A

April 2023 1

PR
IL
20
23
THE CHARTERED

|
IS
ACCOUNTANT

SU
E
N
O
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7
Published by The Institute of Chartered Accountants of Zimbabwe. Not for Sale

OF
I N T E G R I TY

ICAZ
invests in youth

ZIMBABWE
takes lead in ESG reporting

INSURERS
laud IFRS 17 implementation
CELEBRATING
105 years of integrity, archievements, impact and
contributions of CA(Z) to the economy and nation
| www.icaz.org.zw
OfficialICAZ @icazicaz icaz of Zimbabwe and to the global village at large.
 2 April 2023

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 April 2023 1

Contents
REGULARS
02 PRESIDENT’S NOTE

FEATURE
12 Zimbabwean CA breaks barriers in St Helena
… where she recently became the first female to hold an
office at the level of a director in the national audit office.

ICAZ NEWS
04 ICAZ invests in youth

ICAZ holds networking 08

… as it celebrates 105 years of excellence
ICAZ holds networking events for students

events for students THE PROFESSION

Story on page 08
06 ESG reporting: Zim ‘on front foot’
“... a call to participate and influence the standard-setting
process”
16 The evolving role of CFO is driven by data

THE CHARTERED The role of the CFO has evolved in recent years from the

Accountant
person in control of the purse strings, to the trusted right
hand of the CEO
20 Insurers laud IFRS 17 implementation

YOUR OPINION MATTERS

We 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:

Published by:

for the Institute of Chartered Accountants of Zimbabwe

2nd Floor, Green Bridge South,
Eastgate Complex, Harare, Zimbabwe
Web: www.financialgazette.co.zw
Tel: (+242) 781 571-9

EDITORIAL
Editor: Edinah Gemu
Editorial Advisors Omega Ukama & The Chartered Accountant
William Mandisodza c/o The Institute of Chartered Accountants of Zimbabwe
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Photography: Freedom Mashava

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 2 April 2023

Resilience
and Agility
Dear members
I trust you started your 2023 well.
At ICAZ, the year began with much
pomp and fun fair as the Institute
celebrated 105 years in existence.
As you all know 11 January was
Chartered Accountants Day signifying
the anniversary of the Institute’s
birth. On this occasion of our 105th
anniversary the Institute donated ‘A’
Level Accounting text books to all the
S2 status schools i.e. former Group
B Schools of the Harare province
that offer Accounting at ‘A’ Level.
This is part of the ICAZ efforts to
continue to provide leadership for
the development, promotion, and
improvement of the accountancy
profession.
Davison Charamba (ICAZ President)

On 24 February 2023 the CEO and myself had the Chartered Accountants in Zimbabwe. At ICAZ we skill the public sector which has been lagging in
opportunity to interact with members in Dubai on are proud that we continue to give this opportunity professionalisation hence ICAZ’s focus on this arm of
our way to New York USA where we attended the to the less privileged. the public sector.
Chartered Accountants Worldwide (CAW) annual The ICAZ-Old Mutual Charity Golf Day was held in
meetings which were held from 26 February to 28 Harare at Chapman Golf Club, on 17 March 2023, Fellow members I am also pleased to say that
February 2023. It continues to bring pride to see and I am pleased to say it was a resounding success our revered Zimbabwe Certificate in Theory of
how our members are flying the ICAZ flag so high all with 25 teams participating. This was a memorable Accounting Science (ZCTA) qualification will
over the world as this was evident in both the UAE assembly of golf experts from the profession and non- now be offered as a standalone course to the
and the USA. The Institute will endeavour to engage member executives from industry and commerce. I general public. The course is now available for
and serve all members in their various geographical want to thank you for taking time off your busy professionals intending to upskill on their financial
locations. schedules to come and have fun for a worthy cause reporting, auditing, financial management and
I would like to congratulate candidates who as the funds raised are always channelled towards taxation competences and will also continue to
successfully passed the 2022 Assessment of the enhancement of accountancy among those less be for students intending to pursue the Chartered
Professional Competence (APC) examination privileged. Accountancy profession.
which is the final exam before one can apply and Our heartfelt gratitude goes to our standing partner I would also like to say thank you to the Botswana
be admitted into membership as a Chartered The Chartered Accountants Academy (CAA) Chapter who are working tirelessly with the ICAZ
Accountant (Zimbabwe). A total of 283 candidates which donated solar equipment to ICAZ earlier in Secretariat in organizing the 2023 “ Winter School” in
wrote the APC exam in December 2022 of these, the month of March. This was done to eradicate Maun. This event has generated so much excitement
142 (50%) were successful. We therefore expect the perennial operational distractions that the Institute and to date over 150 members have confirmed and
142 successful candidates to join the fold of ICAZ had been facing due to power cuts that the area paid their deposits. I urge members to continue
members soon. Among these I would especially continuously experiences. This will drastically checking on the ICAZ website and all our social
like to acknowledge the first Vimbiso Trust Fund positively impact on the daily operations of our media platforms or simply email winterschool@
APC Graduate, Tafadzwa Schvonne Makwamure Institute. icaz.org.zw for developments relating to the winter
who has been doing her training with AMG As part of the professionalization of the public school.
Global. Fellow members the ICAZ - CASS Vimbiso sector by the Institute, a conference was successfully
Scholarship Fund has become a bridge to a brighter held in Gweru on 01 and 02 April 2023 for the Davison Charamba
future for some underprivileged aspiring Local Authorities. This is one of the initial steps to PRESIDENT

www.icaz.org.zw |
April 2023 3

| www.icaz.org.zw
 4 April 2023

ICAZ invests in youth

… as it celebrates 105 years of integrity

“Our schools are facing critical shortage of ensure that the books are put to correct use,
resources such as textbooks… it is therefore kept safely so that they can be used by other
extremely gratifying to note that the Institute students. Inhaka yemusiidzwana.”
realised that administering the training of Meanwhile, ICAZ continued to celebrate
Chartered Accountants should begin at its centenary as it published a book titled
secondary level.” ‘Celebrating the last 100 years and moving the
She said the gesture was a long-term investment marker forward’.
for both the Institute and the nation. All proceeds from the book sales are being
“With support of this kind our nation will channelled towards what the Institute is
continue to churn out full baked students calling ‘The Centennial Legacy Fund’, a
acquainted with competitive knowledge. resource designed to promote the continued
“This gesture that you have extended is a seed development of chartered accountants of
that will germinate and multiply into many integrity and the growth and safeguarding of the
more schools within the country. chartered accounting profession.
“The onus is now As part of the celebrations this year, ICAZ also
acknowledged key business leaders who have
upon you
t h e “They impacted the Institute.
have been part “They are among a select group of esteemed
leaders in our nation, who have contributed in
of our journey various ways, as individuals and as members of
institutions,” Charamba said.
and we wish to The honourees received leather-bound
copies of the Centennial Book as a token of
celebrate together acknowledgement of their contribution.

T HE Institute of Chartered Accountants

of Zimbabwe (ICAZ) this year marked
its 105th anniversary with a donation of
A Level accounting text books to all S2 status
schools in the Harare province that offer the
with them, and
there is no better
“They have been part of our journey and we
wish to celebrate together with them, and
there is no better day than our anniversary,” the
president added.
subject. day than our A nationwide launch of the book began last
year under the theme ‘100 years of Integrity’ as
Davison Charamba, the Institute’s president,
said ICAZ was created and continues to provide
anniversary” the Institute “took chartered accounting to the
community”.
leadership for the development, promotion, and
headmasters Ten significant provincial events were hosted in
improvement of the accountancy profession.
and your teachers to collaboration with various ministries.
“Our strategic plan calls for continued work in
the areas of advocacy, diversity, education, and
organisational excellence,” he said at a ceremony
held in Harare in January to mark the occasion.
“As a result, over the past 10 years the Institute
has been donating ‘A’ Level Accounting text
books to schools in the various provinces.
“On this occasion of our 105th anniversary the
Institute will be donating A Level Accounting
text books to all former Group B Schools of the
Harare province.”
Speaking at the event, Primary and Secondary
Education minister, Evelyn Ndlovu, said the
timing of the donation was perfect.
“The ministry is making concerted efforts to
ensure that our education systems structures
remain the best in the continent and competitive
globally.

www.icaz.org.zw |
 April 2023 5

| www.icaz.org.zw
 6 April 2023

T HE Public Accountants and Auditors

Board of Zimbabwe (PAAB) says the
country has taken a proactive approach
to sustainability disclosures in financial
reporting by electing early adoption of
ESG reporting:
Zim ‘on front
International Financial Reporting Standards
(IFRS), which have yet to be issued.
The PAAB decided on early adoption of the
standards last year, as Zimbabwe become

foot’
only the third African nation to do so in a
development that was announced by Finance
minister Mthuli Ncube in November.
The standards are being set by the International
Sustainability Standards Board (ISSB), a
standard-setting board that was established of the standards, minister Ncube said the of the high sustainability standards, which are
by the IFRS foundation in 2021 to help meet country was formalising its support through early expected in some of the markets,” Ndamba
investors’ increasing demand for high-quality adoption. told the Institute of Chartered Accountants of
reporting by companies on climate and other Zimbabwe’s winter school in July last year.
“Taking a cue from the communique issued
environmental, social, and governance (ESG) “We could end up being forced to sell to
by the African ministers of finance… the
matters. low-value markets and fetch little for our
accountancy profession in Zimbabwe and indeed
“As Zimbabwe, we have taken a call to say the government of Zimbabwe endeavours merchandise.”
we will not just be standard takers, we are to meet the needs of capital markets and He said the cost of borrowing is now also tied
making a call to participate and influence the other stakeholders and enhance transparency, to sustainability, “because lenders and financial
standard-setting process,” PAAB’s Secretary, accountability, efficiency, and comparability in institutions also have to cover themselves in
Admire Ndurunduru, said recently at a business.” terms of sustainability”.
business conference in Harare that was graced
“This (early adoption) has the potential to Zimbabwe’s financial services sector has already
by Erkki Liikanen, the chairperson of the IFRS
attract more investment and boost private started integrating sustainability and climate
Foundation.
sector development in Zimbabwe in line with change principles, while the Insurance and
“We have setup structures that will participate the National Development Strategy (NDS1) Pensions Commission said it was coming up with
in the standards setting and that will champion macroeconomic framework premised on an ESG guideline for the industry.
the adoption of the standards, as well as programmes aimed at achieving economic
drive capacity building for the roll out of the transformation through the creation of a IPEC board chairman Albert Nduna said the
standards.” thriving private sector led, open and competitive commission was in the process of framing ESG
economy,” the minister said, adding that early guidelines that were specific to the insurance and
He said the country needed capacity pension industry.
development to roll out and implement the adoption could help unlock and bring to the
standards when they eventually get issued. country capacity building and support. “This will be rooted in prescribed assets
“Further, Zimbabwe and indeed Africa’s voice whose goal is to balance return on capital and
“We need this from IFRS Foundation,” developmental role,” he said in the regulator’s
Ndurunduru said. will be amplified in the standards development
process.” 2021 annual report.
He also urged the foundation to be more Zimbabwe Insurance and Pensions Apex Council
inclusive of Africa in its administration. The minister urged the ISSB to work “closely”
with the PAAB and to provide “strong advisory” (ZIPAC) chairman David Nyabadza said the
“As Africa, we are committed to sustainability, industry had already made significant strides.
and we need support, we need to be close to and capacity-building support to achieve early
adoption of the standards. “A lot of our players, particularly those listed on
what is happening. the Zimbabwe Stock Exchange, are doing a lot in
“Can we have an ISSB office on the continent so “Jurisdictional standard-setting in the field of
sustainability-related financial disclosures is a the sustainability space,” he told The Chartered
that we can be closer to the developments and Accountant recently.
we get contextual intelligence,” he said. relatively new discipline and many jurisdictions,
including Zimbabwe, are participating in this Meanwhile, the Zimbabwe Stock Exchange
For his part, Liikanen promised that the process at scale for the first time.” (ZSE) said it will soon make it mandatory for
foundation would work closely with early listed companies to report on sustainability and
adopter regulators across the region. This follows warnings by experts that Zimbabwe
faced the loss of export markets if regulators and climate change issues as businesses around the
“IFRS will help with transition planning businesses did not prioritise ESG matters more. world come under increasing pressure to shift to
with regards to emissions targets and use of a more socially-conscious form of stakeholder
carbon offsets as well as disclosure of material Regulators around the world have been shifting capitalism.
information about sustainability-related risks ESG principles from a moral responsibility to a
mandatory legal requirement. The local bourse’s chief executive, Justin Bgoni,
and opportunities. told this publication that the ZSE will soon
“Emphasis will be put on consistency and ESG covers the major aspects of socially- implement a number of measures to ensure that
connections between financial statements and responsible investments, and it is a framework companies adopt a new reporting framework on
sustainability disclosures,” he said. for assessing the impact of the sustainability and their ESG impacts.
ethical practices of an organisation.
Zimbabwe’s early adoption of the pending “The ZSE revised its listing rules in 2019 to
standards followed an announcement by Some regulators and businesses in the country encompass requirements for sustainability
African Finance ministers in September have already started implementing ESG information and disclosure. The plan is to
2022, which supported the ISSB’s work protocols, but the country still has some ways to implement ESG disclosure requirements through
saying adoption by African jurisdictions go before it gets up to speed with the rest of the training first and review of financial reports
and companies has the potential to attract world, according to Rodney Ndamba, the chief published by listed companies. We will be issuing
more investment and boost private sector executive of the Institute for Sustainability Africa. a guideline shortly that will give a timeline on
development in Africa. “As a country, our exports are likely to fail to when ESG reporting will become compulsory,”
In his announcement of Zimbabwe’s adoption access high-value international markets because he said.

www.icaz.org.zw |
April 2023 7

| www.icaz.org.zw
 8 April 2023

ICAZ holds networking

events for students
In the month of November 2022, ICAZ held some student networking events
in a bid to foster healthy relationships with its students who are registered for
the CA(Z) training programme under the various ICAZ accredited training
offices. On the 17th , a students’ networking event was held in Bulawayo at the
Bulawayo Club Chambers, where close to 30 students were in attendance.

Bulawayo CASS students following proceedings

Harare CASS students being served lunch at Harare Club

On the 25th , 250 students attended the Harare networking event that
was held at the Harare Club Chambers. We had a mental health awareness
specialist Dr. Leonard Makoni, who spoke on mental health issues, and the
ICAZ Junior Vice President, Brice Musendo, who spoke on challenges being
Harare CASS students following the mental health awareness faced by students during articles of clerkship training programme. ICAZ CEO
session on 25 November 2022 William Mandisodza also spoke on students’ welfare.

Our students are equally important as our members of the ICAZ looks forward to hosting more of these networking events for our
Institute of Chartered Accountants of Zimbabwe, therefore students, as they are our future CA(Z) members who will drive the economy of
we saw the need to create a platform where we could directly Zimbabwe and even compete in the global market.
engage the students to hear their concerns and also network
“Moving the marker forward”
with them as the secretariat.

CASS Corporate Social Responsibility - Dec 2022

On December 24, 2022 the Chartered Accountants Students Society and are enormously grateful to each and every individual and corporate
collaborated with The Kuchengetana Trust in serving Christmas lunch to who has given to their cause. It costs over US$3 500 per day to provide
the Chitungwiza Community. free meals to the underprivileged, and the trust has a team of 10
The Kuchengetana Trust was formed in April 2020 to help those who voluntary workers who work from 4 am to 9 pm.
couldn’t afford a daily meal. They are 100 percent reliant on donations

The Cass team at the Chitungwiza home where Kuchengetana Trust is housed

CASS students serving lunch at Kuchengetana Trust Report compiled by Bay Nengomasha, Students Training Coordinator

www.icaz.org.zw |
 April 2023 9

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10 April 2023

Learning to listen for

true connection

By Ed Garvey-Long Slow down someone that they are being noticed and might
Active listening can be a powerful tool for When another person is talking, we might encourage them to open up more about their
effective communication and connecting with rush to the end of the conversation, guessing situation.
colleagues. Ed Garvey-Long offers tips on how what they are trying to say and getting Empathy is king
to get it right our brains to start rehearsing what is best Everyone has difficulties in their lives from
It might surprise you to hear that there to say in response. In doing so, however, time to time, whether it be work stress, family
are different types of listening. However, our attention shifts, and we risk missing issues or money worries, etc. When listening to
I’m sure we all know the feeling of talking important details. Don’t rush ahead! someone, consider their perspective as much as
with someone and noticing that the other Instead, slow down and really consider what possible.
person’s attention is elsewhere, distracted by is being said to you. Once the other person They might have been nervous about having
something else. has finished speaking, taking a second before this conversation with you or are finding the
This can make us feel like the person we speaking is OK; maybe even ask a follow-up topic hard to talk about. Recall how you’ve felt
are talking to is undervaluing what we are question about what they have just said to in the past in similar situations and behave as
saying, even though they may well be able demonstrate that you have been listening you wish others had behaved towards you then.
to recall accurately what was said during and understood what has been said.
Consider the context
the conversation. This is known as ‘passive Notice what’s not being said
listening.’ Its opposite—active listening—is Active listening is a great skill to practice and
We give off more signals about our thoughts can really help colleagues feel heard and help
a much more useful tool, particularly in and feelings than just by using our words.
the workplace and when connecting with you develop your own communication skills.
Our body language can often give subtle
colleagues. clues about the speaker’s situation. However, it is essential to acknowledge that it
The term ‘active listening’ was coined in the can be quite tiring to be constantly in active
For example, a stressed colleague might have listening mode. Instead, consider saving your
1950s by American psychologists Carl Rogers very tense body language, sitting hunched
and Richard Farson. The central idea of active active listening skills for important meetings,
on their chair. Stress can also sometimes such as probation reviews or when colleagues
listening is to be an equal participant in be heard in someone’s voice, making them
conversations. This allows the listener to take ask to speak to you in private.
sound strained or even quieter than usual.
note of body language as well as words and Active listening can be a powerful tool, but it’s
will result in a more nuanced discussion. If you notice these behavioural changes in wasted if it’s used on idle chitchat in the office
someone you are conversing with, don’t kitchen!
Employing active listening will not only help interrupt them and draw attention to it.
your colleagues feel they have genuinely been By doing so, you run the risk of making Ed Garvey-Long is a poet and founder of Ed
heard but can also help build a foundation of them feel uncomfortable. Instead, wait for Garvey-Long Coaching
trust within teams. Furthermore, this is a skill an appropriate time to ask a question like This article was first published by Chartered
that anyone can learn. Below are some tips to ‘are you doing all right?’ This can reassure Accountants Ireland
help you become an active listener:

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 April 2023 11

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 12 April 2023

Zimbabwean CA
breaks barriers
in St Helena
Vimbai Kadenge-Chikwenhere (VK) has made history in the remote
island of St Helena, where she recently became the first female to hold
an office at the level of a director in the national audit office.
In this interview with The Chartered Accountant (TCA), she talks about
her journey and the state of the profession.

In this interview with The Chartered Accountant TCA. Which accomplishment are you most proud Thirdly, together with like-minded people, I
(TCA), she talks about her journey and the state of? would like to set up a platform or think tank that
of the profession. VK. Landing the role of deputy chief auditor for St allows for the sharing of knowledge, experience,
TCA. You have had a distinguished career in Helena Island has been my greatest achievement and expertise involving the professionals in the
accounting and finance. Could you share some yet. Since the office was established, I became diaspora working together with locals for the
highlights of your story with us? the first female to hold the director equivalent advancement of the economy of Zimbabwe
position. In a world where some females are across sectors.
I started my career in 2007 as an articled clerk
at EY Chartered Accountants. In my nine years still fighting to be heard, acknowledged and TCA. CAs appear to have taken over the business
with the firm, I completed my articles training rewarded based on merit, breaking the ceiling world; what do you believe makes Chartered
in assurance, gained some exposure to advisory, in a foreign land was not an easy task but worth Accountants so relevant?
and left the firm as an assistant audit manager. the challenge. This was particularly crucial as it is VK. The business world is in need of daring,
That formative stage of my career was the solid echoed by the fifth SDG goal which states ‘Ensure ambitious, well exposed, ethical, strategic thinking
foundation that boosted my confidence to take women’s full and effective participation and leaders who have an appreciation of business
on roles that I assumed thereafter. The sweat, equal opportunities for leadership at all levels of from different perspectives and are able to
blood, and tears from the intense articles training decision-making in political, economic and public bring innovative solutions to the market with
made me more determined and focused to make life. a good understanding of the cost of doing so,
the sacrifice all worth it. Being the first black person to rise to the amongst other skills. The structured training to
In 2016, I relocated to South Africa and joined role in the office was also liberating. This become a Chartered Accountant encompasses
Tholisiwe Chartered Accountants as a principal accomplishment was not just a personal victory a good number of these sought after attributes
auditor and supervisor. Driven by ambition, but a humbling realisation of what it would mean while making it mandatory that continuous
adventure, and, more importantly, passion for for my fellow brothers, sisters, fathers, mothers, professional development be kept up to date in
public service, I was drawn towards the auditor daughters and sons who may be struggling to upskilling the individual. You don’t have to look
general’s office in St Helena Island. I arrived on a believe that they too in their own skin can go for too hard to find CAs sitting on various boards of
five-day ship voyage from Cape Town, the only their dreams and realise them. directors of successful organizations throughout
way to get to the remote island in 2016, as the While I’m honoured to hold the position, what the world and making a significant impact in their
only airport that had just been constructed had holds greater weight for me is the responsibility to spheres of influence. The value that ethical CAs
not yet been certified for use. influence and impact the lives of ordinary citizens bring, makes them indispensable to the business
through promoting public accountability. world.
I have been privileged to work with individuals
who have empowered me through succession TCA. What do you hope to achieve before you TCA. What would you say is the biggest threat to
planning to rise from supervisor to manager, retire? the relevance of CAs today?
acting head of audit, and now deputy chief VK. Firstly, I would like to become a global VK. The CA today is threatened by the failure
auditor. advocate for the economic transformation to recognise the evolving skills- set needed to
Each position was not given on a silver platter of developing countries (including my home thrive and remain relevant in today’s era and
but had to be earned and proven through open country, Zimbabwe) through spearheading policy current environment that they are operating
interviews. reforms that promote a strong and efficient in. Technology advancement, existence of new
public sector for the good management of public generation categories, pandemics, climate change
The unwavering support of my husband, and sustainability issues, are examples of what
family, and colleagues, combined with my faith, resources.
should trigger the CA to rethink whether their
have been my strongest pillars in my career I would like to be a world leader who is a patron technology skills, leadership style, soft skills
progression. I have been guided by the core values for the collaboration of the public sector, private including critical thinking and technical skills (to
of hard work, perseverance, and integrity instilled sector, supranational institutions, and multilateral mention a few) are at the required level in order
in me by my father and late mother; these have institutions in bringing about tangible, sustainable to remain relevant.
proven both priceless and timeless. growth in developing economies.
As doors for new working environments arise –
www.icaz.org.zw |
 April 2023 13

be it a move from audit firm to industry, private a big gap remains, as evidenced by the small institutions including ICAZ issuing guidance
to public sector, transitioning from employee to number of qualified accountants in the public and making efforts to engage regulators and
employer or migrating to a different country, the sector. In St Helena island, the public sector policymakers. The CA can take a proactive
skills- set that made the CA thrive in the former employs more than 70 percent of the CAs mostly approach at a personal level, use their skills and
environment may not necessarily be the same funded by Technical Cooperation funding from credibility of the CA brand and actively pursue
needed for the new domain. The CA’s failure to the Foreign, Commonwealth, and Development involvement in policy formulation – a career
adapt to this reality undermines their ability to be Office UK. path that should be encouraged.
regarded as the right fit for the task and impacts ICAZ has played a pivotal role in the public TCA. What advice do you have for younger CAs?
perception of their value. sector initiatives it has pioneered, including the VK. The world is your oyster. Even after qualifying
TCA. In your view, what are the burning issues introduction of the public sector qualification as a CA, there is still so much more to learn and
in the accounting profession that need to be and complementing governments’ efforts in the discover about the profession and the career
addressed, and how do you think they should be adoption of IPSAS, among others. paths that it opens. Take the plunge, explore the
dealt with? In order to attract CAs to the public sector in options with a searching and inquisitive mind,
VK. Firstly, disproportionate skills distribution Zimbabwe, there is need for a scheme similar to and you will one day find your pearl (purpose) in
and skills shortage in the public sector. In that implemented in the health ministry where that oyster.
Zimbabwe, there is an undeniable disparity funds are ring-fenced for the purpose of topping Be patient and resilient. The perfect business/job
between the number of CAs in the public up CA salaries in the public sector. An initiative may not land on your lap soon after qualifying.
sector compared to the private sector. In was undertaken to virtually engage CAs in the You may have to start at a level lower than you
context, Zimbabwe’s revenue collections for the diaspora to serve on public sector boards and had dreamed of and be compensated lower than
period January to September 2022 amounted participate in Zimbabwe’s economy building; what you think you’re worth, but that’s not the
to $1,2 trillion according to the 2023 National this needs to be followed through, requires the end. Maybe a few more sacrifices are what you
Budget Statement and yet has fewer number backing of political will and the impact measured need to endure before you realise the benefits.
of chartered accountants than a single entity over time. It is vital that CAs be able to take pride Think long-term.
like Delta Corporation who recorded inflation in working for the government again as they
adjusted revenues of $110,16 billion for their build the economy like it was in the 80s. Give back. While you have just qualified and are
financial year ended 31 March 2022 according to still trying to find your own feet, someone else is
Secondly, the credibility of accountants operating starting out as a trainee. They need your support.
their annual report. in a macro-economic environment marked by Make time to listen, encourage, and share your
It is natural and expected that after years of volatile and distorted policies is a big issue. If CAs journey to qualifying.
training and qualifying as a CA, the professional struggle to produce meaningful financial reports
is drawn towards institutions that will fairly/ in line with international practice/standards, their First things first. Keep your priorities in check.
attractively reward the value that they bring. relevance to investors, customers, employees and Rising the ladder at the detrimental expense of
Whilst there has been improvement over other stakeholders is significantly threatened. your health (physical and mental), important
the years in the remuneration of the Auditor relationships, or other hobbies is not worth it.
In response, we have seen professional Balance is key.
General’s office of Zimbabwe for example, still

| www.icaz.org.zw
 14 April 2023

PRESS RELEASE
LONDON, 8TH MARCH 2023

GLOBAL STUDY IDENTIFIES THE KEY TO

FOSTERING FEMALE AMBITION IN THE
PROFESSION
The Chartered Accountants Worldwide global ED&I task force partnered
with Magenta – a specialist research agency - to conduct the first global
study to map the career journeys of women in the profession and identify the
barriers and opportunities for employers to open career pathways for women
to progress into more senior positions.

More than 3,500 mid-career men and women took part in the study across 8
countries that included over forty in-depth interviews.

The survey revealed that while some in-roads have been made, there is still
much to do for the profession to both attract and retain female talent –
especially mid-career.

The survey indicated that 8 in 10 women felt they had a lot to offer the
profession despite being a parent and that ambition doesn’t reduce with
parenthood, with 7 in 10 stating that they believe they can obtain a senior
position.

However, a lack of confidence to progress their career came out as the number
one barrier for women, with 31% citing it as a barrier to progression. 29%
of women felt that the management style of their superiors and company
culture were prohibitive to their career and 25% of women stated that a
lack of time off to care for children was a barrier for them. Networking also
felt exclusive to many women because of the times these events took place,
meaning they were unable to make connections for work because of family
The need for trusted, thorough and visionary expertise has never been greater. Chartered Accountants have been
commitments. Indeed, throughout their career, women are significantly more a mark of excellence across all aspects of business and financial life for over 150 years. Today Chartered
likely to experience barriers to their career progression. Conversely, by the Accountants advise organisations, lead major companies, shape economic policy and deliver effective financial
management and reporting.
time men reach their late career, they are significantly more likely to claim
that they have not experienced any barriers to their career (29%*).
The need for trusted, thorough and visionary expertise has never been
greater. Chartered Accountants have been a mark of excellence across all
There are some key opportunities that the profession could embrace to aspects of business and financial life for over 150 years. Today Chartered
ensure mid-career women stay motivated, are able to progress and remain a Accountants advise organisations, lead major companies, shape economic
valuable resource to employers. For example, over 1 in 3 mid-career women policy and deliver effective financial management and reporting.
(36%*) highlight flexible hours or working location as an important enabler
for career progression. Furthermore, 3 in 4 mid-career women (75%*)
currently acknowledge that a supportive line manager and/or being given the Chartered Accountants Worldwide has been created by the leading
Institutes of Chartered Accountants from around the world to support,
opportunity to work on new projects that allowed them to develop their develop and promote the vital role that Chartered Accountants play
skillset as having the biggest impact on their career progression and 67% throughout the global economy. Connecting hundreds of thousands of
stated that they would love a mentor to support and guide them. Lastly, members and students, we:
the ability to work flexibly and in a hybrid manner while remaining visible • promote the commitment of our global membership to the highest
and valued by senior managers was something many women cited as being standards of professional and ethical practice
something that would make a huge difference to them.
• create greater opportunities globally for those seeking to become or
develop as Chartered Accountants – and those looking to train or employ
Sarah Speirs, Chair of the Chartered Accountants Worldwide ED&I taskforce, them
and Executive Director - Member Engagement and Communications at ICAS • share expertise and innovation to maintain Chartered Accountancy’s
said, “This study has shown that there is still more that we need to do to position as the preeminent qualification for those in accountancy, finance
foster female ambition within the profession and drive change. This is a global and business.
issue that concerns all of us irrespective of country and culture. At a time
when retention is a key issue for employers, we must work together to find Together, we’re committed to ensuring that our members continue to stand
solutions to harness the huge talent pool of mid-career women as well as apart – defining excellence throughout their career, throughout the world.
ensuring that the profession remains a viable and attractive option to young More information on Chartered Accountants Worldwide can be found at
women coming into Chartered Accountancy in future.” charteredaccountantsworldwide.com

www.icaz.org.zw |
 April 2023 15

Vimbiso Scholarship
Trust Fund update
Colour Run
The Institute of Chartered Accountants of Zimbabwe (ICAZ) conducted
a successful colour run on August 19, 2022, which was held at the
Chartered Accountants Students Society (CASS) Sports Day. All
proceeds from the colour run went towards the trust fund.

Golf Day
In September 2022, the Institute conducted the Vimbiso Golf Day.
A total of sixteen teams participated on this day, and several other
organisations came through as sponsors. A total amount of ZWL$3 272
378 and US$4 670 was raised. Thank you to all the participating teams
and the organisations that came through as sponsors.

Students Group Mentorship

A mentorship session for the Vimbiso beneficiaries was held on January
28, 2023. The facilitator was Dennise Kaguru, the invited guest speakers
were Dr Leonard Makoni and Mr W. Mandisodza (ICAZ CEO). In all, 23
students were in attendance on the day.
Students following proceedings during the group mental health awareness
session

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 16 April 2023

The evolving role of

CFO is driven by data
modern CFO role. The pandemic sped up
the need for this type of tech, yet many
firms still lack these insights to do the job
properly.
This level of data collection and insight
requires the right technology. But in
a survey of CFOs by Ernst and Young,
eight out of 10 respondents said legacy
technology and system complexity
was one of their top three inhibitors to
progress.

Data that tells ‘one truth’

Companies are awash with information,
each different department has their own
KPIs and methods of reporting. But what
CFOs really need if they are to perform
their modern role well is not just data,
but to be able to connect the dots and
gain an holistic view.
They need integrated financial insights
on accounting and finances data, better
traceability and operational reporting on
things such as customer segmentation,
products and revenue assurance.
To enable this, Teradata’s multi-cloud
software integrates data fast across
finance systems – such as Oracle,
PeopleSoft, and SAP – to connect and
integrate in near real-time. It also has
a pre-built financial data model that’s
ready to receive and structure data to
enable controlled, user-friendly access.
This all helps reconcile data from a wide
variety of different sources into a trusted,
compliant platform
The role of the CFO has evolved in recent years from the person in Turning insights into action
control of the purse strings, to the trusted right hand of the CEO. Just one example of how this level of data insight has helped a firm
Their importance was further enhanced during the pandemic as they was when a global retail company needed to modernize their analytics
were often required to oversee changes in a matter of days or even ecosystem. Their processes were manual and time consuming. Their
hours that would normally have taken months or years to bring to spreadsheet-based model results couldn’t feed downstream models
fruition. They are no longer just the person in charge of the money, and analytics.
but a strategic planner whose insights and counsel inform some of the Crucially, a lack of trust in the model also meant analytics results
company’s biggest business decisions. had limited use to the business. The company worked with Teradata
But although their role has evolved, the technology which helps them to create a finance-driven data foundational model. It provided in
is still playing catch-up, with the lack of reliable analytics and data one depth detail into things like revenue and costs from aggregate views of
of the biggest hurdles to progress. branches, products, vendors and customers.
This information enabled the financial justification for strategic
A changing role and the need for data business decisions. It’s this level of detail that can continue to enable
The finance function has traditionally been known for its stability and CFOs to retain their position of trusted advisor to the CEO and an
process-based culture. But Covid brought about a need for quick-fire indispensable asset to the company.
decisions, where the rule book had to be re-written overnight or thrown
out completely. Data has always been central to agile business planning, This article was first published on cio.com
forecasting and analysis – all tools which have become central to the
www.icaz.org.zw |
April 2023 17

| www.icaz.org.zw
18 April 2023

ICAZ GOLF DAY IN PICTURES

www.icaz.org.zw |
 April 2023 19

ICAZ INAUGURAL LOCAL

AUTHORITIES CONFERENCE – 2023
The 2023 Local Authorities Conference event was the inaugural local
authorities event running under the theme “Building sustainable world
class service delivery through accountability and effective governance”
and was held in Gweru with almost all rural and urban local authorities
represented at the event. The Minister of Local Government and Public
Works, Honourable July Moyo officially opened the event.

The Hon. Minister spoke about a wide range of areas. He challenged

the local authorities to professionalise in order to improve the quality
of their work. His desire, which he insinuated can be supported by
legislation, is to produce a cadre ship of financial experts in the local
authorities, which are professionally trained not with just a degree or a
diploma, to run the local government system of accounting. The Hon.
Minister went on to commit that as the local authorities they were
ready to walk the journey to professionalise. The Ministry also further
engaged Public Accountancy Organisations in the country, to work
with the Government, for the formulation of a manual that will address
challenges being faced in local authorities.

ICAZ Senior Vice President Manyara Chigunduru told the delegates

that the workshop is part of the effort by the Institute of Chartered
Accountants of Zimbabwe (ICAZ) to compliment the Government of
Zimbabwe’s vision to achieve an upper middle-income economy by
2030. This event came up as an initiative to support the government’s
2026 vision of fully migrating to the accrual basis of accounting. The
institute intends to support the government’s effort towards a smooth
migration from cash basis to accruals basis. The accrual accounting
project will see numerous benefits to all arms of government including
the local government, which include better accountability, additional
transparency and improved decision making.

All of these benefits will help realise the goal to achieve the upper
middle-income economy. The role of the public sector and especially
the Local Authorities cannot be overemphasized in this journey. This
sector provides the base and foundation of any sort of economic
activity therefore the work done by the local authorities and the rest
of the public sector, all is what enables any sort of production. This is The OPC representative, Chief Director Anna Tinarwo presented on
why the public sector’s contribution to the GDP goes beyond what can governance and she covered the constitutional provisions, role of public
be measured as your direct output, but includes virtually every other officers, conduct of employees of provincial and local government,
activity carried out in the nation. national blueprints, leadership in local government, integrity, intuition
and secretary of the council. She gave her perspective on tenets of good
There was an overwhelming attendance from local authorities for governance, touch on key issues such as audited financials and Annual
this inaugural conference. Key speakers included representatives General Meetings (AGMs). Whilst it is not immediately clear whether
from the Office of the President and Cabinet (OPC), Ministry of or not AGMs are a requirement at law, for the local authorities sector,
Local Government and Public Works (MOLG&PW), Urban Councils the benefits of such a move will help rope in the public in getting a view
Association of Zimbabwe (UCAZ), Association of Rural District of the operations of these critical entities and enhance transparency.
Councils of Zimbabwe (ARDCZ), Institute of Chartered Accountants of
Zimbabwe (ICAZ), Zimbabwe Anti-Corruption Commission, Ministry The ZACC spokesperson Commissioner Mlobane, presented on the
of Finance and Economic Development (MOFED), ZINARA, ZINWA, role of ethics and integrity in the prevention of corruption and called
ZESA, Procurement Regulatory Authority of Zimbabwe (PRAZ), among on the members of local government to be ethical in discharging their
other key stakeholders. duties as full wrath of law will take its course on any officials found
wanting. The commissioner further covered statutes governing ZACC
This event also provided a rare engagement amongst ZINWA, ZINARA, operations. The ZACC commissioner further covered topical issues,
ZESA and local authorities towards the harmonization of the said state- including ethics, integrity and prevention of corruption, the National
owned enterprises (SOEs) and the Local Government to effectively Prosecuting Authority, legal framework on combating corruption,
discharge their duties without conflict. Representatives from the organizational framework to prevent corruption and recommendations
SOEs got the opportunity to hear directly from the recipients of their for prevention of corruption at organizational level. The delegation was
service. The synergy among these arms of government will without also afforded time to ask questions at the end the ZACC Commissioner
doubt impact every citizen and all economic activity. The public sector also presented a way forward for local government and other
provides goods and services that are at the foundation of economic government departments.
activity, essentially playing the role of an enabler.
Going forward this conference will be held annually so as to address
Of particular interest were the issues covered by ZACC and OPC. challenges being faced by local authorities.

| www.icaz.org.zw
 20 April 2023

Insurers laud IFRS 17

implementation
IFRS 17 is ‘hyper-inflation reporting’, which requires the
expected use of conversion factors that are informed by
to establish inflation and exchange rate data.
consistent But because of the prevailing ambiguity around
principles for these metrics, the profession is in a quandary as it
all aspects strives to restore meaning to the accounting and
of insurance reporting of financials.
contract According to the Institute of Chartered
accounting, Accountants of Zimbabwe (ICAZ) chief executive
enabling William Mandisodza, the main current issue in all
better this relates to the multiple exchange rates in the
comparability. economy.
“This will “There is also a question about whether the
actually official exchange rate meets the requirements
improve the of a spot rate according to the standards. We
situation with concluded that the official rate presents a
THE Insurance Council of Zimbabwe (ICZ) has
the reporting issues that we are facing here in difficulty in compliance with international
welcomed the implementation of a new standard
Zimbabwe,” Elles Mukunyadze, PAAB’s head of accounting standards,” Mandisodza told an
of accounting and reporting for contracts within
standards told this publication recently. industry conference in July.
the industry - IFRS 17 - saying it would improve
“Implementing the standard will be a bit more Zimbabwe follows rules set by the International
comparability of performance and increase
complicated for reporting companies, but it will Accounting Standards Board, which define
transparency.
be much simpler for investors and other users of an appropriate exchange rate for accounting
The International Accounting Standards Board
the statements. purposes as that at “which one can immediately
issued IFRS 17 in May 2017 to replace IFRS 4 on
“The current standard allows lots of flexibility transact”.
insurance contract accounting, with an effective
around how companies can make judgments But the official exchange rate in Zimbabwe is
date of January 1, 2023.
about reporting. So, it was difficult to compare determined weekly, through the Reserve Bank
“The standard will standardise insurance
results from different companies, and it was hard of Zimbabwe’s auction system and even though
accounting globally resulting in improved
to understand the business,” Mukunyadze said. there is an interbank trading system, there is no
comparability of performance and increased
He added that this would help rebuild public guarantee that one can transact “immediately”.
transparency. Insurers will provide updated
trust in the insurance industry, which has eroded And then there is also the parallel forex market
information on obligations, risks and performance
over the years due to inflation and other issues, rate, which in reality sets the tone for most of the
of insurance contracts,” ICZ said recently in a
“because raising the reporting standards will pricing mechanisms in the local economy.
statement to The Chartered Accountant.
protect the policyholders.” There has also been debate around the Consumer
“IFRS17 will provide financial analysts with
“So, it is going to be a journey, and there might be Price Index, which is used to convert inflation-
information that makes an assessment of financial
some bumps along the way, but ultimately, this adjusted financials.
performance and risk exposure easier.
will be beneficial to the industry.” And concerns have also been raised about the
“It is an international accounting standard that all
Meanwhile, Mukunyadze said PAAB has been integrity of the figures that are published by the
corporations have to adopt.”
engaging standard-setters on the challenges facing Zimbabwe National Statistics Agency.
The council warned that the insurance industry
local reporting companies in applying standards. For example, Steve Hanke, the well-known
must comply or risk having qualified financials.
“There has been pressure about maybe getting professor of applied economics at the Johns
“The standard seeks to ensure that there is
out of IFRS, but our stand as PAAB has been that Hopkins University in the United States of
adequate provisioning of liabilities by insurance
Zimbabwe is not going to leave IFRS. America, who calculates and publishes his own
companies.
“But what we have done is to engage the standard inflation numbers for Zimbabwe, consistently
“This is good for industry as well as good
setters and talk about the issues facing Zimbabwe. comes up with different and often higher figures
assurance to customers, it assures industry
“Particularly the issues to do with exchange compared to official statistics.
soundness and the ability to meet obligations to
rates and we could begin to see revisions in the Another issue that has seen companies’
the insured.
standards within a year, and we are contributing statements flagged by auditors is the valuation of
Meanwhile, the Public Accountants and Auditors
significantly to these revisions.” plant, property, and equipment.
Board (PAAB) says the implementation of the
This comes as some chartered accountants ICAZ says the majority of reporting companies in
standard will assist the industry in dealing with
have argued that financial statements published the country have moved to a revaluation model in
some of the reporting issues that have arisen in
by local firms are no longer of much practical the quest for “sensible” valuations.
Zimbabwe.
use to their intended audiences, as the current The most common methodology that has
Local businesses have continued to face significant
regulatory conditions for their preparation do not been incorporated involves getting a US dollar
accounting and reporting challenges in the face
promote the presentation of an “accurate and fair valuation that would then be converted, even
of high inflation and exchange rate volatility, with
picture”. though there are significant challenges with that
almost all companies receiving adverse audit
PAAB advised companies in July 2019 to adopt rate.
opinions on their results.

www.icaz.org.zw |
 April 2023 21

Celebrating
105 years of
success.

The Board, Management and Staff members of FBC Holdings

congratulate the Institute of Chartered Accountants of Zimbabwe
(ICAZ) on reaching 105 years of service excellence.

We celebrate this outstanding milestone with you!

| www.icaz.org.zw
22 April 2023

CA DAY IN PICTURES

www.icaz.org.zw |
 Congratulations
to

105 Years
Anniversary

January 2023
CTA & BCTA Registration

Good news!!! Registration

still in progress
Contact CAA
client services on 0782 277 124 and debtors on 783 758 834
| www.icaz.org.zw
24 April 2023

Death Notices:
ICAZ mourns the death of the following members:

Francis Dzingirai
Francis Dzingirai passed away on 30 September 2022 in Harare. Francis
trained with Coopers and Lybrand from 1983 to 1986 and was admitted
into membership in 1987. At the time of his death Francis was the
Group Finance Director at Nampak.

Moses Gambiza
Moses Gambiza passed away on 25 December 2022. Moses served
articles at Deloitte & Touche from 1993 to 1998 and was admitted into
ICAZ membership in 2006. At the time of his death Moses was working
as the Operations Director and a member of the Group Management
Committee at the Delta Group. He was buried in Mberengwa on 29
December 2022.

John Koumides
John Koumides passed away on 09 March 2023. John served his articles
with Deloitte and Touche and was admitted into ICAZ membership in
1986. During the span of his career, he worked as a corporate executive in
various corporates in Zimbabwe.

Peter L. Bailey Past President of 1983

Peter L. Bailey passed away on 21 April ii) International Accounting
2023. Peter had become an Honorable Standards Board (IASB) with
Life Member of the Institute of The International Federation of
Chartered Accountants of Zimbabwe Accountants (IFAC)
(ICAZ) having joined the Institute as iii) Institute of Chartered
a member in 1963. During his active Accountants of Zimbabwe (ICAZ)
years he served the Institute in various Practice Review Committee
capacities such as: iv) Several Institute of Chartered of
i) Institute of Chartered Accountants of Zimbabwe (ICAZ)
Accountants of Zimbabwe (ICAZ) Technical Committees.

May their dear souls rest in peace.

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 April 2023 3

Adversity
Dissect
Design
Deliver
Advantage

Congratulations to the Institute of

Chartered Accountants of Zimbabwe
(ICAZ) on 105 years of leadership and
integrity.
Value in a crisis?
We know resilience is the number one requirement of
an organization’s survival today. To transform your Audit,
Advisory and Taxation Services strategies, get in touch.
deloittezw@deloitte.co.zw | +263 (0)8677 000 261

© 2023. Deloitte & Touche. All rights reserved

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 4 April 2023

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