RM Auditors & Insider Assurance Services

Directors: T.R Mutalemwa H.J Manoni J.A Simwanza E.S Range A.F Ngelula N.A. Mallya

RM Auditors & Insider Assurance Services

Illuminating your path

www.rm-tz.com RM Auditors & Insider Assurance Services | 1

Table of Contents

1. Introduction 2

2. Background 3

3. Our products and services 5

Taxation 6

Audit, risk assurance and advisory services 11

Corporate finance 14

Management consulting 18

Information Technology 21

Business Support Services 22

Company secretarial and legal advisory services 26

4. Our Team 30

5. Contact Us 35


1. Introduction RM Auditors Insider Assurance Services

RM Auditors & Insider Assurance Services (―RM‖ or ―Insider‖) is a team of qualified young energetic

and highly experienced professionals with expertise in audit, accounting, tax, business consulting,

financial advisory, information technology and legal advisory services.

Insider provides tax audit, tax, financial advisory, business support, business consulting, technology

and legal advisory services to private clients spanning multiple industries. Insider's professionals are

unified by a collaborative culture that fosters integrity, outstanding value to client‘s business and

commitment to assist our clients excel. Insider's team of professionals is committed to exceptional

client service and dedicated to strengthening corporate responsibility, building public trust, and

making a positive impact in our clients‘ businesses.

A number of clients have benefitted from the experience, expertise and dedication of Insider, and we

are ready to put these same attributes and abilities to work for you. Our guidance can help turn your

vision for your business or personal financial life into a successful reality with foresight, practical

advice and a level of attentiveness seldom seen in business today. At Insider, we go beyond the

numbers for our clients.

Our team of young energetic skilled and experienced professionals makes Insider better equipped to

serve clients operating businesses in various industries. Our services are tailored to quench client‘s

needs regardless of whether it is a large, multinational, medium or fast-growing smaller business. Our

practice is characterized by a particular emphasis on exceeding the needs of our clients. To meet and

exceed the expectations of our clients, we deliver a superior level of service to all our clients.

Our mission is to provide clients with a quality service that focuses on their separate specific needs –

We address business problems with creative solutions grounded in practical experience and high level

of expertise, professionalism and independence.

We are proud to mention that our partners and directors have a proven track record of providing

accounting, auditing, tax compliance and financial advisory services to businesses in various

industries. We draw our skills and experience from years of training and working with the big audit

and consulting firms of Price Waterhouse Coopers (PwC), PKF Tanzania, and Deloitte & Touche. Our

clients range from smaller to larger organizations with multinational operations in Tanzania from all

sectors, including mining, energy, manufacturing, retail, financial, distribution, service, agricultural,

donor funds, governmental and non-governmental organizations and charitable institutions.


2. Background

About Us

RM Auditors & Insider Assurance Services (―RM‖ or ―Insider‖) is registered by the National Board of

Accountants and Auditors (―NBAA‖). The firm is also licensed by the Tanzania Revenue Authority

(―TRA‖) as practising tax consultants. Our wide range of services covers audit, tax, financial advisory,

business support, management consulting, technology and legal advisory services to private clients

spanning multiple industries. Insider‘s professionals are unified by a collaborative culture that fosters

integrity, outstanding value to client‘s business and commitment to assist our clients excel. Our team

of professionals is committed to exceptional client service and dedicated to strengthening corporate

responsibility, building public trust, and making a positive impact in our clients‘ businesses.

The practice was founded in August 2008 then trading as Finex Consulting with a focusing on provision

of accounting services to closely held and family owned businesses — and on the individuals who own

them. This brought clients from throughout Mwanza and across the country. Upon seeing the market

demand, the consulting department was set up and introduced in April 2012 to cater for tax strategy

and compliance, business support, management and financial advisory services. The technology and

legal advisory services were introduced in April 2013 when experts in these fields joined the

partnership and the firm changed its name from Finex to the current, RM Auditors & Insider assurance

services.

Our services includes but not limited to the following:

Audit, risk assurance and advisory services

Tax consulting services

Corporate finance

Management consulting

Business Support services

Technology advisory services

Company secretarial and legal advisory services

Real estate and asset management


Project management, monitoring and evaluation

Public sector and civil society consulting

Special consultancy – specific organizational needs.

The firm prides itself in being an n equal opportunity, multicultural firm with a staff. This objective is

further strengthened by forming strategic alliances with other professionals in the fields of financial

services, corporate finance, information technology and legal services. We are rooted in the values of

the profession. Amassed from years of experience, knowledge and industry credited with quality, is a

stamp on what we deliver. Evolving with the growing technology, our methodologies are customized to

meet client requirements; and our interface with the client is an even split of professionalism and

personal rapport. We carry out "Assurance Reviews" to ensure that client satisfaction remains our asset.

Insider has served a wide client base across diverse industries and sectors since its inception. Our

success has been built on providing superior service to our clients. We recognize the importance of

excellence in all aspects of our day-to-day work, and our mission statement and core values reinforce

these client service beliefs among our entire professional and support staff. We bring you a team with

strong, central leadership; an upfront, direct service style with excellent communication; and a

competitive service fees. Having us on board we believe we can add measurable value to our clients

businesses.

Our Service Approach

Our consulting approach involves strong client participation in a team environment and draws on our

ability to bring on board a multidisciplinary team of trained and experienced consultants. These

consultants are backed-up by their experiences and flexible methodologies which address clients‘

specific needs. Our approach is distinguished by three elements that underpin our ability to deliver

high quality and tangible results to our clients, consistently.

We use a collaborative approach. We work closely with our counterparts from the clients and

other stakeholders from day one to ensure that we have a complete understanding of the

problems to be solved so that we can deliver tailored, effective solutions required.

Our approach is 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.

Our approach is rigorous and structured. We work in a structured top-down fashion to help clients

achieve their objectives. To begin with, 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 that clients outline for the engagements.

We understand how important it is to client to have one primary point of contact within Insider. This

person is the Engagement Partner/Director. You will be able to channel all your queries through the

Engagement Manager. Similarly, you will receive all our communication through the Engagement

Partner/Director. This works best if it is complemented from clients‘ side by appointing one key

contact person.

The Engagement Partner/Director keeps the Engagement team in the loop continuously. This ensures

that there are always at least two people fully aware of the clients‘ affairs in relation to an

assignment. This is facilitated internally by a constant and structured flow of communication within our

core engagement team.


3. Our Products and Services

We Make Complex Issues Simple for You

The ever-changing market and the diversified economy, has spawned a multitude of industries,

creating a challenging work scenario- one where innovation and speed hold the key to success. And,

finance has become one major ―industry‖ with a myriad associated activity. We do not belong to the

Limited business and our services cover a wide spectrum of the Professional services as detailed below:

Tax consulting services

Audit, risk assurance and advisory services

Corporate finance

Management consulting

Business Support services

Technology advisory services

Company secretarial and legal advisory services

Real estate and asset management

Project management, monitoring and evaluation

Public sector and civil society consulting

Special consultancy – specific organizational needs.

Taxation Services The technicalities of tax regimes and the many annual

changes in tax law can become difficult to keep up

with. Proficient tax advice is therefore vital to

businesses. We will make complex tax issues simple for


you. To help you retain and utilize more of your assets while minimizing taxes, Insider's tax compliance

and advisory services offer you integrated tax consultation and strategic advice.

At Insider we don‘t consider the completion of an income tax return to be the most important part of

our service to you. The real value we bring is to think ahead and help you plan to minimize your future

income tax burden. We craft a tax plan that best meets your goals and minimizes income taxes. We

know that it‘s not what you make that counts, but what you get to keep.

Tax services provided by Insider are expounded include:

1. Corporate tax compliance services

The tax chargeable income of a business may be different from the net profit/loss shown in its

accounts. This is because some of the expenses incurred by the company may not be deductible for tax

purposes. Similarly, some of the income received by the business may not be taxable or it may be

taxed separately as a non-trade source income. However, businesses may wish to claim capital

allowances on the fixed assets or claim for unutilized losses/capital allowances brought forward from

previous years of income assessment.

We assist our clients in meeting their corporate tax compliance obligations. Our assistance includes;

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 instalment taxes and tax balances payable, advice on when the instalments 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.

We also 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.

2. Specific tax advisory services

Our professional services would address all issues which are not included in the corporate tax

compliance or bookkeeping type assistance, due to their complexity and nature which would require


specific investigation and analysis on RM‘s part. They may cover various aspects of corporate income

tax, value added tax, payroll taxes, custom procedures and duties, withholding tax and transfer

pricing, and include the analysis of contracts and business transactions. The tax advisory services may

include, for example:

Special reports or opinions

RM would perform analyses and issue special reports or, where applicable, express opinions on tax

matters which, due to their complexity, purpose or the level of responsibility require specific

attention.

VAT refund certification

VAT refund certification work facilitates the VAT refund process and is carried out by VAT

specialists. VAT specialists verify on a regular basis, for example on a monthly, three-monthly or

six-monthly bases, the documents in support of the amounts claimed in order to obtain reasonable

assurance that the amounts claimed are free of material misstatement. Based on this verification,

RM will issue the statutory compulsory audit certificate (Certificate of Genuineness) certifying the

refundable amount and submit the same to the Tanzania Revenue Authority on behalf of the

Company.

Tax Risk & Opportunity Reviews

When performing tax reviews, we assess a company's tax risks and opportunity at a high level. We

conduct a 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 client‘s

utmost concern. Where identified, tax saving opportunities will be explored.

The review process culminates in a report identifying items found, while also providing

recommendations for the way forward in order to resolve each point in issue. While this excludes

implementation of the recommendations, it does encompass meeting with the Company‘s

management and personnel to discuss recommendations and the appropriate strategy for resolving

tax issues and minimizing exposures.

Customized client workshops based on the report with the emphasis on practical approaches have

been received as very helpful and useful by clients.

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) will help you pinpoint and investigate tax risks prior to the execution of a

transaction. Specifically, we analyze a target company‗s historical compliance in the following

areas.

Dealings with the tax authority

RM would act in as many proceedings as may be required to defend the Company‘s interests in

dealings with the authorities, by any of their agencies at any stage of proceedings. These

proceedings could consist of:

Drafting and filing any administrative objections against assessments.

Drafting and filing claims of any kind with the authorities.

Drawing up any special applications required in order to be granted the rights provided for in

specific legislation.

Assisting the Company with TRA tax audits, including for example 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.

Requests for rulings from the tax authorities

Insider would draft, fill and follow-up any requests for rulings or authorizations that must be

submitted to the Tax Authorities.

3. Payroll Services

There is currently an increased statutory review by the revenue authority (TRA) on employment tax

returns audits. A correct operation and compliance with the PAYE system is critically important, along

with minimizing payroll costs, including the payroll taxes. The good design of compensation and

remuneration packages�including salary, benefits, bonuses and share incentive schemes can provide

cost and tax savings for both employers and employees. We can help you achieve this through our

payroll services.

In performing this function we will ensure that we effectively manage an end to end payroll and

provide necessary reports. For this service our tasks 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 your requirements;


Transfer of salaries to employees‘ bank accounts; and

Timely remittance of statutory deductions to various authorities.

Preparation and timely submission of PAYE returns to TRA; and

Ad hoc payroll related activities.

4. Value added tax (VAT) compliance services

In Tanzania it‘s a statutory obligation for all registered companies to file VAT returns and pay tax on

monthly basis. However, there are strict deadlines for filling returns and payment of VAT failure to

which are punishable by heavy penalties and interest for whole period of delays and non-payment.

For our 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

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.

5. Withholding taxes compliance services

The technicalities and complexity of tax regime has increased with introduction of new withholding tax

rates on services to companies. The many annual changes in tax laws are difficult for business to keep

up with therefore a proficient tax advice are 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.

Review of clients transactions and advise on the services that are subject to withholding tax

under recent changes in the withholding tax regime.

Based on clients information provided to us we advise and compute withholding taxes where

applicable and forward to you for review, confirmation and payment.

We prepare on behalf of clients the withholding tax six monthly summary statements

(withholding tax returns)

Provision of constant reminders for timely submission and payment of withholding taxes

6. Insider also provides tax compliance advisory services in the areas below:

Custom and Excise Duties.


Other taxes such as municipality taxes, community taxes, non-fiscal 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

7. Interactive Training workshops

It is very effective to conduct a workshop to staff on various taxes, their application and interpretation

to clients‘ specific business in order to equip existing and new staff with skills in handling company‘s

tax issues. 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. In effect, such trainings have proven to be effective learning tools for various.

It is has proven to be very effective to follow up the Risk and Opportunity Review with a practical,

tailor-made and highly interactive training session. The staff responsible for tax matters would get the

opportunity to learn more from our tax specialists. In effect, such trainings have proven to be effective

learning tools.

Due to the customized nature of the interactive workshop, the clients will specify the training needs

for the type of taxes to be covered. Alternatively, we suggest to clients the training needs based on

the particularities of the tax exposures once the Risk & Opportunity Review has been finalized.

Audit, Risk Assurance and Advisory Services Making intelligent choices for your business requires timely and accurate financial information. At RM

Auditors, we meet this need by delivering the services and resources to help you effectively manage

operations and make informed decisions. We share your vision of what your business can become, and

work with you to make it happen.

RM Auditors provides a wide range of services to meet your company‘s accounting and financial

management needs. Our services allow you to concentrate on what you do best while leaving critical

financial functions to us. Our accounting and audit services include:

Internal/Management audits


Financial statement preparation

General ledger maintenance

Monthly & year-end closing assistance

Account reconciliations

Controller & bookkeeper support

Payroll & accounts payable processing

Accounting systems design

Accounting staff training

Depreciation schedules

Accounting software assistance

What can we bring you that your current accountant is missing? Call us today at +255 28 2501224 or

email: [email protected] . We‘d love to discuss how we can help you achieve your dream for a more

profitable and secure future for your business.

Assurance and advice are two complementary aspects of our core expertise and cover a wide range of

services to clients of all sizes in many different sectors.

1. Risk assurance services

As the name implies, assurance services provide value to decision-makers by providing comfort that

information they use is reliable. It relies on independence and objectivity, which is 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 the

client, from start to end. This ensures that our report complies with client requirements and our end

result accredits to customer satisfaction. Also, we execute a CSQ (Customer Satisfaction Questionnaire)

a feedback mechanism from the client to rate our performance and improvise in the areas required.

Thus our "balance -sheet" sets a unique equation between quality and time-bound delivery. 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.

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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.

Report on the reliability of non-financial information supplied by entities for various purposes.

Reporting to regulators on financial and non-financial information produced by regulated

businesses

Specialized fraud reviews

2. Advisory services

Effective management is what turns ideas, products and services into steady profits, but businesses

need stable foundations and even the most creative commercial ideas have to stack up financially.

Services include:

Helping clients set us 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.

Our assurance and advisory team have amassed a wide a range of knowledge, skills and experience

working with many different organizations, both in the private and public sectors. Our clients range

from small owner-managed businesses to listed companies, partnerships, donor funded projects and

Government bodies – and we cover a broad spectrum of industries and sectors. Therefore our team can

bring these to bear on your business to ensure that you get maximum value out of an audit, an advisory

assignment or even a simple accounts preparation task.

3. Management audits

Internal / Management audit: The RM team‗s audit techniques are customized as per client

requirements. The scope of the audit is defined as per the internal controls and is carried out with

specific emphasis on cost control.


Project audit: Project Audits are carried out in a phased manner, right from the Planning to execution

phase, where each milestone is assessed/reviewed for the inputs (cost, material etc.) and the outcome

of each phase is audited, with the budget slab.

Risk assessment / reviews: Risk analyses are carried out during the execution of every phase of a

business process and the corresponding risk factors envisaged 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.

Why choose RM Auditors?

RM is committed to delivering an audit that adds value – our partner-led service gives you much more

than just your ―business MOT.

We work to understand your business, its goals and its issues, bringing extensive sector

knowledge and experience to the task.

We work with you, offering continual attention – not just at the year-end.

We adopt a risk-based approach, carrying out an up-front risk assessment that focuses on your

business‗s key concerns and identifies potential threats.

We can flag up other potential issues, mainly financial, that may affect you.

Subject to independent constraints, we can also offer pro-active advice on the risks you face,

including practical solutions to accounting and systems weaknesses.

Our reporting is clear and accessible, avoiding jargon.

For smaller organizations, we also offer a basic audit that delivers the compliance and peace of

mind you need at a cost you can afford.

With RM, you can have greater confidence in your business‗s financial information, while

making your financial reporting process easier, more effective and more in line with your

business goals.

Corporate Finance

Turning your 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 you will have

faced. 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

Our Experience

We provide an investigative financial analysis of a business, including results/projections, taxation,

cash flows, operational resources, management information, systems and controls, and management

and employee issues.

This helps you to address the key issues facing the business and, in particular, the drivers behind

maintainable profits and cash flow.

Our commercially focused reports assist you in your evaluation process and satisfy the requirements of

your funders.

2. Mergers and Acquisitions and Disposals

At certain points in the development of a business it may be appropriate to enter into M&A transactions

that result in a significant change to the shape 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.

Getting the numbers right can make or break a corporate merger or acquisition. That‘s why your choice

of accounting firms to support your M&A activity is critical. The best choice? RM Auditors. Here‘s why:

Work with our best people from start to finish. At some accounting firms the partner who sells

you on the company disappears when the work begins. Not here. The people you meet up front

are the people you‘ll work with throughout the process. Good, experienced people – many of

who have worked at the large, national accounting firms in the M&A sector.


We are deal makers! We go beyond the numbers to help identify, organize and facilitate

mergers and acquisitions for our clients and companies in the numerous industries we serve. We

bring deals to the table.

RM 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 you are properly

prepared as this is fundamental to the success of any M&A transaction.

We offer a wide range of services to support M&A transactions which include the following:

Strategic advice - we provide support in the initial planning stage of your business

development. A third party view is often invaluable in exploring your options

Valuation advice - we can provide guidance on possible values of acquisition targets or

businesses that are to be divested

Business Planning - we can help you plan in more detail how your M&A transactions will fit into

your business development strategy

Financial Modeling - we can 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 can 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 can research potential targets that are not currently for sale

and approach them on your 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 can

support you 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 your lawyers and other advisors until the deal is completed

Full divestment support role - should you wish to sell part or all of your business we can provide

a full support role. This could include a pre-sale evaluation, valuation advice, preparation of an

information pack, research of likely buyers, approaching buyers, agreeing the form of the deal,

due diligence, negotiation of the sale agreement and working with your lawyers and other

advisers until the deal is completed.

An M&A transaction represent a significant challenge for the management of any business. As part of

your team, RM would be delighted to help you in reaching a successful outcome.


3. Financial Due Diligence

Our due diligence team is composed of specialists who will work closely with your internal team and

other advisers to deliver a fully integrated support service, delivering reports tailored to your

requirements.

Teams come equipped with local knowledge and have access to ancillary specialist services and sector

expertise.

In major transactions - such as acquisitions, disposals and mergers - both you and your 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.

Deal structuring

Deal structuring is a prerequisite study before any merger/ acquisition deal is finalized. 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 the 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 your 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.

4. Reporting accountant services

When you wish to float your company on a stock exchange (e.g. AIM or the Official List),

comprehensive reports are required to support the flotation. These are prepared by the reporting

accountant.


Our Experience

RM has a good track record of acting as Reporting Accountants for listing companies on Dar es Salaam

Stock Exchange (DSE).

Our team of experienced professionals includes individuals who have vast experience giving us vital

insights into the likely key issues well in advance. Our multi-disciplinary team also adds value in areas

such as tax advice. We help you anticipate the tax impact of listing and advise you of tax benefits and

employee share option schemes.

5. Investigations 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.

Our Experience

We offer a different approach, team structure and cost efficiency while still delivering robust advice

and expert evidence based on the breadth of our experience. Our approach is focused and

proportionate, quickly identifying the critical aspects and ensuring you can make informed decisions in

a dynamic dispute resolution and investigatory environment.

Our forensic experts have considerable experience in fraud and financial investigations.

Management Consultancy

Insider provides a wide range of business

advisory and management consulting services

to help clients improve their performance and

profitability. We work closely with corporate


entities, entrepreneurs and other business owners every day, and understand it takes more than ideas,

dreams and desires to succeed. It takes a common vision and detailed plan, with all employees working

toward well-defined goals.

In order to move your business forward and achieve your goals, it is vital to understand where your

business is today and create a roadmap to get you to your destination. We work with you to ensure that

your strategic plan expresses realistic, consistent and focused objectives. We then help you craft

strategies to help you reach your objectives, and a timetable for doing so. 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 you to fine-tune your business or organization to measure success, improve efficiency,

maximize performance and minimize risk. An effective service lets you know where you are, decide

where you want to go, and work out how to get there.

Our advisory services are designed to assist businesses at all stages in their life cycles, including

We provide a wide range of management consultancy and professional services from strategy

formulation through programme and project management, and specialist advisory and development

services in disciplines such as finance and ICT, to support on implementation and delivery.

We enable clients to achieve integrated solutions to their business requirements and to complete a

change programme to time and budget. We acknowledge a need to provide best value for money and

leave sustainable benefits from our assignments

Our advisory services are designed to assist businesses at all stages in their life cycles, including

Starting a Business

Business Management Support

Growth Strategies

Asset Protection

Business Succession

Executive Compensation

Exit Strategies

Every company is unique. We‘ll create a strategic plan that provides the direction necessary to achieve

success.

Our expertise includes:


Building performance indicators; Costing of individual business processes;

Reviewing business processes for efficiency, control and effectiveness

Project management of multi-disciplinary programmes;

Business planning, strategic development and diversification strategies;

Enterprise commercialization, restructuring and privatization strategy studies;

Reorganization of financial and administrative functions within public sector organizations;

Project feasibility studies and computer-based financial forecasting;

Profitability improvement and efficiency studies;

Design and implementation of computer-based management information and financial control

systems;

Take investigatory and feasibility studies designed to improve performance in any specific

organizational operation, generally focusing on management and operational efficiency, and

financial and quality control;

In Business Process Re-Engineering, to deliver a wide range of business benefits including

efficiency savings, transformation of organization culture to one delivering value from the

customer‗s viewpoint, reduction of cross functional bottlenecks, improved team working with

interdisciplinary work groups focusing on process improvement, less waste and delivery of more

relevant management information.

In Benchmarking, assessing how comparable organizations, or similar business processes within

otherwise dissimilar businesses, operate. We can advise and assist organization seeking to

benchmark their performance in accordance with any or all of the Business Excellence Model

criteria

Conducting training in organization and management development

Environmental Management Consultancy

Environmental Impact Assessments and Environmental Audits

Health and Safety Audits

Our Experience

We have a team of experts in best-practice techniques with access to performance databases on

typical services provision and industry-specific processes.

Our methodology brings together a variety of creative problem solving techniques with the use of

industry specific benchmarking within an ordered framework in order to provide a client with a reliable

basis for generating solutions to seemingly intractable problems.


Moreover, if you are seeking funding for a business idea, having a business plan is critical. You will

need to demonstrate to potential backers a strong understanding of how and why there is a need for

your product or service. These backers will also need concrete reassurance as to how their investments

will be repaid.

RM can review your business plan and help you to complete it, highlighting its areas of weakness and

suggesting remedies.

Information Technology

Information Technology is at the heart of our customer service.

Our own systems are structured to provide our staff with both

power and flexibility.

IT Policies

The IT Policies of the client company is studied and based on

the study, IT strategies are devised by us. The existing policies

are also reviewed to ensure compliance with the standard norms. Additionally, our scope of review

extends to revision of the policies if necessary.

BCP/ DRP Reviews

Business Continuity Process or BCP outlines a plan of action / methodology in the event of a disaster

(natural/artificial). This ensures that all business processes are not disrupted, and maintain a state of

continuity. BCP reviews also help in reducing operational risks and can be integrated with risk

management practices, and information security systems and structuring of IT set up.

DRP: Disaster Recovery Planning is a sub-process of BCP, and is a process of recovering / salvaging

access to lost/corrupted data in hardware/software, to resume critical business operations. DRP

reviews help in ensuring that the standard back up procedures are carried out periodically. Crucial

factors such as RPO (recovery Point Objective) that determines how current the data should be and

RTO (Recovery Time Objective) which determines the time-gap between disaster and recovery are

assessed. Also, the existing infrastructure for securing information systems is analyzed, and if found

deficient, upgrading is advised.


Structuring of IT set up: The working system/software at client's end may require revamping/

remodeling/restructuring to maintain integrity and to suit the growing needs of the organization.

Moreover, some legacy systems may call for a migration to a more robust, user-friendly and multi-

utility software. Our team of certified ISA professionals assists our clients in restructuring their IT

infrastructure to suit their requirements.

Business Support Services What are business support services? Quite simply, they give you the freedom to get back to running

your business. Today it is very easy to drown in red tape. Legislation, regulation, the demands of HR

and IT All of these can consume valuable time and energy, slowing your real work down. And that's just

everyday life. If you want to develop and expand into new areas, things can get much more daunting.

That's where RM's business support services come in.

What do we offer?

1. Finance department outsourcing

An outsourced finance department can significantly reduce your administrative burden and your IT and

finance staff costs. With RM performing your accounting and administrative functions, you will have

continuity of service and more time to concentrate on growing your business.

Our specialists work to understand the dynamics of your organization so that your specific accounting

needs are met. We provide management with information vital to the running of the business. We will

ensure that you are fully compliant with regulatory requirements and that you meet reporting

deadlines. We can also help you prepare an internal financial procedures manual based on best

practice and the systems adopted by your organization.

2. Accounting software selection

We can ensure that your organization is using the most appropriate accounting software. If you are

frustrated with your existing system, or wish to implement a new or enhanced system, RM can give you

objective advice on the best choices. Often, we find that existing software is perfectly adequate with

just a few improvements required.


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.

We can set up your chart of accounts to ensure that you receive the correct management reports when

you need them. We can prepare management accounts quarterly or monthly as appropriate. We can

prepare VAT returns based on these reports and assist with the preparation of financial projections. We

can also prepare year-end accounts for you, with a fully cross-referenced working paper file ready for

submission to the auditors.

Our diverse sector experience means we can also offer you added-value commentary based on variance

analysis. With RM, your management‗s decisions will always be fully

4. Business Planning

A business plan is vital if your business is to evolve in anything other than a haphazard way. It helps you

gauge income and expenditure, handle unforeseen circumstances and underpins good business

decisions. It provides valuable information to those who work for you or with you (such as suppliers)

and assists with the proper allocation of resources.

Moreover, if you are seeking funding for a business idea, having a business plan is critical. You will

need to demonstrate to potential backers a strong understanding of how and why there is a need for

your product or service. These backers will also need concrete reassurance as to how their investments

will be repaid.

RM can review your business plan and help you to complete it, highlighting its areas of weakness and

suggesting remedies. As a first step, it is helpful if you try to complete our business plan questionnaire

to assess your plan‗s current state of readiness. This will help to provide us with a rough initial picture

of its current strengths and areas of weakness, enabling us to target our advice more effectively.

5. End of year accounting assistance

RM can provide you with expert support when you are preparing your year-end statutory accounts. We

offer precisely the level of assistance you need – from simply helping you get ready for an audit to

undertaking the complete preparation of your 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.


Inward Investors

If you are based overseas and are building your operation in the UK, RM‗s range of services for inward

investors can help you overcome the many challenges involved.

We can 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.

Payroll

Our payroll consultants will help you 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

your timescales 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. RM 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 – RM 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 - If you want to leap ahead!

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. Staffs 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 personalizes in house training for the organizations Staff. RM is always happy to discuss

tailored courses for your organization.

What‘s in it for you?

Increased job satisfaction and morale among employees

Increased employee motivation

Increased efficiencies in processes, resulting in financial gain

Increased capacity to adopt new technologies and methods

Increased innovation in strategies and products

Reduced employee turnover

Positive Impact on bottom line


Increased retention of staff

Improved productivity

Great customer care

Remaining competitive

Improved work culture

Company Secretarial and Legal Advisory

Services

Business and Corporate Law

You've worked hard to own your own business. Diligent representation during formation and contract

negotiations can help prevent problems that may threaten your business down the road. We'll work

with you from the beginning, advising you on what type of business to form (a Corporation,

Partnership, or other), and preparing your organization documents.

Our Services include:

Company formations

Corporate Secretarial

Shareholder & Partnership Agreements

Business & Commercial Transactions

Mergers, Acquisitions and Dispositions

Conveyance

Receivership

Insolvency

Contract Drafting & Negotiating


Our experience

1. Employment Law

Whether you have one employee or 1,000 employees, 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 Employment Law include:

Due Diligence - Compliance Audit for new Labor Laws

Training on & Incorporation of New Employment & Labour Law Relations

Contracts Drafting & Negotiation

2. Banking & Financial Institutions

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 property and asset-based financing, real estate, wealth management, and regulatory

matters. Our understating 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

3. Insurance Law

Our services include but are not limited to providing advisory services to our clients on compliance to

insurance laws and the benefits thereof.


4. 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.

5. Intellectual Property

Intellectual property is a critical component of any business strategy. Well-crafted and properly

managed IP has the ability to enlarge the footprint 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. It can be a shield to protect a company from competitors and, if skillfully obtained, can be

a powerful offensive sword.

Corporate & Legal Services Limited is a full-service intellectual property firm that specializes 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 IP 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


6. Legal Drafting & Negotiations

RM 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.


4. Our Team

Right People Right Answers

Insider strives to employ men and women of skill, integrity and enthusiasm, and provide them with the

means to develop professionally and personally. Our consultants have strong academic backgrounds and

the relevant work experience needed to meet your business needs and expectations. Below is a

selection of brief profiles of key personnel just to give you an idea of the range of staff, with whom we

will work with you for the assignments if engaged.

Name Thomas Mutalemwa Brief Introduction

Thomas is a licensed tax consultant approved by the Tanzania Revenue Authority (TRA). He holds a postgraduate diploma in tax administration from TRA‘s Institute of Tax Administration (ITA). He obtained his first degree in Business Administration (Accounting & Finance) in 2006 from the St. Augustine University of Tanzania. He is the founder of Insider Consulting Ltd and the current managing partner since April 2012. He has over 5 years experience in tax compliance and consulting with Deloitte & Touche East Africa, in a variety of industries including the energy and resources industry; insurance and financial services industry; the mining industry, the agricultural industry; the tourism, leisure and hospitality industry and the aviation logistics industry. Thomas has experience mainly in corporate tax and personal income tax. He also has working experience in indirect taxes. He has worked with a variety of companies in Tanzania. He has been involved in several tax projects across industries and has managed several comprehensive tax compliance, tax review and tax due diligence engagements.

Qualification

2011TRA‘s Institute of Tax Administration (ITA), Postgraduate Diploma in Tax Management

2006 St. Augustine University of Tanzania (SAUT), Bachelor of Business Administration

Membership 2008 National Board of Accountant and Auditors

Contacts

Telephone: +255 754 649 299 | +255 784 649 299 | +255 715 649 299| +255 282 501 225 P.O. Box 911, Mwanza Tanzania Email: [email protected].


Name Manoni Hussein Brief Introduction

Manoni is a Certified Public Accountant in Public Practice (CPA-PP), awarded by the National Board of Accountant and Auditors (NBAA) in September 2012. He is a 2007 graduate from the St. Augustine University of Tanzania in Bachelor of Business Administration. He joined Insider Consulting in April 2012 where he heads the Audit and Risk Assurance department. Manoni has a solid 5 years experience in auditing public sector and private companies with multinational affiliations. Manoni thus banks with Insider 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. Manoni specializes in auditing and risk assurance and advisory services. 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, Manoni is surely 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.

Qualification

2012 Certified Public Accountant in Public Practice



Contacts

Telephone: +255 754 408 553 | +255 714 122 791| +255 282 501 225 P.O. Box 911, Mwanza Tanzania

Email: [email protected] | [email protected].

mailto:[email protected]%20%7C


Name Janeth Simwanza Brief Introduction

Janeth holds a postgraduate diploma in tax management from the Institute of Finance Management (IFM). She obtained her first degree in Business Administration (Accounting & Finance) in 2008 from the St. Augustine University of Tanzania. She joined Insider Consulting in July 2012. Janeth has a stiff 3 years background in the financial and banking sector. At different times she has worked with Barclays and Access Bank in Tanzania from 2008 bringing in with her an amazing banking experience to Insider Consulting team giving the firm an edge into the financial sector advisory services. Janeth specializes in management, finance and tax advisory services With a banking experience from internationally renowned banks and a training in finance and tax management, Janeth is surely well poised to take on challenging tasks in credit analysis, tax planning, tax compliance and tax advice assignments with both local and multinational companies operating in Tanzania.

Qualification

2012 Institute of Finance Management (IFM), Postgraduate Diploma in Tax Management



Contacts

Telephone: +255 754 803 590 | 715 803 590| +255 282 501 225 P.O. Box 911, Mwanza Tanzania Email: [email protected].


Name Edward Range Brief Introduction

Edward holds a Master‘s of Science degree in accounting and Finance from Makerere University in Uganda. He obtained his bachelor degree in Business Administration (Accounting & Finance) in 2006 from the St. Augustine University of Tanzania. He is one of the founder partners of Insider Consulting established in April 2012. Edward is currently engaged by St. Augustine University of Tanzania (SAUT), as an academic staff where he is specialised in teaching various subjects in the area of finance and accounting such as Taxation, Financial Accounting, Auditing, Cost Accounting, Financial Management, etc. He is currently pursuing the ACCA examinations to obtain international accounting certification. Here at Insider he specializes in accounting, financial advisory and management consultancy services. His academic background and teaching experience puts the firm above the edge in the areas of research and advice on taxation, management, marketing, strategy and operations.

Qualification

2010 Makerere University Business School, Masters of Science in Accounting and Finance


Membership 2011 Association of Certified Chartered Accountants (ACCA)

2009 National Board of Accountant and Auditors (NBAA)

Contacts

Telephone: +255 754 577 569 | +255 282 501 225 P.O. Box 911, Mwanza Tanzania Email: [email protected].


Name Neema Mallya Brief Introduction

Neema is a Certified Public Accountant (CPA), awarded by the National Board of Accountant and Auditors (NBAA) in November 2011. She is a 2008 graduate from the St. Augustine University of Tanzania with a bachelor degree in Business Administration (Accounting & Finance). She joined Insider Consulting in September 2012. Neema has in the past worked with the Mwanza City Council in the finance department as Revenue Accountant where at various times she was assigned the roles of accounting for the city revenue and cost centres management as Cost Accountant. She thus banks with Insider a great experience in the areas revenue collection and cost control. Here at Insider she specializes in auditing, accounting and financial advisory services. Her accounting background experience puts the hoists the firm in the areas of auditing, financial reporting and business development advisory services.

Qualification


Membership 2009 National Board of Accountant and Auditors (NBAA)

Contacts

Telephone: +255 715 155 511 | +255 282 501 225 P.O. Box 911, Mwanza Tanzania Email: [email protected]

RM provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With professionals who are

committed to becoming the standard of excellence Insider brings you world-class capabilities and deep local expertise to help clients succeed wherever they

operate.

RM's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength

from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Insider's professionals are

dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.

© 2013 RM Auditors & Insider Assurance Services

Please see www.rm-tz.com for a detailed description of the firm. | 35

5.Contacts

At your finger tips

When it comes to professional services we understand that clients have different needs for their

specific businesses. We work closely with our clients to understand their business needs and what they

want to achieve. With our full range of services we can provide integrated solutions to meet your needs

at every stage of your organization development. Best of all we combine a local presence and personal

approach with the experience and confidence of a national firm, to deliver highest quality work that is

tailored to your specific and unique requirements.

What can we bring you that your current consultant or accountant is missing?

We‘d love to discuss how we can help you achieve your business dreams for a more profitable and

secure future. Call or visit us at our office:

Mwanza: Ground Floor, Rear Ext. Block - Suite 2 ECKA Cliff Building, Plot no 117 Block ―D‖ Balewa Street, Isamilo Mwanza - Tanzania Postal: P.O. Box 911, Mwanza, Tanzania East Africa

Telephone: +255 282 501 224

Fax: +255 282 501 225

Mobile: +255 754 083 553 | +255 715 649 299

Email: [email protected] | [email protected]

Web: www.rm-tz.com

mailto:info@

http://www.rm-tz.com/

RM Auditors & Insider Assurance Services

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