Legal operating mandate
VA Business Assurance Services was established in 2005 and commenced operations in January 2006. VA Business Assurance Services is registered with National Board of Accountants and Auditors in Tanzania as a medium Accounting and Auditing Firm and issued with registration number PF 176 http://www.nbaa-tz.org/firmsjuly.pdf. VA Business Assurance Services has knowledgeable specialists who provide ideal business solutions to clients across Tanzania as well as responding to investment enquiry from abroad. VA Business Assurance Services’ quality controls policy requires entry qualification of university degree for professional staff thus assuring our clients with perfect and brightness persons who reflect our degree of dedication to our clients.
VA Business Assurance Services is the fastest growing accounting and auditing firm providing business assurance services all over Tanzania, operating from Arusha and Zanzibar. We provide audit and other assurance services to a number of clients drawn from various industries including tourism, higher learning institutions, Public Authorities & Other Bodies, Health, Multinational donor funded projects, Church organization and projects and many more. VA Business Assurance Services is shortlisted by the office of Controller and Auditor General for audit of government owned entities on his behalf.
VA Business Assurance Service is a member of AGN International http://agn.org
AGN International is a worldwide Association of separate and independent accounting and advisory businesses. AGN members deliver assurance, accounting, tax and advisory services, worldwide.
AGN International today has 188 members in 89 countries worldwide, and is amongst the largest of comparable organisations globally.
AGN International is composed of 5 regions. Regionally and worldwide, member firms collaborate to meet clients' needs, and improve client service by sharing experience and knowledge, understanding of each other’s markets and the needs of clients with cross boarder requirements.
AGN’S MISSION & VALUES
The mission of AGN is to enable its members to globally support businesses and individuals with high standards, straight forward & practical business advice and local commercial know-how, wherever the need arises.
AGN member’s clients have direct access to practical business advice globally, within a structure of trusted relationships that is designed to deliver high standards at an affordable cost; an antidote to the complexity and cost of some global service providers.
AGN members worldwide identify with a common set of values that informs what we do and how we do it. We are:
Excellent. We uphold high standards of professionalism and service and all that we do.
Connected. We have strong relationships. We are linked and coordinated. We have a spirit of global collaboration directed to service clients' interests.
Individual. We are real people; 3- dimensional personalities. Trusted professionals you actually want to do business with.
EXTERNAL AUDIT SERVICES
An independent audit / review of financial statements lie at the heart of effective operations. VA Business Assurance Services’ external audit focus on a combination of a balanced “Risk Based Approach” and “System Based Approach” which enables us to develop a deeper understanding of client’s business and management strategies. Our audit methodology involves three stages which are assessment of client’s risks, preparing solutions or programs to address assessed risks and reporting the results of the audit to Those Charge With Governance (TWCG).
Risk Assessment – in this phase, we obtain preliminary information to enable us understand the client before accepting engagement and issue engagement letter. After accepting engagement, we begin our audit planning process by performing assessment of business & fraud risks (including significant risks) and the design / implementation of relevant internal controls. We summarize identified risks and assess risk of material misstatement at both the financial statements level and at assertion level. Significant controls deficiencies are communicated to Those Charged With Governance (TCWG). Development of the overall audit strategy begins at the commencement of the engagement, continues during the initial planning of the engagement and is completed after the risk assessment phase when the overall responses and further audit procedures are designed.
Risk Response – Composition of the audit team members depend on assessed risks. We work together as a team and we prepare audit programmes relevant to address the assessed risks. Field work is done according to agreed plans and procedures, at each stage partner, manager and senior review the work of their juniors. We revise our procedures if need arise so as to address new risks identified during course of doing audit.
Reporting - in this phase, we communicate / discuss with management identified misstatements, audit findings and obtain written representation. Audit file is completed by cross-referencing final report to audit evidence in working papers, completing various checklists such as going concern assessment, events after balance sheet, company’s checklist, IFRS checklist etc. Based on audit evidence gathered, the audit team form an audit opinion after evaluation of audit evidence.
Under assurance services, we also provide Internal audit to strengthen client’s internal controls in key business areas and further explore and enhance the profitability of business operations.
Forensic and Due Diligence audit – we provide special audit for special case such as to be used as an evidence in the court or to confirm a loss caused by an employee of the client. We also conduct due diligence work to assist our client to reach an informed decision regarding intended investment or acquisition.
Management audit - A review of the overall business operations to address the concerns of management.
TAX CONSULTANTING SERVICES
We provide tax consulting services to both resident companies and prospective investors. Taxes covered include business income, investment income, employment and withholding taxes all administered by Income Tax Act. Other taxes covered are Value Added Tax, Skills Development Levy and taxes and levies administered by respective government ministry or local government. Our Tax Consultancy Services, fall into two broadly categories, namely Tax Compliance related services and Tax planning related services.
Tax compliance services - These services cover compliance requirements under direct and indirect taxation to minimize the incidence of the tax burden on client. Taxes covered in this service are corporate tax, employment taxes, withholding tax and Value Added Tax (VAT).
Tax planning – under tax planning, we update our clients with changes in taxation legislations and rates, we evaluate tax effect on client’s planned investment or decision, we issue reminder on tax payment dates. We ensure our clients fairly comply with taxation laws so as to avoid penalties and interest in case of non-compliance.
BUSINESS & MANAGEMENT CONSULTANTING SERVICES
Professional staff at VA Business Assurance Services posses appropriate academic trainings and industry experience necessary to provide our clients with solutions to their business problems. We team with people with right mindset and experience required for implementation of these qualities to develop resourceful solution in the following areas: -
Accountancy - Keeping the accounting records of detailed transactions to provide management with the necessary financial information to produce historical financial statements and current information to make crucial commercial decisions.
Business management system - Company formation and Setup, Agency / Franchise arrangement, Total Quality Management System, Balanced Score Card and training, etc.
Business valuation – we assist our clients assessing the value of Target Company by performing due diligence works. Our work includes reviewing of legal documents, reviewing performance using financial analyst, reviewing nature of employment and remunerations. All these procedures aim at advising our client about likely price thus serving negotiation time.
Corporate restructuring - Advice on restructuring, identification of capital sources, forecasting and strategic financial planning services, rehabilitation studies and revival plans, acquisition and merger plans.
IT Business solutions - Installation and maintenance of IT software packages, review of IT related controls, IT system audits, review of business continuity and disaster recovery planning, etc.
We assist business to prepare their business plans which include financial performance evaluation. We evaluate financial performance using:
Time series analysis – identify financial trends over time for a single company or business unit.
Cross-sectional analysis – identify similarities and differences across companies or business units at a single moment in time.
Benchmark comparison – measures firm’s performance or health against some predetermined standards.
Quality of accounting numbers – we review financial statements’ compliance with international financial reporting standards.
We review the manning levels of the organization and recommend appropriate man level. We prepare job contents and where necessary, prepare advertisement which is approved by client before released to the public. We receive and review applications received against job contents and shortlist right candidates for interviews and thereafter recommend best candidates for client’s final employment decision. We also provide executive payroll services - gross to net pay calculation and payroll returns and payments of net pay and payroll taxes.
We perform risk assessment to assist our client’s business continue operating profitable by mitigating identified risks while improving on strengths. Our risk assessment involved a number of reviews including observation and analytical procedures; inquiries of management and others; review minutes of governance meetings; identifying risks through understanding client’s business; understanding accounting estimates; understanding related parties; identifying events and conditions affecting client’s going concern; review of internal controls at entity level and business units; review control design/ implementation of business cycles including payroll etc. We provide improvement recommendations on internal control deficiencies identified.
We operate from Arusha City
5th Floor, Blue Plaza Building, India Street
P O Box 1090
Arusha – Tanzania
Telephone/fax: +255 27 2544020
We also have a liaison office in Zanzibar housed in the same office with
P.O. Box 1922
Stone Town, Zanzibar
Tel. +255 24 2231807