Companies and Intellectual Property Authority (CIPA) has partnered with the Botswana Accountancy Oversight Authority (BAOA) to ensure adherence and compliance of provisions within the Companies Act that relates to financial preparation and reporting.
The two state-owned organisations signed the Memorandum of Understanding (MoU) yesterday as a way to build a well structured and formalised approach to dealing with issues of non-compliance to financial reporting by companies as set out under the requirements of both the Companies Act and the Financial Reporting Act. Speaking during the signing ceremony, CIPA Registrar General, Conductor Masena said it is essential to work closely with BAOA because companies, depending on their size and form are required to register financial statements and annual reports with CIPA.
“The financial statements should then be audited and should conform to International Financial Reporting Standards. CIPA is not an expert authority on the subject of financial reporting, we will rely on BAOA for guidance and provision of relevant information relating to financial reporting,” said Masena He said this makes the partnership critical especially at a time where CIPA is on the verge of transiting from manual to electronic registration of companies and business names.
The partnership will allow both organisations to provide training, as well as information sharing regarding their specific products and service offerings to officers from both sides. BAOA Chief Executive, Duncan Majinda said the partnership is one of their efforts to improving ease of doing business in Botswana. “The MoU introduces a very important concept in doing business called one-stop-shop and through this signing we will have both our services under one room,” said Majinda. BAOA was established by the Financial Reporting Act of 2010 with an objective to provide oversight to the accounting and auditing services as well as promote standards, quality and credibility of providing financial and non-financial information by entities.
Cell City rewards customers
Cell City gave away two Toyota Hilux pick up cars worth about P300 000 and three Hisense televion sets worth P15 000 each to their customers through their annual competition.
In partnership with Hisense and Orange Botswana, Cell City conducts annual competitions to reward their customers and contribute to citizen empowerment. Handing over the cars on Friday, Cell City Chief Executive Officer, Brian White said through the competition they want to satisfy their customers and give back to the community. “Cell City and Orange clients were given a chance to win either a Toyota Hilux pickup or a Hisense television set.
All they had to do was purchase any Hisense mobile phone from a Cell City or Orange retail outlet and fill in the competition form in the store,” said White.Thato Ntshabele, who won one of the cars told the Business Trends that she bought a Hisense cell phone worth P900. 00.
“I never expected that I can win a car. I was just filling the forms and dropped into the entry box and I forgot about it. I am so happy to receive this prize and I thank Cell City for this opportunity,” said Ntshabele. Another winner, Dimakatso Mmusi expressed his excitement saying he had always wanted a van and he is grateful to Cell City.
“I just bought a cell phone worth P899.00 at Cell City Railpark mall, I never expected anything, and I was just submitting the form as I was requested by the shop assistants. This car is very useful to me,” said Dimakatso.
Smecha chillie hits the shelves
For the love of food and the passion to apply modern technology processes in food manufacturing locally, Kgalaletso Mothoagae established her own brand, Smecha specializing in relishes.
She processes and packages chillie in 325 gramms and 1 litre bottles selling at P50 and P150. She told the Business Trends that she decided to process chillies as it is one of the products that are rarely processed in the food industry.
She started cooking it for home consumption and later started selling to friends and currently the product has gone beyond borders at South African Spar shops and Restaurants. “I couldn’t look for any other vegetable as most of them have already been processed in the market. It is my first product of research in the food industry so I found out that I can do good business with this product. This chillie is free from preservatives but still has extended shelf life of 6 months,” said Mothoagae
The Kanye born young lady studied food technology and has the passion to explore the food processing market in Botswana and contribute to reduce the high food import bill. “I wanted to explore more about food and use my skills to contribute to the development of the local food processing and manufacturing industry. I also wanted to supplement my income at the same time,” said Mothoagae.
She has a degree in Food Technology. She says there is a lot of potential for business growth as there is a demand for the product locally and in South Africa. “My main customers are individuals in homes, they have embraced the product, and they love the taste. There is also a market that has been secured in SA; it is available in several shops like spars and some restaurants”. In future, Mothoagae said she would increase the product range to 10 using various vegetables and flavours.
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