transaction. Specifically, we analyze a target company‘s historical compliance in the following area: Dealing with tax Authorities MK would defend the Company’s interests in dealings with tax authorities, by any of their agencies at any stage of proceedings. These proceedings could consist of: a. Drafting and filing any administrative objections against assessments. b. Drafting and filing claims of any kind with the authorities. c. Drawing up any special applications granted the rights provided for in specific legislation. 10 www.mkauditors.co.tz d. Assisting the Company with TRA tax audits, including attending tax inspections that may be conducted at the Company’s premises, attending to information requests by TRA, reviewing TRA’s quantifications of tax liabilities and meeting TRA officials. e. Requests for rulings from the tax authorities. We will draft, fill and follow-up any requests for rulings or authorizations that must be submitted to the Tax Authorities. 2. PAYROLL TAXES Currently there is an increased statutory compliance by the revenue authority (TRA) on employment tax returns audits. A correct operation and compliance with the PAYE system is important, along with minimizing payroll costs, including the payroll taxes. A good design of compensation and remuneration package including salary, benefits, bonuses and share incentive schemes can provide cost and tax savings for both employers and employees. In performing this function we at MK AUDITORS ensure that we effectively manage our clients’ payroll. This includes • • • • • • • • Designing a tax conscious payroll Employee compensation benefits review and design Setting up the payroll details onto our system Preparation of the payroll including pay slips; this comprises computing all statutory deductions from individual employees’ pay Preparation of payroll reports tailored to meet our clients’ requirements Deposit of salaries to employees’ bank accounts Timely remittance of statutory deductions to various authorities. Preparation and timely submission of PAYE returns to TRA 3. VALUE ADDED TAX (VAT) COMPLIANCE SERVICES It is a statutory obligation for all registered companies to file VAT returns and pay tax on monthly basis, failure to do so will result in penalties and interest. For VAT compliance services, we perform the following tasks: • Review of various company transactions, nature of business operations, various types of goods/services supplied in order to identify the sources of the goods/services and advise clients for purposes of VAT categorization. www.mkauditors.co.tz 11 • Advising and assisting clients identify and select electronic fiscal device (EFD) suitable for their specific business operations. Preparation of VAT returns and accompanying schedules and submitting them to TRA on behalf of the company. • 4. WITHHOLDING TAXES COMPLIANCE SERVICES Changes in tax laws are difficult for business to keep up with; therefore a proficient tax advice is vital to businesses. Our specialist in this field keeps our clients informed on the changes and interprets these changes as tailored to their specific business operations. Coverage includes: • Review of clients’ transactions and advise on the services that are subject to withholding tax Based on clients’ information provided to us, we advise and compute withholding taxes where applicable. We prepare a six month withholding tax summary statement on behalf of clients. Provision of constant reminders for timely submission and payment of withholding taxes. • • • 5. TAX COMPLIANCE ADVISORY SERVICES. • • Custom and Excise Duties. Other taxes such as municipality taxes, community taxes, nonfiscal taxes and other fees and duties that may be applicable, given the specific object of activity of the Company. Updates on tax developments on amendments, changes and/or new pieces of tax law and related regulations that have an impact on the Company’s tax compliance. Statutory Accounting Preparation and Submission • • 6. INTERACTIVE TRAINING WORKSHOPS Conducting staff training on Taxes is essential if an organization wants to keep abreast of the latest tax laws. We also recommend following up the Risk and Opportunity Review with a practical, tailor- made and highly interactive training session to fill in the gaps identified by the tax review, where the staff responsible for accounting and tax matters get the opportunity to learn more from our tax specialists. Turning our clients’ businesses into a successful reality requires specialist assistance and often calls for additional finance. An acquisition, disposal, listing or overseas expansion may be the single business transaction that a company faces. The support of people who have many years’ experience in these areas can make the difference. 12 www.mkauditors.co.tz CORPORATE FINANCE Turning our clients’ business into a successful reality requires specialist assistance and often calls for additional finance. An acquisition, disposal, listing or overseas expansion may be the single business transaction a business may face. The support of people who have many years experience in these areas can make the difference. 1. FINANCIAL INVESTIGATIONS AND BUSINESS VALUATIONS We specialize in financial investigations and valuations of companies and business in all sectors, providing: • • • • • • Pre-acquisition and pre-lending investigations for trade buyers and financial investors Post-acquisition investigations to assist in the integration of newly acquired business Vendor due diligence, pre-disposal due diligence for vendors and potential acquirers Long-form investigations and reports for stock exchange listing and transactions Market valuations of companies and businesses for sale, purchase or fundraising DCF valuations of businesses, assets and fast-moving technology 2. MERGERS AND ACQUISITION At certain points in the development of a business it may be appropriate to enter into merger and acquisition (M&A) transactions that result in a significant change to the structure of the business going forward. The reasons behind such changes vary but it is vital that a business seeks good professional advice when considering such options. MK AUDITORS has considerable experience in advising and supporting clients in the planning, negotiation, and completion of M&A deals. Our involvement at an early stage is advisable to ensure our clients are properly prepared as this is fundamental to the success of any M&A transaction. Our services include but are not limited to: • • Strategic advice - we provide support in the initial planning stage of our clients’ business development. A third party view is often invaluable in exploring clients’ options. Valuation advice - we provide guidance on possible values of www.mkauditors.co.tz 13 • • • • • • acquisition targets or businesses that are to be divested. Business Planning - we help our clients plan in more detail how their M&A transactions will fit into their business development strategy. Financial Modeling - we assist in the development of financial models to assess the impact of the M&A transaction and to help identify any associated fund raising requirement. Re-active acquisition search - we use our M&A team and national network to identify acquisition opportunities where a party has made it known that a business is for sale. Pro-active acquisition search - we research potential targets that are not currently for sale and approach them on our clients’ behalf to see if they may be interested in entering into preliminary discussions. Full acquisition support role - once an acquisition or merger target has been identified, we support our clients through the whole process. This will include initial negotiations/investigation, valuation advice, agreeing the form of the deal, due diligence, negotiation of the acquisition agreement and working with our clients’ lawyers and other advisors until the deal is completed. Full divestment support role - should our clients wish to sell part or all of their business, we tend to provide a full supportive role. This could include a pre-sale evaluation, valuation advice, preparation of an information package, research of likely buyers, approaching buyers, agreeing the form of the deal, due diligence, negotiation of the sale agreement and working with our clients’ lawyers and other advisers until the deal is completed. 3. FINANCIAL DUE DILIGENCE Our due diligence team is composed of specialists who work closely with our clients’ internal team and other advisers to deliver a fully integrated support service, delivering reports tailored to our clients’ requirements. In major transactions - such as acquisitions, disposals and mergers - both our clients and our clients’ funders need the best possible assurance that there are no unforeseen hazards inherent in the venture. Due diligence is the process by which we assess all the relevant financial factors thoroughly in advance. 14 www.mkauditors.co.tz 4. DEAL STRUCTURING Deal structuring is a segmented approach to the payment deeds of any business transaction, where precisely-formulated documents of the company‘s assets, capital, debts and the funding for transaction are phased to ensure a smooth, discrepancy-free process. We provide support throughout transactions, from pre-deal evaluation through to completion and post-deal integration or separation. Our services include: • Pre-deal evaluation – Initial desktop review assessment to identify the key risk factors and potential deal breakers in the proposed transaction. • Transaction evaluation – Comprehensive financial due diligence review as part of our client’s overall assessment of the proposed transaction. • Vendor Support – Pre-sale reviews and grooming of businesses prior to disposal. • Vendor due diligence – An independent analysis and evaluation of a business‘s financial performance, prepared at an early stage of the disposal process. • Stock exchange reporting – We take on the reporting accountant role in public documents on the Official List, AIM and other public markets. 5. REPORTING ACCOUNTANT SERVICES. When a company wishes to float their company on the stock exchange (e.g. AIM or the Official List), comprehensive reports are required to support the flotation. We at MK AUDITORS prepare all the necessary reports for these procedures. 6. INVESTIGATION AND FORENSIC AUDIT SERVICES Forensic auditing is a blend of traditional accounting, auditing, and financial detective work. Technology has an increasingly important role to play, with complex data analysis techniques employed to help flag areas that warrant further investigation. Forensic auditing offers a toolset that company managers can use to help detect and investigate various forms of white-collar financial impropriety and inappropriate or inefficient use of resources. As company structures and controls become ever more complex, so too does the scope for employees with specialized knowledge of the way control systems work to bypass them. In the past, various forms of auditing have been employed after a major control breach has come to light, but executives are now increasingly looking at forensic auditing to help identify vulnerabilities in financial control. www.mkauditors.co.tz 15 MANAGEMENT CONSULTANCY In order for our clients’ business to move forward and achieve their goals, it is vital to understand where their business is today and create a roadmap to get to their destination. MK AUDITORS work with our clients to ensure that their strategic plan expresses realistic, consistent and focused objectives. We then help our clients craft strategies to help them reach their objectives, and do so in a timely manner. We establish measuring and reporting systems that assign responsibility and accountability for attaining goals. Management consultancy is about helping organizations to improve their performance. A good consultant helps an organization to finetune their business to measure success, improve efficiency, maximize performance and minimize risk. An effective service helps an organization know where it stands in a particular market, decide where it wants to go, and work out how to get there. We enable clients to achieve integrated solutions to their business requirements and to complete a change program to time and budget. We acknowledge a need to provide best value for money and leave sustainable benefits from our assignments. BUSINESS SUPPORT SERVICES At MK AUDITORS we aim to meet all of our clients’ business needs whether it be dealing with legislations, regulations or the demands of HR and IT; all of these can consume valuable time and energy, leading to inefficiency within the organization. When it comes to developing and expanding into new areas, we help our clients overcome hurdles and gain a competitive advantage within their respective industries. Our business support needs include: 1. FINANCE DEPARTMENT OUTSOURCING An outsourced finance department can significantly reduce an organization administrative burden, IT and finance staff costs. With MK AUDITORS performing a client’s accounting and administrative functions, a client can rest in peace knowing that they will have more time to grow their business and improve their services while we handle the rest. 16 www.mkauditors.co.tz Our specialists work to understand the dynamics of a client’s organization so that their specific accounting needs are met. We provide management with information vital to the running of the business. We ensure that our clients are fully compliant with regulatory requirements and that they meet reporting deadlines. We also help our clients prepare internal financial procedure manuals based on best practice and the systems adopted by their organization. 2. ACCOUNTING SOFTWARE SELECTION At MK AUDITORS we encourage our clients to use the most appropriate accounting software. When clients are unsatisfied with their current software or wish to implement a new or enhanced system, they usually turn to us for advice on the best choices. 3. MANAGEMENT REPORTING In any business, key financial decisions by management must be based on hard data. This makes it vital to have effective management reporting. To ensure our clients keep appropriate management reports we set up charts of accounts and prepare quarterly or monthly management accounts for them. We prepare VAT returns based on these reports and assist with the preparation of financial projections. We also prepare year-end accounts for our clients, with a fully cross-referenced working paper file ready for submission to the auditors. www.mkauditors.co.tz 17 4. BUSINESS PLANNING. A business plan is vital if an organization is to evolve in anything other than in a haphazard way. It helps the organization gauge income and expenditure, handle unforeseen circumstances, and underpins good business decisions. It provides valuable information to those who work for the organization or with the organization (such as suppliers) and assists with the proper allocation of resources. Moreover, if an organization is seeking funding for its business idea, having a business plan is critical. The organization will need to demonstrate to potential backers a strong understanding of how and why there is a need for their product or service. These backers will also need concrete assurance as to how their investments will be repaid. MK AUDITORS can review an organization’s business plan and help complete it, highlighting areas of weakness and suggesting solutions. As a first step, we at MK AUDITORS recommend our clients to complete our business plan questionnaire, to enable us assess our client’s current state of resources. This helps provide us with a rough initial idea of our client’s current strengths and weaknesses, enabling us to advice more effectively. 5. END OF YEAR ACCOUNTING ASSISTANCE MK AUDITORS provides our client with expert support when they are preparing their year-end statutory accounts. We offer precisely the level of assistance our clients need – from simply helping them get ready for an audit to undertaking the complete preparation of their accounts. Our extensive experience in this area covers all kinds of organizations, including limited companies, partnerships, charities, trusts, sole traders, joint ventures and other business entities. WE PREPARE • Multi-currency management reports under US GAAP or IFRS • Year-end statutory accounts • Timely reports for inclusion in the group accounts. WE CAN HANDLE • VAT registration • Completion of quarterly or monthly returns • Payroll services WE CAN PROVIDE • Advice on transfer pricing • Expert guidance on direct and indirect global tax planning issues • Company secretarial services 18 www.mkauditors.co.tz PAYROLL Our payroll consultants will help clients negotiate a highly complex area of law that has strict penalties for failure to comply. We take care of all the forms and paperwork, organizing our schedule to meet client’s timescale and ensuring that deadlines are met. 6. HUMAN RESOURCE CONSULTANCY Getting the right people and ensuring that they have the necessary skills is essential for business success. MK AUDITORS offers a specialist service providing independent human resource advice in a variety of key areas. Getting human resources right is critical to the success of many businesses. For efficient utilization, we provide the following: • • • • • • Management Audits – providing assurance on suitability of the existing manpower to effectively carry out the tasks allotted to them. Manpower planning – advising on optimal manpower requirements based on the client‘s current and future needs. Executive searches and recruitment – MK consulting ensures that staff recruited will fit in within the client‘s structure and organization culture. Human resource policies and procedures – reviewing, designing and documenting human resource policies and procedures. Design of remuneration and benefit structures and performance based reward schemes –designing packages that increase staff loyalty and performance. Training and Development. The performance of people in any organization is crucial to achieving business success in a highly competitive world. The more capable and qualified the employees, the better the performance of the organization. Staff therefore, need to be continuously developed in order to realize their full potential and to secure competitive advantage for the organization. Whilst we recognize the importance of structured on-the-job development, the role that formal off-the-job training provides is also critical in the development process. We provide a comprehensive generic range of training and development courses and workshops, designed to meet the varied and changing needs of employees at all levels. The programs are skill based and provide considerable opportunity for practical sessions and discussions. We also provide personalized in house training for the organizations’ Staff. MK AUDITORS is always happy to discuss tailored courses for our clients’ organizations. www.mkauditors.co.tz 19 COMPANY SECRETARIAL AND LEGAL ADVISORY SERVICES 1. BUSINESS AND CORPORATE Diligent representation during formation and contract negotiations can help prevent problems that may threaten a client’s business down the road. We work with our clients from the beginning, advising them on what type of business to form (a Corporation, Partnership, or other), and preparing their organization documents including: • • • • • • • • • Company formations Corporate Secretarial Shareholder & Partnership Agreements Business & Commercial Transactions Mergers, Acquisitions and Dispositions Conveyance Receivership Insolvency Contract Drafting & Negotiating 2. EMPLOYMENT LAW Employment law is no longer an area any business can afford to ignore. The ground rules change yearly, and staying current is an operational challenge. Our firm specializes in ensuring that businesses are in compliance with all areas of employment law and in preventing employment-related problems before they arise. Our Services Under Our services under employment Law include • Due Diligence - Compliance Audit for new Labor Laws. • Training on & Incorporation of New Employment & Labor Law Relations. • Contracts Drafting & Negotiation. 20 www.mkauditors.co.tz 3. BANKING AND FINANCIAL INSTITUTION The banking industry is highly regulated in Tanzania. Compliance with statutes, rules, and regulations applicable to banks and other financial institutions is detailed and highly complex. The assistance of competent firm like ours is a necessity when dealing with such matters as commercial loan transactions, real-estate property and asset-based financing, real estate, wealth management, and regulatory matters. Our understanding of the banking industries and banking business in Tanzania greatly enhances our representation of large and small financial institutions. We can assist with • Loan documentation and negotiation. • The creation and perfection of security interests. • Bank regulatory compliance. • Advice on unique banking law issues. • Various matters for bank securities, debenture and mortgage. 4. INSURANCE LAW We also provide advisory services to our clients on compliance to insurance laws and the benefits thereof. 5. CAPITAL MARKETS & SECURITIES Our capital markets and securities practice provides a full range of services in advising underwriters, issuers and purchasers in both public and private securities offerings. These offerings involve debt, equity and combinations thereof in certain instances. The scope of work includes advising on transactions such as: • • • • • • Initial Public Offerings (IPO) Secondary Public Offerings Bond Issues Private Placements Rights Offers Compliance With Ongoing Obligations In Terms Of The Listings Requirements Of The DSE (Dar es Salaam Stock Exchange) Our role in capital markets transactions includes acting as Tanzanian counsel for both issuers and underwriters for cross-border transactions. www.mkauditors.co.tz 21 6. INTELLECTUAL PROPERTY Intellectual Property (IP) is a critical component of any business strategy. Well-crafted and properly managed IP has the ability to enlarge the market share of any company on a domestic and international level. On the other hand, poorly managed or neglected IP has the ability to unravel the most efficient operation. Poorly managed IPOs can result in companies’ under subscription of shares by the public which may cause limited funds for the said organization. At MK AUDITORS, we specialize in helping companies of all types and sizes develop and protect their intellectual assets. With experience in patents, trademarks, copyrights, and licensing programs, Corporate & Legal Services Limited, MK AUDITORS can handle all of your intellectual property needs, which include: Patents & Trade Marks Registration. The registration process takes about 90 days, it includes: • • • Conducting an official search Advertisement in the Government Gazette Registration 7. LEGAL DRAFTING & NEGOTIATIONS MK will provide technical assistance in your general and specific business transactions by providing legal drafting and negotiation services, which include: • Employment Agreements. • Equipment Lease Agreement for clients engaged in leasing various types of business equipment, and assistance in the implementation of the lease program. • Consulting Services Agreements for clients providing consulting services, while protecting the unique intellectual property assets of the client. • Full-form Construction Contracts for a variety of industrial construction clients. • Franchise Agreements for a variety of franchisees. • Customer Agreements, including full compliance with Tanzanian statutes. • Publishing Agreements on behalf of authors. • Joint venture arrangements to establish business partnerships. • Development Agreements 22 www.mkauditors.co.tz OUR TEAM DR. JONES TINDYEBWA KALESHU DR. Kaleshu is a registered professional accountant (CPA-PP). He holds a CPA certificate from the National Board of accountants obtained in 1987, MBA and PHD from the University of DSM. He has served the Moshi Cooperative University for 24 years as a senior lecturer. On the managerial front, served as a Chief Accountant with the Tanzania Gemstone Industries Ltd before joining the then Cooperative College as a Principal tutor in Taxation, accounting and Finance in 1991. At the university he rose from a head of Short Courses Unit, to become the head of Postgraduate Studies department, and thereafter he became Director of Studies and Programmes (DSP). In 2005 he became the Deputy Principal Academic Officer for the University College until 2008 when he left for further studies. Between 1998 and 2004 he was the manager responsible for coordinating the upgrading of then Cooperative College into a University College Status and in 2013 he was the chairperson of the Institutional Transformation Team that spearheaded the upgrading of then Moshi University College of Cooperative and Business Studies (MUCCoBS) to a fully-fledged university in 2014. Dr. Kaleshu has conducted a number of consultancies in the microfinance sector both locally and internationally. He is also a partner in MK AUDITORS a small firm operating in Arusha and Moshi with a client base made entirely up of SMEs and thus more versed with challenges they face in preparation of financial statements, reporting and management. The firm has recently opened an office in Dar es-Salaam. With respect to project reviews, Kaleshu has participated in a number of assignments either as a team leader or a member of the team. Dr. Kaleshu is currently undertaking a major research activity: Demands of the Labor Market: A Case of Selected Universities In Tanzania – in Progress- to be completed in May, 2017; a project that involves Moshi Cooperative University and scholars from universities outside Tanzania Other undertakings include the following: In July 2015, he was a team leader of two consultants who undertook End of Program Evaluation of Rural Financial Institutions Program (RUFIP), undertaking a Comprehensive Training Needs Assessment (TNA) for Grass Roots Rural Financial Institutions and Other Stakeholders of the www.mkauditors.co.tz 23 MIVARF Program which dealt with establishing the training needs of rural microfinance institutions in the whole of Tanzania. The assignment took place between November, 2013 and February, 2014 where he led a team of four consultants. In September, 2013, Dr. Kaleshu undertook a Mid-Term Review of the Salvation Army Tanzania Territory’s Microcredit Partnership (SAMIDE) Scheme. Between December, 2010 and January, 2011 he was a member of a team of two consultants commissioned by the Financial Sector Deepening Trust (FSDT) to carry out a mid-term review for FERT/USAWA, a Network of SACCOS in Kilimanjaro region. The assignment involved assessing levels of achievement and impact by comparing planned targets against actual, grant utilization, drawing lessons, assessing sustainability of USAWA as a network and recommending the way forward. Between February and March, 2010 he was a member consulting team to Lesotho that carried out an evaluation of the Rural Financial Intermediation Programme (RUFIP). This was a four year project funded by IFAD/ Government of Lesotho (GOL) to assist the Department of Cooperatives (DOC) and the microfinance sub-sector build up the capacity for provision of effective financial services to the unbanked rural poor. The work involved an assessment of the institutional set-up for Department of Cooperatives (DOC), assessment and identification of training needs for the DOC and SACCOS and then preparation of a comprehensive turnaround strategy for both the DOC and SACCOS. The work was commissioned by IFAD/ GOL. In 2002/2003 Dr. Kaleshu was a team member of Review of 30 MicroFinance Institutions supported by Rural Financial Services Programme (RFSP). The study aimed at identifying and analyzing the status of Microfinance Institutions supported by RFSP. RFSP operated under the auspices of the Prime Minister’s Office and was jointly funded by Government of Tanzania and IFAD. Dr. Kaleshu has also led teams that reviewed and developed cooperative development policies for Lesotho, Swaziland and Zanzibar between 2008 and 2010. Dr. Kaleshu apart from participating in reviews, has participated in a number of assignments related to microfinance/SACCOS promotion, development and capacity building both locally and internationally. CONTACTS Mobile: - | - Email:-|- 24 www.mkauditors.co.tz MR. JOHN BARAKA Baraka is a Certified Public Accountant, awarded by the National Board of Accountant and Auditors (NBAA) in May 2012. He is a 2010 graduate from the Mzumbe University in Bachelor of Accounting and Finance (BAF). He is a licensed tax consultant approved by Tanzania Revenue Authority (TRA) and has a five years solid experience in tax consultancy. He has been Partner at MK Auditors since 2015 where he heads the Tax Consulting Department. He has conducted a number of consultancies in the non-governmental sector both locally and internationally. He has been involved in consultancy with three youth organizations in Tanzania on the project funded by the Federation for International Cooperation (FIC) in financial management and resource mobilization. In the non-governmental sector, Baraka has been a facilitator of various training conducted by LSF and Foundation for Civil Society. Baraka is also a tax consultant for various private companies operating in Tanzania and outside Tanzania, where he has been administering all the matters relating to tax. He has years of experience in accounting and audit work as a result of his responsibility for serving a diverse range of clients in East Africa including, TAG SYSTEMS & KASEGENYA & CO. He has also been involved in training of Financial Management and resource mobilization. Baraka thus brings with him to MK Auditors an amazing experience and skills in tax consultancy and financial management training. He is well poised to take on challenging tasks in tax, auditing, enterprise risk analysis, financial reporting standards compliance and financial advisory assignments for both local and multinational companies operating in Tanzania, as well as training of clients’ finance staff. CONTACTS Mobile: - | - | - Email:-or- www.mkauditors.co.tz 25 MICHAEL KISANGA Michael is an accountant by profession and alumni of PERTH UNIVERSITY (UK). He is currently taking his ACCA at the Financial Training Center. He is the Senior Auditor at MK AUDITORS. With over 5 years experience of working with different organizations, in different industries, Michael Kisanga brings a wide array of skills and expertise to MK AUDITORS. With experience in Training and Finance, Michael brings with him not only finance skills but leadership skills coupled with capabilities in staff training. From 2005 to 2009 Michael was involved in IT skills training at the JVM International Training Centre, Mbabane, Swaziland. Main task included IT skills improvement geared at practical capacity development for government and private services accounting employees’ performance enhancement, using EXCEL and SAGE. Application software.. Between 2005 and 2008 he studied Accounting at SRC Perth University (UK). During his studies, he was Vice President of the college Student body. After coming back to Tanzania he was an intern at Deloitte & Touche, then became an Audit Associate at Mekonsult where he spent two years assisting in reviewing, evaluating and making recommendations for the correction or improvement of internal, operational and management control systems and organizational unit performance for different clients. Michael is a focused, capable and articulate Audit Associate, who has a long track record of making sure that audits are carried out to the highest professional and regulatory standards. Michael is a consummate professional who is more than able to ensure that all business risks are anticipated, identified, recognized, managed and dealt with using appropriate mitigation actions. His strength in MK includes, but is not limited to executing robust Audit Plans, Audit Strategies and managing larger-scale audit assignments. CONTACTS Mobile: - Email:-hotmail.com |- 26 | michaelkisanga@ www.mkauditors.co.tz AGAPITI BENJAMINI Agapiti is a Certified Public Accountant, awarded by the National Board of Accountant and Auditors (NBAA) in May 2012. He is a 2007 graduate from the University of Dar es Salaam in Bachelor of Commerce specializes in Accounting. Agapiti has a solid 6 years’ experience in auditing public sector and private companies with multinational affiliations. Agapiti thus banks with MK an amazing experience and skills in auditing and assurance services giving the firm a stronghold base into the audit, risk assurance and financial advisory services. Agapiti specializes in auditing and risk assurance and advisory services. With years of experience in accounting and audit work as a result of his responsibility for serving a diverse range of clients in East Africa with an international consulting firm, PKF, and training in business administration, Agapiti is certainly well poised to take on challenging tasks in auditing, enterprise risk analysis, financial reporting standards compliance and financial advisory assignments for both local and multinational companies operating in Tanzania. CONTACTS Mobile: - | - Email:-or- www.mkauditors.co.tz 27 COSTECH Building, 3rd Floor Along New Bagamoyo Road P. O. Box 34059, Dar es Salaam, Tanzania Mob: - | - | - Email:-Web: www.mkauditors.co.tz