Budget Highlights 2017

On the 11th of November, 2016, Finance Minister Felix Mutati unveiled a K64.5 Billion 2017 national budget, whose focus is to restore fiscal prudence while maintaining an expansion path. Here are a few notable highlights included in the budget:

Part I: Global and Domestic Economic review

Global Economy

  1. Global economic growth in 2016 is projected at 3.1%, a rate slightly lower than the 3.2% recorded in 2015. This is on account of lower economic activity in the advanced economies. In the emerging and developing economies, growth is projected to strengthen slightly to 4.2% in 2016 from 4.0% in 201 This is despite lower growth in China. (more…)

Changes to Auditors Report 2016

Effective 15th December, 2016. Auditor’s report is the main deliverable in an audit engagement. An audit of financial statements’ primary objective is to express an opinion whether the financial statements are free from material misstatements. But aside from the opinion, there is an increasing need for communication of other significant items both to those charged with governance and the users of the financial statements. This is the reason why changes are made to the auditor’s report.