agm papers 2008 by HC120831021540

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									CONTENTS
                                                                          Page

Functions of the Institute                                                  2

Notice of the AGM                                                          3

Members of the current ZICA Council                                        4

Members of the Disciplinary Committee                                      6

Minutes of the 22nd AGM                                                   7 - 14

Attendance and Apology List at 22nd AGM –Appendix                        15 - 16

President’s and Council Annual Report                                    17 - 25

Disciplinary Committee Annual Report                                     26 - 28

Finance and Administration Committee Annual Report                       29 - 32


       ●      Financial Statements of the Institute for the year
              ended 31 December 2007

       ●      The 2008 Budget

Membership and Practice Committee Annual Report                           33 - 35

Education and Training Committee Annual Report                            36 - 40

Technical Committee Annual Report                                         41 - 44

Continuing Professional Development Committee Annual Report               45 - 47

Publications and Public Relations Committee Annual Report                 48 - 49

Taxation Committee Annual Report                                          50 - 52

Benevolent Annual Report                                                  53 - 54


Brief profile of validly nominated candidates for elections to Council
and Disciplinary Committee                                                55 - 60




                                         1
FUNCTIONS OF THE INSTITUTE

(1)   The functions of the Institute shall be to do all such acts and things as are
      necessary to foster the advancement of the profession of Accountancy;

(2)   Without prejudice to the generality of subsection (1);

      (a)   assist in the education and training of persons practicing or intending
            to practice the profession of accountancy;

      (b)   conduct professional examinations in accountancy;

      (c)   maintain and improve the professional standards of accountants;

      (d)   represent, protect and assist accountants in regard to their conditions of
            practice, remuneration or otherwise;

      (e)   protect and assist the public in all matters relating to the practice of the
            profession of accountancy;

      (f)   promote the international recognition of qualifications conferred by the
            Institute;

(Section 5 of the Accountants Act 1982 as revised)

The Institute has two classes of members; Registered Accountants and Affiliates.
Registered Accountants comprise of Fellows and Associates. Affiliates comprise
Licentiates and Technicians. Only Registered Accountants are eligible to vote and
stand for membership of Council and the Disciplinary Committee.




                                              2
NOTICE OF MEETING
______________________________________________________________________________

NOTICE IS HEREBY GIVEN that the 23rd Annual General Meeting (AGM) of the
Zambia Institute of Chartered Accountants (ZICA) will be held at Chrismar Hotel,
Livingstone on Saturday 26th April 2008 starting at 10.00 hours for the following
reasons:

1.     Receive Minutes of the 22nd Annual General Meeting held at the
       Mulungushi International Conference Centre, Lusaka on 28th April 2007;
2.     Receive the President’s and Council’s Annual Report;
3.     Receive the Disciplinary Committee Annual Report;
4.     Receive the Benevolent Fund Annual Report;
5.     Receive Financial Statements of the Institute for the year ended 31st
       December 2007;
6.     Approve the Budget for the year 2008;
7.     Appoint Auditors;
8.     Elect Six (6) Council Members and Three (3) Disciplinary Committee
       members;
9.     Proposed resolutions, if any
10.    Any Other Business

A member entitled to vote at the Annual General Meeting may appoint another
member to vote as his or her proxy if for any reason such a member is unable to
attend. The proxy form should be deposited with the Secretary & Chief
Executive at least forty-eight hours before the Annual General Meeting.

By order of Council


Christopher Siakakole
SECRETARY & CHIEF EXECUTIVE

Zambia Institute of Chartered Accountants   OR   Zambia Institute of Chartered Accountants
24 Joseph Mwilwa Road                            Kitwe Office
Rhodespark                                       David Mwila House
P O Box 32005                                    Room 105 -106
Lusaka                                           P O Box 23593
                                                 Kitwe
Tel: 224489/222773                               Tel: 222002
Fax: 224490/239365                               Fax: 222002
Email: zica@coppernet.zm                         Email: zicakt@coppernet.zm
Website: www.zica.co.zm




                                             3
                                        ZICA




             ZAMBIA INSTITUTE OF CHARTERED ACCOUNTANTS (ZICA)
       (Established by an Act of Parliament, the Accountants Act of 1982)

                     The full list of Council Members is as follows:




                                  Chintu Y Mulendema
                                        President




                                   Frederick M Banda
                                     Vice – President




Cecilia Zimba                   Brigitte N Muyenga           Inonge S Wambulawae
  Taxation                         Public Sector




Morgan D Macheleta             Jonathan Muke                    Kiran M Naik
  Publications               Membership & Practice                   CPD




    Ledson Zulu              Nambayo Kalaluka                 Eric Masumbu
Vice Public Sector           Education/Technical           Vice Finance & Admin.



                                           4
MEMBERS OF CURRENT COUNCIL

Mr C Y Mulendema, FZICA                       Mr F M Banda, FZICA
President                                     Vice President
CYMA                                          National Airports Corporation
P O Box 38298                                 P O Box 30175
Lusaka                                        Lusaka


Mr K Naik, FZICA                              Ms I S Wambulawae, FZICA
Moores Rowland                                Zambia Revenue Authority
P O Box 36072                                 P O Box 35710
Lusaka                                        Lusaka


Mr M J Muke, FZICA                            Mr N Kalaluka, FZICA
MJM Associates                                Aik-ns Consulting Limited
Plot 2755                                     Lunsemfwa Road
Chingombe Road                                P O Box 33285
Rhodes Park                                   Lusaka
Lusaka


Mr M D Macheleta, FZICA                       Mrs C Zimba, FZICA
Grant Thornton                                Ericsson AB
P O Box 20273                                 Zambia Branch
Kitwe                                         Lusaka


Mrs B N Muyenga, AZICA                        Mr E Masumbu,FZICA
P O Box 35710                                 Bank of Zambia
Zambia Revenue Authority                      P O Box 30080
Lusaka                                        Lusaka


                           Nominated by Government

Mr L Zulu, FZICA
Ministry of Finance & National Planning
P O Box 50062
Lusaka




                                          5
MEMBERS OF THE CURRENT DISCIPLINARY COMMITTEE


Mr T T Mushibwe, FZICA                     Mr P Chifwanakeni, FZICA
Chairperson                                Vice Chairperson
Deloitte & Touche                          Institute of Corporate Training
P O Box 30030                              P O Box 36711
Lusaka                                     Lusaka


Mr S Liyanda, FZICA                        Mr E C Lengwe, AZICA
Zambia National Tourist Board              Zambia Centre for
P O Box 31009                              Accountancy Studies
Lusaka                                     P O Box 35243
                                           Lusaka


Mr C Mwananshiku, FZICA                    Mr L Ndima, AZICA
Ernst & Young                              PricewaterhouseCoopers
P O Box 32385                              P O Box 30942
Lusaka                                     Lusaka


Ms B Mulamfu                               Kenneth Mumba Kalifungwa
Legal Counsel                              Barclays Bank Plc
Bemvi Legal Practitioners                  P O Box 31936
P O Box 50742                              Lusaka
Lusaka




                                  6
                 ZAMBIA INSTITUTE OF CHARTERED ACCOUNTANTS

  MINUTES OF THE 22nd ANNUAL GENERAL MEETING OF THE ZAMBIA INSTITUTE OF
      CHARTERED ACCOUNTANTS HELD AT THE MULUNGUSHI INTERNATIONAL
          CONFERENCE CENTRE, LUSAKA ON SATURDAY 28th APRIL 2007
  __________________________________________________________________________


COUNCIL MEMBERS PRESENT:           Mr C Y Mulendema   -   President, Chairman
                                   Mr F M Banda       -   Vice President
                                   Mr J M Muke        -   Member
                                   Mr M D Macheleta   -   Member
                                   Mr L Zulu          -   Member
                                   Mr J Kazilimani    -   Member
                                   Mr M S Siamuyoba   -   Member
                                   Mrs C Zimba        -   Member


IN ATTENDANCE:                     Mr C Siakakole     -   Secretary & Chief
                                                          Executive
                                   Mr C Mutale        -   Technical Manager
                                   Mr S Kasompa       -   Acting Education
                                                          Secretary
MEMBERS PRESENT: As per attendance list

APOLOGIES: As per apologies list

The president presided over the proceedings. He called on members to observe
a minute of silence in honour of all ZICA members who had died since the last
Annual General Meeting (AGM).

OPENING REMARKS BY THE ZICA PRESIDENT

The president welcomed all members present. He thanked senior members
present and recognized the presence of the Finance Director for Lumwana
Mine, Mr Pierre Louw. He called upon members to observe punctuality. He
apologised to the members for the delay in sending the AGM reports.

ADOPTION OF AGENDA

The Secretary and Chief Executive read out the Notice for the Annual General
Meeting and the Agenda. The agenda was adopted as presented.




                                        7
22.1   MINUTES OF THE 21st AGM HELD ON 29th APRIL 2006

       22.1.1 Corrections

       Corrections on the list of members present and the apologies list were
       made to include members who attended the AGM and also those who
       sent in apologies respectively. With the corrections made the minutes
       were proposed by Mr Kenneth Kalifungwa and seconded by Mr Jetty
       Lungu and were adopted and signed by the Chairman as a true record
       of the proceedings thereof.

       22.1.2 Matters Arising from the Minutes of the 21st AGM 2006

             Presidential Elections

             The Secretary and Chief Executive informed the meeting that Mr
             Chintu Y Mulendema was elected unopposed as President of the
             Zambia Institute of Chartered Accountants at the last Annual
             General Meeting.

             Review of the Accountants Act

             Secretariat informed the meeting that the Accountants Act was still
             in the process of being enacted and with the assistance of the
             Permanent Secretary, Financial Management and Accountability
             (FMA) at the Ministry of Finance and National Planning, there was a
             high likelihood of the Act being passed during the course of the
             year.

             Re-alignment of the Accountancy Training and Qualifications

             The meeting was informed that the new ZICA Accountancy
             Programme was launched in January 2007 by the Honorable
             Minister of Finance and National Planning, Mr Ngandu Magande,
             MP.

22.2   PRESIDENT’S AND COUNCIL ANNUAL REPORT 2006

       The president presented the President’s and Council’s Annual report for
       the year ended 31st December 2006. It was resolved that: “The President
       and Council’s Annual Report for the year ended 31st December 2006 be
       and is hereby adopted”. The President’s and Council’s Annual Reports
       were proposed by Mr Pinalo Chifwanakeni and seconded by Mr David
       Tembo.




                                        8
22.2.1 Matters Arising from the President’s and Council Annual Report 2006

      Profiles for people contesting the Council position

      A member wanted to know if the profiles for people standing for
      the Council position had been distributed to members.

      The Secretary and Chief Executive informed the meeting that the
      profiles were sent to members.

      Unqualified Accountants

      A member asked ZICA why there are a number of accountants
      working in organisations who are not qualified accountants.

      The President responded that with the current Accountants Act, it
      was difficult for ZICA to enforce its regulatory mandate of ensuring
      that organisations employed registered accountants only.        The
      President requested the members to help ZICA by reporting to the
      Institute those organisations that are not employing qualified
      Accountants. The meeting was informed that ZICA was working
      on monitoring members in practice.

      Strategic Plan

      A member asked whether ZICA still had a strategic plan given that
      it was not referred to in the President’s report.

      The President responded that the Finance and Administration
      report makes mention of the Strategic Plan and it was also
      mentioned on page 9 under the vision and mission statement.
      Members were advised to visit the ZICA website in order to see
      what the Institute has planned to do in the strategic plan.

      ZICA Accountancy Programme

      A member was concerned that the creation of the ZICA
      Accountancy Programme, would cut off Zambian accountants
      from the rest of the world. The member was also concerned with
      the entry qualifications for ZICA Accountancy Programme and was
      of the view that a university degree should be the minimum entry.

      The president responded that the ZICA Accountancy Programme
      would not isolate Zambian Accountants in that the programme
      had received overwhelming recognition from other international
      professional accountancy bodies.    CIMA had offered the ZICA
      Accountancy Programme exemptions up to the penultimate level.
      ACCA was awaiting pilot papers from ZICA before it could give


                                 9
             details of the exemptions while there have been inquiries from
             ECSAFA member bodies.

             On the entry qualifications the meeting was informed that grade
             twelve school leavers would only enter at Technician level and
             proceed to Licentiate and Professional levels.

22.3   DISCIPLINARY COMMITTEE ANNUAL REPORT FOR THE YEAR 2006

       The Committee Vice Chairperson presented the Disciplinary Committee
       Annual Report.

       It was resolved: “That the Disciplinary Committee Annual Report for the
       year ended 31st December 2006 be and is hereby adopted”. The
       Disciplinary Committee Annual Report was proposed by Mr Emmanuel
       Mbambiko seconded by Mrs Joma T Simuyi.

       22.3.1 Matters Arising from the Disciplinary Committee Report

             A member wanted to know the relevance of the Disciplinary
             Committee given that all cases reported in the Annual report were
             being handled by the Courts of Law.

             The Vice Chairperson responded that the Committee was still
             relevant to ensure that members found in acts of malpractices are
             disciplined.

22.4   ZICA’S FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006

       The Chairperson for Finance and Administration Committee presented the
       audited Financial Statements for the year ended 31 December 2006.

       It was resolved: “That the Financial Statements for the year ended 31st
       December 2006 be and are hereby adopted”. The Financial Statements
       were proposed by Mr Richard Kasanda and seconded by Mr Jetty Lungu

       22.4.1 Matters Arising from the Audited Financial Statements for the year
              ended 31st December 2006

             A member wanted to know why the amount for study manuals had
             dropped from K362 million in 2005 to K322 million in 2006.

             The Secretary and Chief Executive responded that the decrease
             was as a result of the Institute not restocking manuals for the old
             NATech programme which was being phased out.

             A member wanted to know what caused the repairs and
             maintenance figure to increase from the previous year’s figure.


                                        10
             The meeting was informed that the increase in the figure was due
             to the repairs undertaken to mend the leaking roof and the
             building of the wall fence at the Institutes offices at 24 Joseph
             Mwilwa Road.

             A member wanted to know whether IAS 16 on component
             approach to the depreciation of assets would be applicable to the
             assets of ZICA.

             The meeting was informed that given the nature of the assets held
             by ZICA, it was not possible to apply the component approach to
             the depreciation of assets.

22.5   ZICA BUDGET FOR THE YEAR 2007

       The budget for the Institute for the year 2007 was presented by the
       Secretary and Chief Executive.

       It was resolved: “That the Budget for the year 2007 be and is hereby
       adopted”. The Budget was proposed by Mr Emmanuel Mbambiko and
       seconded by Mr Jack Sievu

       22.5.1 Matters Arising from the Budget for the year 2007

             A member wanted to know why there was a reduction in the
             budget for seminars.

             The meeting was informed that the reduction was a result of not
             having an Annual Business Conference due to the fact that
             Council had authorized CIMA to hold its Regional Conference in
             place of the Annual Business Conference.

             A member wanted to know why there was a reduction in
             examination expenses.

             The Secretary and Chief Executive responded that the reduction
             was as a result of the funding support from PEMFA on the new ZICA
             Accountancy Programme.

             Members requested ZICA to ensure that the Budgets were sent
             early to members in order to give them ample time to analyse
             them.

             The Secretary and Chief Executive noted the request.




                                        11
22.6   BENEVOLENT FUND REPORT

       The chairperson for the Benevolent Fund Board presented the report to
       the meeting. It was resolved: “That the Benevolent Fund Report for the
       year ended 31st December 2006 be and is hereby adopted”.

       The Report was proposed by Mr Pinalo Chifwanakeni and seconded by
       Ms Tandiwe Lungu Musonda.

       22.6.1 Matters Arising from the Benevolent Fund Report

             Members observed that the funds for the Board were lying
             unutilised in the accounts. Further they observed that the funds
             were not invested in appropriate interest bearing accounts.

             The Chairperson responded that the Benevolent Fund Constitution
             stipulates the use of the Funds and that if there are no applications
             received, the Committee cannot assist members outside the
             constitutional provisions.

22.7   APPOINTMENT OF HONORARY AUDITORS

       Council moved the following resolution:

       “That Messrs Ernst & Young having indicated their willingness to remain in
       office and on recommendation of Council be and are hereby re-
       appointed honorary Auditors of the Institute and to hold office until the
       next AGM at which the Financial Statements would be laid before
       members”.

       It was resolved: “That Messrs Ernst & Young be and are hereby re-
       appointed honorary Auditors of the institute and will hold office until the
       next AGM at which Financial Statements would be laid before members”.

       22.7.1 Matters Arising from the Appointment of Honorary Auditors

             A member wanted to know how long Ernst & Young had been
             auditing the Financial Statements and whether there are no other
             Auditing Firms that had shown interest in auditing the Financial
             Statements of ZICA.

             The meeting was informed that Ernst & Young had been auditing
             the Institute’s Financial Statements for three years.

             A proposal by a member to have a motion passed for the payment
             of Auditors who audit the Institute’s Financial Statements was not
             accepted by the members.



                                       12
22.8   ELECTIONS

       22.8.1 Election of Council Members

             The Secretary and Chief Executive informed the meeting that one
             Council Member, Mr Millen Siacika Siamuyoba had served his
             stipulated years as a Council Member.

             Consequently, there was one Council Position which needed to be
             filled. He informed the meeting that three (3) valid nominations
             had been received for the one Council Position.

22.9   ELECTORAL RULES PROPOSED RESOLUTIONS

       22.9.1 Resolution to Adopt the ZICA Electoral Rules and Procedures

             The Secretary and Chief Executive presented the Electoral Rules to
             the meeting. Adoption of the Electoral Rules was proposed by Mr
             Jetty Lungu and seconded by Mr Mark Libakeni. The Electoral
             Rules adoption was put to a vote by show of hands and the results
             were: in favour of the Electoral Rules 68 votes and against the
             Electoral Rules 6 votes.

             It was therefore resolved “That the ZICA Electoral Rules and
             Procedures be and are hereby adopted”.

22.10 ANY OTHER BUSINESS

       Audit Monitoring

       A member raised a point on the need to ensure that a report on the
       monitoring of audit firms is included in the next year’s report.

       CPD Compliance

       A member raised a point as to what ZICA would do for those members
       who do not comply with the CPD requirement.

       Secretariat responded that sanctions for non-compliance will be
       developed based on IFAC guidelines and these would be enforced
       against non-compliance members.

       Responses to Communication from Secretariat

       A member requested ZICA members to start responding to all emails and
       other communications from ZICA.




                                       13
      International Public Sector Accounting Standards (IPSASs)

      A member wanted to know what ZICA had done in relation to the IPSASs.

      The meeting was informed that IPSASs are included in the new ZICA
      Accountancy Programme and a Committee has been set up to deal with
      issues relating to the Public Sector Accounting.

      Non-Zambians working as Accountants

      A member wanted to know what ZICA was doing on the part of having
      non-Zambians being employed as Accountants.

      The meeting was informed that the investment licences allows a certain
      number of non-Zambians to be employed in the country and there was a
      lot of liaison with the Immigration Office before work permits are issued to
      non-Zambians.

      Press Reports regarding Accountants

      A member asked what ZICA was doing on issues of ‘whistle blowing’ by
      the press who simply rush to issue press statements before thoroughly
      investigating the issues.

      The meeting was informed that ZICA does respond by issuing press
      statements clarifying the issues raised.

      High Cost of CPDs

      A member raised concern on the high cost of CPD workshops.

      The meeting was informed that only the Annual Business Conference and
      other workshops which included foreign resource persons and are held at
      expensive hotels attract a high participation fee in order to recover the
      workshop costs. The rest of the workshops are lowly priced.

22.11 PRESIDENT’S CLOSING REMARKS

      After the above deliberations, the President thanked the members for
      attending the Annual General Meeting and asked them to attend the
      Annual Ball in the evening as well. The President declared the meeting
      closed at 13:57 hours.



______________________________                          _______________________
       PRESIDENT                                                   DATE



                                       14
22ND AGM ATTENDANCE LIST

1.    Alexander M Muyovwe, FZICA          46.   Shuko Ndhlovu, AZICA
2.    Chintu Y Mulendema, FZICA           47.   Nonde M Kaniki, AZICA
3.    Emmanuel Mbambiko, FZICA            48.   Patson Katongo, AZICA
4.    F M Banda, FZICA                    49.   Pinalo Chifwanakeni, FZICA
5.    D Tolodi, AZICA                     50.   George Mubipe, FZICA
6.    E Masumbu, FZICA                    51.   Bwalya K Mwaba, AZICA
7.    S N Mitra, FZICA                    52.   Judith M Bbuka, AZICA
8.    Oscar Mwansa, AZICA                 53.   Jack Sievu, AZICA
9.    Bornface Zimba, AZICA               54.   Charles Mubaanga, AZICA
10.   Charles Nakasamu, AZICA             55.   Chalwe Mwale, AZICA
11.   Nambayo Kalaluka, FZICA             56.   Chansa A Chiteba, FZICA
12.   Elijah Nyirenda, AZICA              57.   Moses Tolopu, AZICA
13.   Siwela Malunga, AZICA               58.   James Davis Mtine, FZICA
14.   Jason Kazilimani, FZICA             59.   Allington Bota, FZICA
15.   Lyness Phiri Mambo, AZICA           60.   H Shamainda, AZICA
16.   Cetty M Misale, AZICA               61.   Brigitte N Muyenga, FZICA
17.   Clement Chuhame, AZICA              62.   B H Cheembela, FZICA
18.   Maj. Humphrey C L Mutambo, AZICA    63.   Henry C Nondo, FZICA
19.   Millen Siacika Siamuyoba, FZICA     64.   Grace I Ushibantu, AZICA
20.   Jetty Lungu, FZICA                  65.   R Ravi Sankar, FZICA
21.   Richard T Kasanda,AZICA             66.   L Mwelwa, FZICA
22.   James Kapembwa,AZICA                67.   G Mpishi, FZICA
23.   Bisilio Musonda, FZICA              68.   D Chilembo, FZICA
24.   Cecilia Zimba, FZICA                69.   M Chilepa, FZICA
25.   Clement F Sichembe, FZICA           70.   Matilda Mutale, FZICA
26.   Samuel Phiri, AZICA                 71.   David Tembo, FZICA
27.   William F Mwila, FZICA              72.   Bernard Gadsden, FZICA
28.   B V P Jayawardena, FZICA            73.   C D Tembwe, FZICA
29.   Pritchard Haboongo, AZICA           74.   M Mukuka, AZICA
30.   Christopher L Kayata, AZICA         75.   Dean M Chanda, FZICA
31.   Matilda S Mwansa, AZICA             76.   Kelvin Kaluba, FZICA
32.   Mumba K Kalifungwa, FZICA           77.   Sydney Siluonde, AZICA
33.   Enock Tembo, AZICA                  78.   M D Macheleta, FZICA
34.   Fortune Phiri, AZICA                79.   J Mwengwe, AZICA
35.   Victor Mundia, FZICA                80.   S M Musune, FZICA
36.   Ignatius Mwape, AZICA               81.   Alfred M Tembo, AZICA
37.   Desmond Mulenga, FZICA              82.   Muya Kaoma, FZICA
38.   Prakash C Jain, FZICA               83.   Mdaniso E Sakala, FZICA
39.   T K Ramanaathan, FZICA              84.   Andrew Sampa, AZICA
40.   Mukela Muyunda, FZICA               85.   Thandiwe L. Musonda, AZICA
41.   Martin Mulenga, FZICA               86.   Regina M Muzamai, AZICA
42.   M P Zulu, FZICA                     87.   Mbeluko Phiri, AZICA
43.   Andrew N Kamanga, FZICA             88.   Douglaus Chisoko, AZICA
44.   Abonny C Munsaka, FZICA             89.   John Siameja, AZICA
45.   Henry Mwanza, AZICA                 90.   Rose G K Malila Phiri, FZICA
                                          91.   K Kapungwe, AZICA
                                          92.   S Matibini, AZICA
                                          93.   C Sijamba, AZICA
                                          94.   S Akokwa, AZICA
                                          95.   Ron Manyoni, FZICA



                                     15
96.    Mark M Libakeni, FZICA
97.    Tamala Sakala Ngoma, AZICA
98.    Saraphina H M Banda, FZICA
99.    Joma T Simuyi, AZICA
100.   Charles Chilebe, FZICA
101.   Frank Munthali, AZICA
102.   Lawrence Banda, FZICA
103.   Ivor Chilufya, AZICA
104.   N R Rangaramanujan, FZICA
105.   Martin Chewe, FZICA
106.   Hastings Mtine, FZICA
107.   Madaliso Micheal Mwale, AZICA
107.   Wesley Chibesa, AZICA
108.   Felix Sinakala, AZICA
109.   Christopher Siakakole, F ZICA
110.   Charles Mutale, AZICA

APOLOGIES

1.     Elasto Mambo, AZICA
2.     Sue Mwaanza, FZICA
3.     Marsha Thurairatnam, FZICA
4.     Friday Nyambe, FZICA
5.     Lombe Ng,andwe, FZICA
6.     S Sevagan, FZICA
7.     Mirriam Chiyaba, FZICA
8.     Victor Nyasulu, FZICA
9.     Kiran Naik, FZICA
10.    Quinn Chibuye, FZICA
11.    Francis Alutuli, FZICA
12.    Sarah M Mbewe, FZICA
13.    Ben Zulu, FZICA
14.    Warren Chilangwa, AZICA
15.    Alice Tembo, FZICA
16.    Kabaye Mwale, FZICA

IN ATTENDANCE

1.     G A Sikazwe, ZICA, Lic.
2.     P Loan, ZICA Lic.
3.     Newton Kazaba, ACCA
4.     Elias Phiri, ZICA Tech
5.     Bizeck Tembo, ZICA Tech
6.     Andrew L Chibuye, ZICA Lic.
7.     Douglas Mweemba, ZICA Lic.
8.     Alice Simbaya, ACCA
9.     Kamuti C Shulenge, ACCA
10.    Diana Chisulo, ACCA
11.    Makungu Mulando, ACCA




                                       16
PRESIDENT’S AND COUNCIL ANNUAL REPORT FOR THE YEAR 2007

Welcome Remarks

Ladies and gentlemen, I wish on behalf of Council and Secretariat to welcome
you all to this 23rd Annual General Meeting of our Institute, the Zambia Institute of
Chartered Accountants.

I wish to begin by extending a special welcome to our new ZICA members who
have over the year made the decision to join this Institute of professionals. I wish
to comment that as a member of ZICA you are now free to make your
comments and submissions to the Institute through the Secretariat so that as an
Institute we can have one voice which is clear to our stakeholders.

In addition to the above, I wish also to extend my warm welcome to our long
standing members of the Institute who are with us in this important gathering
today. These members include veterans and former Council members who are
part of the pioneers of this growing profession in the country.

Relationship with the Government and Other Key Stakeholders

Allow me Ladies and Gentlemen to begin my comments by pointing out that the
Institute still enjoys good and warm relationship with the Government and this is
evidenced by the fact that Government continues to make consultations with
ZICA on issues related to financial management and economic affairs.

It is encouraging to note that the Government still recognizes the Institute as one
of the key stakeholders invited annually to make submissions pertaining to the
National Budget. In addition to that, the Government continues to request ZICA
to appear before Parliamentary Committees to make submissions and
commentaries relating to the National Budget and other national issues.

Apart from the issues mentioned above, Government needs to be commended
for the amount of support rendered to the Institute over the years. Currently we
have a new ZICA Resource Centre under construction through which we are
receiving Government support through the PEMFA programme. In addition to
that Government has given support to the Institute through the funding for the
furniture and equipment to be part of the new ZICA Resource Centre.

ZICA is confident that this positive relationship will continue in the future.




                                           17
Electoral Rules and Procedures

A set of Electoral Rules and Procedures were presented and adopted in our
previous Annual General Meeting and these are the rules and procedures which
will be used in this year’s elections.

To be up to date with this requirement, ZICA distributed these Rules and
Procedures to all the members and they have also been posted on the ZICA
website for members to have access to them.

Review of the Accountants Bill

This has been one of the major challenges in the Institute during the year under
review in the sense that during the previous AGM, ZICA was confident that by this
date, the Accountants Bill would have been enacted into an Accountants Act
but this has not been the case.

During the year the Ministry of Justice who deal with issues of legislation and
participate in recommending Bills to Parliament, requested ZICA to hold two
consultative meetings with stakeholders. The two consultative workshops were
indeed held, one in Lusaka and another on the Copperbelt and from these
workshops, some adjustments were made to the Bill.

ZICA has been advised by the Ministry of Justice that the Accountants Bill will be
presented to Parliament during the next sitting which is targeted for July this year.

Registration of Accountants

From time to time, ZICA receives information relating to a number of accounting
personnel who are not registered with the Institute worse still in some towns there
are reports of firms offering accounting and auditing services without being
registered with ZICA.

We write to remind the ZICA members of the need to report any cases of people
or firms undertaking accounting and auditing functions without being registered
with ZICA. In the new Act, like has always been the case, this is an offence
which carries stiff penalties.

The 2007 Financial Highlights

This year the Institute recorded a surplus of K989 million as compared to the
surplus of K426 million recorded in the previous year. Some of the reasons for this
increase relate to the additional student numbers entering for registration,
exemptions and examinations. In addition to that the number of members has
also increased during the year.




                                         18
Income

The Income during the year amounted to K6,982 million as compared to the
amount of K6,019 million recorded in the previous year which gives an increase
of 16%. This increase in income is also related to the increased number of the
examination entries.

Expenditure
The total expenditure recorded in the year amounted to K5,993 million as
compared to the amount of K5,594 million recorded in the previous year. The
increase in the level of expenditure of 7% can be attributed to increased
transactions through increased students and members. Furthermore, there was
recorded increase in postage costs, advertising and examination expenses.

ISSUES FOCUSED BY COUNCIL

(a)   The Accountant’s Act

      This has been one of the major challenges in the Institute during the year
      under review considering the Bill would have been enacted into an
      Accountants Act by now.

      As earlier stated during the year the Ministry of Justice, requested ZICA to
      hold two consultative meetings with stakeholders. The two consultative
      workshops were indeed held, one in Lusaka and another on the
      Copperbelt and from these workshops, some adjustments were made to
      the Bill.

      ZICA has been advised by the Ministry of Justice that the Accountants Bill
      will be presented to Parliament during the next sitting which is targeted for
      July this year.

(b)   ACCA/ECSAFA Monitoring Agreement

      During the year the Institute held a number of consultations with
      ACCA/ECSAFA relating to the need for the monitoring of firms in public
      practice.

      As at the date of developing this report, much progress had been made
      to the extent that what was only still outstanding was the date on which
      the agreement would be signed. Consequently, Council is in the process
      of establishing a Monitoring Department at the Secretariat.




                                       19
(c)   National Constitutional Conference (NCC)

      It is encouraging to report to the members that the Government has
      appointed ZICA to be one of the Institutions to be represented on the
      NCC and in this respect two ZICA Council members do sit on this
      committee.

      In an effort to enhance the submissions, the Institute has come up with a
      paper containing the views and position of Accountants in as far as the
      Constitution is concerned.

(d)   The New ZICA Accountancy Programme

      The new ZICA Accountancy Programme is now in place and the first
      examinations were conducted during in December 2007. The number of
      registered students under the new programme totals 9,356 and the
      number of candidates who wrote examinations under the new
      programme totalled 6,215. These figures are quite encouraging as they
      exceed the figures in the former NATech programme.

      It is also pleasing ladies and gentlemen to report that all the text books for
      Technician, Licentiate and Professional stages of the programme have
      been printed and delivered to ZICA and are now being accessed by
      students country wide.

(e)   The Construction of the Resource Centre

      The contract for the construction of the ZICA Learning Resource Centre
      commenced on 25 April, 2006 and was supposed to have been
      completed by February 2007. The contract period was 38 working weeks
      while the contract value was targeted at US$1,212,959.

      Through the PEMFA programme the following projects have been funded:

             -   Writing of study manuals for the ZICA Accountancy programme
                 at a cost of K42.9 million.

             -   Printing of the study manuals at a cost of K308 million.

             -   Design construction of the ZICA Resource Centre at a cost of
                 K850 million.

             -   Furniture for the Resource Centre at a cost of K499 million

             -   Computers and savers for the Resource Centre at a cost of K255
                 million




                                        20
        -     Office equipment for the Resource Centre at a cost of K83
              million

(i)     Progress

        As earlier stated, the Contract for the construction of the ZICA
        Resource Centre commenced on 25th April 2006 and was supposed
        to have been completed by February 2007, but has not been
        completed yet due to:

        (a)      Lack of working capital by the contractor resulting in failure
                 to pay subcontractor and suppliers;
        (b)      Withdrawal of services by the Consultant.

        The following are the major delays which have arisen as a result of
        the withdrawal of services by the Consultants:

        -        Inadequate and incomplete technical drawings for the roof;
        -        Inadequate technical details for the aluminium windows at
                 both the ground and first floors.

(ii)    Current position at the Construction Site

        The project is now at roof level with all roof trusses mounted on top
        and purlins in place. Roofing is expected to start by the 2nd week of
        April 2008.

(iii)   Remaining works

        According to technical evaluation, at least 58% of the works have
        been completed and only 42% of specialized work is remaining
        which requires the services of specialized subcontractors. These
        works include:

        -        roofing works
        -        aluminium training and glazing works
        -        aluminium partitioning
        -        suspended ceiling works
        -        tiling works
        -        painting and decorating
        -        external works




                                    21
      (iv)    Way forward

              On the basis of the above, it has been agreed that:

              -     Following the withdrawal of the Project Consultant, the
                    Buildings Department in the Ministry of Works and Supply
                    would take over the overall supervision of the project up to
                    completion;

              -     The contractor’s contract is to be extended up to 31st July
                    2008 to facilitate the completion of the remaining works;

              -     PEMFA has raised a ‘no objection’ to authorise direct
                    payments to Sub-Contractors and Suppliers for the
                    remaining works and materials to enable smooth
                    completion of the project;

              -     The cost of the remaining Works and Materials is estimated
                    at US$127,131.97 To speed up the completion of the
                    remaining works, ZICA has entered into an agreement with
                    PEMFA to allow ZICA to pay for these items and then get a
                    reimbursement from PEMFA upon full completion.

MEMBERSHIP COMMITTEE

Membership Summary Statistics

It is encouraging ladies and gentlemen to report that there is appreciable
increases in the numbers of registered Accountants in the country.

The numbers of registered members as at 31 December 2007 were as given
below (with previous year’s figures in brackets):-

              Current       Previous    Increase      % Increase

Fellows       492           (466)            26           5.6%
Associates    509           (479)            30           5.8%
Licentiates   674           (631)            43           6.8%
Technicians   860           (647)           213           33%

The above increases were also noticed in the numbers for the holders of
practicing certificates and holders of non-audit practicing certificates, which
were as follows:
                               Current   Previous Increase        % Increase

Practicing Certificates          117          (114)      03            2.6%
Non-Audit Practicing Certificates 23          (13)       10            77%


                                       22
What is important is to keep building up these membership numbers in order to
meet the strategic goals of the Institute.

TECHNICAL COMMITTEE

Technical Committee Updates

I wish to report that the Technical Committee examined various Exposure Drafts
from the International Accounting Standards Board (IASB) and the International
Auditing and Assurance Standards Board (IAASB). The comments made were
submitted to the originating Boards. In addition to the above issues, the
committee also handled issues related to monitoring and review of members in
Public Practice.

CONTINUING PROFESSIONAL DEVELOPMENT COMMITTEE

The CPD Committee in conjunction with its CPD partners, that is, ACCA and
CIMA has developed a combined CPD calendar for the year 2008.

As a result of this development, members are hereby advised to obtain a copy
of this calendar from either ZICA, ACCA or CIMA in order to help them plan their
CPD activities for the year.

TAXATION COMMITTEE

Budget and Tax Submissions for the year 2008

The Committee held several meetings and workshops in Lusaka and the
Copperbelt to obtain submissions from members and other stakeholders.

The submissions from Lusaka and Copperbelt were then consolidated and
refined before being submitted to the Ministry of Finance and National Planning
for consideration as part of the National Budget for the year 2008.

OTHER DEVELOPMENTS

The Institute dealt with a number of issues during the period under review and
progress has been attained in some of these issues and these include:

(a)   Concept Paper

      As was reported last year, ZICA produced a Concept Paper which
      outlined observations relating to a number of malpractices observed and
      being reported under the Public Sector. In order to help deal with some
      of these malpractices, the Institute came up with a Concept Paper which
      put proposals for corrective action relating to better controls in the
      manner of handling financial information under the Public Sector.



                                      23
      Copies of the document were distributed to the key stakeholders
      including the Ministry of Finance and National Planning. To date no
      response relating to these proposals has been received.

(b)   Workshop on Constitutional Making Process

      During the year under review the Institute also held a workshop at
      Mulungushi International Conference Centre. The objective for this
      workshop was to consult key stakeholders including those at the Office of
      the Auditor General, the Office of the Accountant General and others
      relating to issues to be part of ZICA’s submissions to the Constitution
      making process.

      It is encouraging that the attendance was overwhelming and the
      workshop deliberated upon a number of pertinent issues which were built
      to be submissions from the accountancy profession.

(c)   Objectives of the Business Plan 2006-2008 and Levels of Achievement

Objectives                                 Level of Achievement
Enhance and maintain the relevance
of ZICA nationally and internationally.    On going
Enhance and maintain ZICA self             Achieved though on going
sustainability financially.                Positive liquidity levels reported
Increase value for membership              On going
Re-align the Accountancy training and
qualification in Zambia.                   Achieved
Enhance and maintain
communication with students                Achieved and on going
nationwide.
Ensure compliance with relevant laws       Accountants Bill and Code of Ethics
and professional regulatory                awaiting ratification by Parliament.
requirements.                              Monitoring Agreement due for signing
Keep members up to date with the           Website periodically updated,
latest developments in the profession,     accountant magazine released
business and general environment.          quarterly, accounting and auditing
                                           exposure drafts communicated to the
                                           relevant committees from time to time
Maintain and improve communication         Timely communication on the email
with members.                              and accountant magazine from time
                                           to time – on going




                                          24
CONCLUSION

As I conclude ladies and gentlemen, allow me to comment that as a profession
we need to continue working together and communicating with one voice so
that we can be heard. There are many professions in the country including
medical, legal and others. In this respect, as Accountants we need to be visible
and our comments relating to issues of financial management and others
related to the economy of the country should be value adding.

In this respect allow me ladies and gentlemen to pass my sincere appreciation to
the Council members for the manner in which they have worked in this year in
steering the Institute to the level that it is at this moment. My appreciation also
goes to the Secretariat for their daily inputs in the operations of our Institute.
What is fundamental in our profession is the need to support each other and
liaise with each other so that at the end we can deliver desired results.

Allow me to end my comments by requesting you all Ladies and Gentlemen to
attend this evening’s event which is the Annual Ball function to be held here at
Chrismar Hotel. The cost for attending this event is K400, 000 only per head and it
includes dinner and entertainment. You may wish to know that the Amayenge
Ensemble Band will be giving us the required music till late.

I wish you all to have an enjoyable night and please feel free as you participate
in this event.

Thank you and see you in the evening.




                                        25
DISCIPLINARY COMMITTEE ANNUAL REPORT FOR THE YEAR 2007

In the year 2007 the Disciplinary Committee comprised of the following members:

Mr T Mushibwe                    -      Chairperson
Mr P Chifwanakeni                -      Vice Chairperson
Mr E C Lengwe                    -      Member
Mr C K Mwananshiku               -      Member
Mr S Liyanda                     -      Member
Mr L Ndima                       -      Member
Mr K Kalifungwa                  -      Member
Ms B Mulamfu                     -      Member

FUNCTIONS OF THE DISCIPLINARY COMMITTEE

The Accountants Bill has brought on board a number of issues which are meant
to strengthen the mandate and functions of this independent committee. One
of the issues is the proposal to ensure that the Chairperson and Vice Chairperson
for this committee will be a qualified lawyer while the other members will be
Accountants.

According to Article 75 (1) of the Accountants Bill, the functions of the
Disciplinary Committee are :-

      (a)    To hear and determine any disciplinary action initiated by the
             Institute against a chartered accountant or a Member who has
             contravened any provision of the Code of Ethics or any provision of
             the Act; or

      (b)    To hear and determine any complaint or allegation made by any
             person against a chartered accountant or a Member.

(2)   The Disciplinary Committee may publicise, as the Committee may
      consider appropriate, the facts relating to any chartered accountant or a
      Member who is found guilty of and punished for professional misconduct.

      Once the Accountants Bill is enacted into an Accountants Act, it will
      strengthen the position of the Disciplinary Committee and this will help
      sustain the positive image of the Accountancy profession in the country.

ACTIVITIES OF THE COMMITTEE DURING THE YEAR

During the year 2007/2008, the main activities undertaken by the Committee
were those relating to the handling of a number of complaints raised by some
stakeholders against some firms and individuals and some of the cases included
the following:




                                       26
Complaint Against a ZICA Licentiate Member Involving the Unauthorised
withdrawal and Use of Union Funds

A Complaint was raised by some Unionists in a given organization relating to a
case where one of their Accounting staff (ZICA member) withdrew some
amounts of Union money without approval from the Union leaders.

The Disciplinary Committee studied the case and during the investigations the
Union leaders reported to ZICA that the case was internally resolved and the
money withdrawn by the member was recovered.

Complaint Against A Firm Pertaining to the Auditing of an Unregistered
Organization

A complaint was received by ZICA relating to an organization undertaking
auditing functions to an unregistered organization.

The case was submitted to the Disciplinary Committee who undertook some
investigations by visiting the registration office and also getting more details from
the auditing firm.

The findings revealed that the complaint was not valid as the registration office
gave an update relating to the registration details for the audited firm indicating
that the records at the time the auditing took place were already being
processed. The auditing firm also confirmed that the issue was not valid and the
registration certificate was available at that time for verification. In this case, the
complaint was amicably disposed of.

Complaint by a Technician Member alleging that he was forced to write and
submit a Resignation Letter to his Employers

A ZICA Technician member complained to the Institute that his employers forced
him to write a letter of resignation against his will. After submission of that letter
he was instructed not to report for work any more at that organization.

The case was also submitted to the Disciplinary Committee who are still
undertaking some investigations into the matter.

The above three (3) were the main cases handled by the Committee during the
period 2007/2008.

FUTURE PLANS

The Committee is still awaiting for the enactment of the Accountants Bill into an
Act so that the prescriptions contained in the Bill can be implemented and the
Committee can gain a stronger mandate to take decisive actions against ailing
members, be them individuals or firms.



                                          27
The Committee is committed to continue handling matters of disciplinary nature
in a prudent and decisive manner so that the Institute can maintain the high
levels of integrity.




T T Mushibwe
CHAIRPERSON




                                     28
FINANCE AND ADMINISTRATION ANNUAL REPORT 2007


The Finance and Administration Committee comprised the following members:

Mr Frederick M Banda              -      Chairperson
Mr Eric Masumbu                   -      Vice Chairperson
Mr Baison Banda                   -      Member
Mr Eugene Chandi                  -      Member
Mr Victor Nyasulu                 -      Member
Mr William P Saunders             -      Member
Mr Boniface M Chitambala          -      Member
Mr George Mubipe                  -      Member
Mrs Cecilia Zimba                 -      Member
Mrs Bridget N Muyenga             -      Member
Ms Mwila Munkanta                 -      Member

The major focus of the three year business which commenced in 2006 and
comes to an end in 2008 was to enhance the image of ZICA while maintaining
and improving the financial sustainability of the Institute. The following progress
has been recorded:

FINANCIAL SUSTAINABILITY

(a)   Accumulated Fund

      The accumulated fund for the Institute has continued to grow steadily
      over the years. As at 1 January 2006 the fund was K3,367 million and has
      risen to K4,357million as at 31 December 2007, representing an increase of
      29%.

(b)   Production of the Accountant Magazine

      The quality of the Accountant magazine has continued to improve.
      Production of the magazine is financed from the Institute’s own resources.

(c)   Internal Controls

      The Institute’s operations and financial systems are audited twice a year
      by the Internal Auditors and Financial Statements are subject to an annual
      external audit. These processes have contributed to the strengthening of
      the Institute’s internal controls.




                                        29
ZICA VISION

The Institute launched the new ZICA accountancy qualification in 2007 in line
with its vision to train more accountants. The response has been overwhelming
as evidenced by the large number of students registering for the new
programme.

2007 FINANCIAL HIGHLIGHTS

Below are the financial highlights based on the financial statements for the year
ended 31 December 2007.

(i)     Surplus

        The surplus for the year was K989 million. This was higher than the previous
        surplus of K426 million by K563 million. The increase in the surplus was
        attributed mainly to the good turn out of students who wrote the
        examinations in June with a view of completing the NATech programme
        before the introduction of the new ZICA qualification.

(ii)    Income

        The total income of K6,982 million exceeded the previous year’s income
        of K6,019 million by K963 million. The 16% increase in income was largely
        attributed to an increase in examination entries during the year.

(iii)   Expenditure

        The total expenditure of K5,993 million exceeded the previous year’s
        expenditure of K5,594 million by K399 million.    The 7% increase in
        expenditure reflects increased costs of advertising, examination and
        postage expenses.

TREASURY MANAGEMENT

All the Institute’s cash is kept in a call account which is interest earning and funds
are only transferred as and when need arises. Excess funds are invested in short
term fixed deposits.

SHORT TERM INVESTMENTS
                                                                      K
STANBIC Kwacha                                                  2,626,392,352
STANBIC USD 214,164.11                                            786,663,243
                                                                3,413,055,595
                                                                ===========




                                         30
CASH AND BANK

ZANACO                                                         137,230,020
STANBIC Pound 67,250.14                                        495,880,340
Petty Cash                                                       2,500,000
                                                               635,610,360
                                                              ===========

EXCHANGE RATES

The following exchange rates, based on the Stanbic Bank Zambia mid-term have
been used to translate foreign denominated amounts as at 31 December 2007.

One US$ = K3,673                         One Pound = K7,373

(iv)   PEMFA

       The PEMFA project funded the writing and printing of study manuals for
       the new ZICA qualification at a cost of K42.9 million and K308 million
       respectively. The Institute also received funding towards the construction
       of the resource centre amounting to K850m, furniture K499m, K255m on
       computers and K83m on office equipment.

(v)    Staffing

       The Institute operated with an average of twenty (20) employees.

BUDGET

The budget for 2008 has been prepared in line with the strategic objectives of
the ZICA Business Plan 2006/2008. The objectives identified in the Business Plan
which will play a significant role in the ZICA operations for the year 2008 are as
follows;

(a)    Promoting the new ZICA Accountancy qualification in Zambia and
       outside Zambia.

(b)    Complying with relevant laws and professional regulatory requirements.

       In fulfilment of promoting the new ZICA qualification, a number of schools,
       colleges will be visited to promote the new qualification in addition to the
       TV documentary.

       In pursuance of complying with relevant laws and professional regulatory
       requirements, ZICA will commence the monitoring and reviews of auditing
       firms. This has been reflected under Monitoring and Quality Reviews.




                                        31
BUDGET HIGHLIGHTS

Total revenue is budgeted at K8,217 million against expenditure of K7,911 million
giving a surplus of K306m

For the purpose of budgeting on average exchange rate of K4,000 to the US
Dollar has been used. Interest rate on deposits has been budgeted at 10% per
annum.

INCOME

The gross income of K8,217 million will be generated from education and
membership activities.

EXPENDITURE

The expenditure of K7,911 million represents education, membership and general
administration costs.

CAPITAL EXPENDITURE

A budget of K513m has been included for the purchase of 3 motor vehicles,
PABX and LCD projector.

The details are given in the 2008 budget.




Frederick M Banda
CHAIRPERSON




                                       32
MEMBERSHIP AND PRACTICE COMMITTEE ANNUAL REPORT FOR 2007
______________________________________________________________________________

The Membership and Practice Committee for the year 2007 comprised the
following members:

Mr Jonathan M Muke                  -    Chairperson
Mr Jetty Lungu                      -    Vice Chairperson
Mr Friday Nyambe                    -    Member
Mr Chanda Musonda                   -    Member
Mr Lazarous M Luombe                -    Member
Mr Victor M Nyasulu                 -    Member

TERMS OF REFERENCE

The Membership and Practice Committee’s Terms of Reference were reviewed
during the year in order to make them more relevant and responsive to
members needs.

Activities

The Committee held several meetings where new applications for admissions,
practicing certificates and upgrading of members were considered.

The numbers of registered members as at 31 December 2007 were as follows:
(with previous year’s figures in brackets):

Fellows             492    (466)
Associates          509    (479)
Licentiates         674    (631)
Technicians         860    (647)

The number of practicing certificates and non-audit practicing certificates
during the year were as follows:
(Previous year’s figures are in brackets)

Practicing Certificates                  117   (114)
Non-Audit Practicing Certificates        23     (13)

Represent, Protect and assist Accountants with Regard to their Conditions of
Practice

The Committee attends to complaints lodged in writing by paid up members.
During the year, six (6) complaints were received and dealt with by the
Committee.

The Committee would like to appeal to members to lodge complaints regarding
their conditions of practice to Secretariat.


                                        33
Issue Practicing Certificates

During the year 2007, the Committee issued six (6) new practicing certificates
and ten (10) new non-audit practicing certificates.

Enforcement of Regulatory Role of ZICA

The Committee has approved a Monitoring visit data form which is intended to
be circulated to all employers. The data collected will be used to check the
compliance levels in the registration of accountants, the relevant Companies
Act and Accounting Standards.

In the coming year, the Committee intends to create strong links with the Zambia
Revenue Authority (ZRA), the office of the Registrar of Companies (PACRO), the
office of the Registrar of Societies and other regulatory bodies in the country in
order to effectively enforce its regulatory role.

Assess Suitability of Foreign Qualifications for Recognition into ZICA Membership

The Committee has developed the evaluation criteria for applications received
from prospective members whose qualifications are not recognized in the
Accountants Act. The Committee developed the Technician, Licentiate and
Associate/Fellow membership checklists which contain the evaluation criteria.

In line with the above, the Committee assessed and granted recognition into
ZICA membership, ten (10) Technician and eight (8) Licentiate qualifications.

Professional Indemnity Insurance

The ZICA Council approved the recommendation of the Committee to make it
mandatory for all practicing firms to have in place, professional indemnity
insurance as a matter of policy best practice and adherence to the provisions
contained in the draft Accountants Bill.

Therefore, professional indemnity insurance is now mandatory for members in
practice.

The minimum amount of indemnity recommended per practitioner is K250 million
and the policy is a pre-requisite for renewals and new applications commencing
January 2008.

Regulation, Monitoring and Quality Reviews for Members in Practice

Following the ZICA Council approval of the ACCA/ECSAFA Monitoring proposal,
the quality reviews for members in practice will commence during the first
quarter of the year 2008. The reviews which will be conducted by ACCA, will
cover both the firm and engagement reviews in line with IFAC’s Statement of
Membership Obligation number one (SMO1)


                                         34
The initial six year contract between ZICA and ACCA/ECSAFA will focus on
accounting firms undertaking audits of financial statements. It is anticipated that
six (6) sole practitioners and forty six (46) practitioners in two or more partner firms
will be reviewed during the period.

CPD Returns

During the period under review, eight-seven (87) Fellows made their CPD returns
representing 18% of total registered Fellows; while eighty-eight (88) Associates
submitted their returns, representing 17% of total registered Associates.

In the Affiliates category, fifty-seven (57) Licentiates and fifty (50) Technicians
made their CPD returns representing 8% and 6% of registered Licentiates and
Technicians, respectively.

Members are reminded that CPD is mandatory for all registered members and
the Committee would like to appeal to the members who have not submitted
their returns to do so before 30th June 2008.

Sanctions for non-compliance have been proposed by the Committee and
once approved, will be circulated to all members.

The Membership Committee will strictly enforce the sanctions of non-compliance
in conjunction with the Disciplinary Committee.

ON GOING ASSIGNMENTS
●    Inspection will be intensified this year in order to curb illegal practitioners.
     Part-time inspectors will be deployed in Lusaka, Ndola and Kitwe to assist
     in dealing with this vice.

       The Committee would like to appeal to members to report illegal
       practitioners to Secretariat.

●      The Committee will work towards entering into reciprocal agreements with
       Institutes in other countries in order to facilitate movements of members
       between countries.

OBITUARY

The Institute received information on the demise of the following members with
regret:
               David Mpamba             -     FZICA
               Benedict Chileshe        -     F ZICA
               Michael M Mooje          -     ZICA Lic
               Pearson G Nyirenda       -     ZICA Tech

Jonathan Muke
CHAIRPERSON


                                          35
EDUCATION AND TRAINING COMMITTEE ANNUAL REPORT FOR 2007


In the year 2007 there were a few changes to the composition of the Education
and Training Committee and at the time of reporting, the following members
were in the committee:

Mr N Kalaluka (ZICA Council member)           -     Chairperson
Mr S K Gulati (ZCAS-retired)                  -     Vice Chairperson
Mr O Hachinene (TEVETA)                       -     Member
Mr E Chilwalo (ZAMIM, Lusaka)                 -     Member
Mr P A Musokwa (CBU)                          -     Member
Mr L Zyambo (ZIBCT)                           -     Member
Mr J Lubemba (NIPA)                           -     Member
Mr A S Mukanaka (ZAMIM, Chingola)             -     Member
Mr C L Libimba (EHC)                          -     Member
Mrs M Mabbolobbolo (ECZ)                      -     Member
Mrs L Kapambwe (NIEC)                         -     Member
Mr K Zimba (ZCAS)                             -     Member
Mr F Alutuli (ZABMAC)                         -     Member

The few changes in the composition of the committee include the replacement
of Mr J Kazilimani by Mr N Kalaluka as the Committee Chairperson and Ms E
Chilwalo who replaced Mr J Milinga. Other new members are Messrs Kani Zimba
(ZCAS) and Francis Alutuli (ZABMAC).

FUNCTIONS OF THE COMMITTEE

Among the notable functions of the Institute are to assist in the education and
training of persons practicing or intending to practice the profession of
accountancy and to conduct professional examinations in accountancy.

These functions are executed through the Education and Training Committee.
The functions of the Committee include syllabus design and review, overseeing
the whole examination process of the ZICA Accountancy Programme, quality
assurance, promoting the international recognition of ZICA’s qualifications,
collaborating with other accountancy bodies, seeking exemptions for ZICA
programmes and liaising with training providers in order to maintain the
established standards in accountancy. The Committee is also responsible for the
promotion of ZICA qualifications.

In other words, the Committee coordinates all the Education and Training
functions and activities of the institute.




                                      36
ACTIVITIES OF THE COMMITTEE DURING THE YEAR 2007

In discharging its mandate, the Committee undertook various activities during
the year 2007 which contributed to the achievement of the Institute’s objectives.
Some of the notable activities are outlined below.

(i)     ZICA Accountancy Programme

        The qualification which was launched on 17th January 2007 at the
        Intercontinental Hotel by Hon. Ng’andu P Magande, Minister of Finance
        and National Planning, has been well received and is currently being
        offered at 21 training providers across the country. Out of the 21 training
        providers, only 2 are offering all the three levels including the professional
        stage while the other 19 are offering up to licentiate level only. It has been
        established that most of the training providers are not able to offer the
        professional level because they do not have the capacity i.e qualified
        and competent persons to teach at the higher level of the qualification.

(ii)    Inaugural Examinations

        Inaugural examinations were successfully conducted from December 17 th
        – 21st 2007 during which the following paper-entries (subject) were made.

               Technician - 16,870
               Licentiate   - 3,540
               Professional -    55

        Generally the examinations were conducted in accordance with
        internationally accepted standards and were all incident free.
        Additionally, it is pleasing to report that the last NATech examinations held
        in June 2007 were also professionally conducted in all the twenty (20)
        examination centres across the country. It is hoped that this positive
        phenomenon will continue and invigilators need to be commended for
        continuing to maintain the standards.

        The Committee is working tirelessly to ensure that these standards are not
        only maintained but rather enhanced.

(iii)   International Recognition of the ZICA Accountancy Programme

        The Chartered Institute of Management Accountants (CIMA) and the
        Association of Chartered Certified Accountants (ACCA) have given full
        recognition of the ZICA Accountancy Programme. To that effect a
        graduate of the ZICA Accountancy Programme will be given full
        exemptions in the Certificate and Managerial Stages of CIMA and Parts I
        & II of ACCA. Graduates of the ZICA Accountancy Programme will
        therefore go straight into the final stages of the two accountancy
        professional bodies (CIMA & ACCA).


                                          37
(iv)   Programme Study Materials

       Study materials for all the levels of the programme have been printed
       and are being sold. A number of book sellers have expressed interest in
       merchandising the ZICA manuals especially from Ndola, Lusaka and
       Livingstone.

(v)    Seminars Held

       As part of the quality assurance process, seminars were held for training
       providers, paper setters, examination markers and invigilators in Lusaka for
       the Southern Region based stakeholders and Kitwe for the Northern
       Region based stakeholders. The response and attendance in both
       seminars was very good. Notable experiences were shared and
       discussed. Arising from these seminars were recommendations for
       improving the management of the examination process which included
       the addition to the examination rules and regulations of the following:-

       (a)    mobile phones will NOT to be allowed in the examination room
              under any circumstances

       (b)    upon commencement of the examination, candidates will NOT be
              allowed to leave the examination room unless and until they have
              completed the examination

       (c)    any bottled water brought in the examination room will have to be
              shown to the invigilator for physical inspection

       (d)    at the start of the examination, candidates should be given time of
              say, ten (10) minutes to go through the question paper and
              appreciate the examination

       To avoid contravening the national policy on the generally accepted
       examination rules and regulations, ZICA consulted the examinations
       Council of Zambia (ECZ) and TEVETA, the two institutions gave a ‘no
       objection’ to ZICA implementing these additional rules and regulations.

PERFORMANCE OF THE NATECH PROGRAMME

Promotion and enhancement of the Accountancy profession still remains one of
the main goals of the Education and Training committee and this function helps
in fulfilling the main objectives of the Institute. The NATech programme over the
last few years has had the following trend of performance:




                                        38
                                  Total
Year          Registered          Graduates           Male          Female
              Students            Annually            Graduates     Graduates

1996            832                 74                   70             04
1997           1478                145                  130             15
1998           1335                180                  157             23
1999           1631                185                  146             39
2000           2035                255                  200             55
2001           2350                266                  210             56
2002           2082                462                  342            120
2003           2198                374                  272            102
2004           2262                624                  454            170
2005           2341                832                  641            191
2006           2206                971                  761            210
2007 (June)    2506                437                  333            103

ZICA Accountancy Programme Inaugural Performance

2007 (Dec)
       Tech   6646                734                  564            170
       Lic    2660                 17                   16             01
       Pro      47                  0                    0              0

New ZICA Examination Centre

The Choma Trades Training Institute which was established as an examination
centre in 2006, conducted its first examinations in June 2007.

Promotion of the New ZICA Programme

Promotion of the ZICA Accountancy programme has continued through various
activities that have included vis-à-vis, TV documentary, Radio programmes,
presentations to public and private organisations, advertisements in several print
media including professional magazines, exhibition at the Lusaka Agricultural
and Commercial Show and other on going interventions.

ZICA STUDENT CHAPTERS

Support to ZICA Student Chapters continued through financial subventions to
various student chapters in the following institutions: Evelyn Hone college, CBU,
Walk Tall Tuition Centre, ZIPSIP and Solwezi. Other chapters are scheduled to be
established at ZAMTEL Training College, ZCAS, ZAMIM College, and NIPA. As
reported last year, these chapters act as a linkage to build and enhance
students’ interest in the Accountancy Profession. The notable very active
chapters are at Evelyn Hone College (EHC), Copperbelt University and Solwezi.



                                         39
FUTURE PLANS

Workshops for Employers

As an on going activity, Workshops are planned for training providers to share
their experiences in the running of the ZICA Accountancy Programme. Similar
workshops will also be held for potential employers of accountancy graduates to
enhance the recognition of the holders of the ZICA Accountancy qualification.

Launch of the New ZICA Website

An Internet Service Provider has been contracted to develop a new dynamic
and interactive ZICA Website which is expected to be operational by the third
quarter of this year. The current system running the current ZICA database is not
a Multi-User System hence the convention from single to multi user database
system has been the main obstacle for uploading the database online.

CONCLUSION

Despite the various huddles faced especially in the change over of the NATech
programme to the ZICA Accountancy Qualification, it is gratifying to note that
the programme has been successfully launched and has run smoothly to date.
Efforts are being made to enhance the management of the expanded
examination volume so that it is in tandem with the increase in the levels of the
qualification.

The success of the Education and Training function is dependant on the
acceptance of its products hence efforts will continue to be made in
guarantying the production of an internationally acceptable quality product
through a well grounded ZICA Accountancy Qualified graduate.



Nambayo Kalaluka
CHAIRPERSON




                                       40
TECHNICAL COMMITTEE ANNUAL REPORT FOR 2007
________________________________________________________________________

The Technical Committee consisted of the following members:

Mr Nambayo Kalaluka        -      Chairperson
Mr Mark Libakeni           -      Vice Chairperson
Mr Bernard Gadsden         -      Member
Mr Syrus Banda             -      Member
Mr Vestus Chungu           -      Member
Mr Edward Kabwe            -      Member
Mr Ignatius Mwape          -      Member
Mr Andrew Chibuye          -      Member
Mr Handson Goma            -      Member
Mr Chishimba Yumbe         -      Member
Mr Leo Lwizi               -      Member
Mr Titus Nkwale            -      Member

The Technical Committee analyzed and commented on various Exposure Drafts
from the International Accounting Standards Board (IASB) and the International
Auditing and Assurance Standards Board (IAASB).

EXPOSURE DRAFTS

IASB

The Committee examined various Exposure Drafts from the International
Accounting Standards Board (IASB) and submitted the comments to the Board.

The following were the IASB Exposure Drafts commented on by the Committee;

♦      Proposed International Financial Reporting Standard (IFRS) for Small and
       Medium sized Entities (IFRS for SMEs)

       ●     The Committee welcomed the IASB’s objective of making the IFRS
             for SMEs a stand alone document and proposed the inclusion in
             the standard, guidance on accounting for hyper inflation,
             requirements for accounts for finance leases by lessors and
             biological assets.

       ●     In line with the stand alone objective, the Committee proposed the
             elimination of the cross reference both mandatory and optional to
             full IFRS and recommended the use of the Pervasive Principles in
             Section 2 and the hierarchy included in Section 10 of the Draft IFRS
             for SME Standard in order to resolve the accounting treatment of
             transaction.




                                       41
        ●     The Committee analyzed the Recognition and Measurement
              simplifications adopted by the Board and concluded that the
              accounting for financial instruments is still too complex and
              burdensome for SMEs to contend with. The Committee proposed
              further simplifications of the accounting for financial instruments,
              the re-instatement of the option regarding the armotisation of
              goodwill and other intangible assets and to re-look at the decision
              to make fair value as a default measurement attribute.

        ●     The Committee when considering accounting policy options in full
              IFRS was agreeable that most options should also be available in
              IFRS for SMEs but not by way of cross references. The Committee
              recommended that the IASB should endeavour to incorporate the
              options in the IFRS for SMEs in its quest to make it a stand alone
              document.

        ●     The committee recommended the deletion of the option to apply
              IAS 39 and the direct method of presenting cashflow statements in
              IFRS for SMEs. However, the Committee agreed to the proposal to
              allow SMEs to choose either the expense model or the
              capitalization model for borrowing costs in order to give some relief
              to the SMEs as the prohibition of the expense model will create an
              administration burden.

              The Committee was satisfied with the adequacy of the guidance,
              disclosures, and the provisions for amending the standard
              contained in the draft IFRS for SMEs.

♦       Amendments to IAS 24 Related Party Disclosures

♦       Amendments to IFRS 1 First Time Adoption of International Financial
        Reporting Standards: Cost of an Investment in a Subsidiary

♦       Improvement Project - Improvements to International Financial Reporting

IAASB

The International Auditing and Assurance Standards Board (IAASB) is redrafting
all the International Standards on Auditing (ISAs) in order to improve their clarity
and make them easier to apply. The amended preface requires ISAs to have
the following sections; the introduction – which outlines the scope and the
context of the standard, the objective – which outlines the minimum to be
achieved in all cases, the definitions - which includes the definitions of the terms
that are used in the Standard, the requirements – which sets the requirements to
be complied with, explanations and the applications material – which includes
further explanations, guidance for proper application and appendices
containing examples.



                                        42
In line with the above, the Committee analysed and commented on the
following Exposure Drafts;

ISA 230     -        Audit Documentation
ISA 560     -        Subsequent Events
ISA 610     -        The Auditors consideration of the Internal Audit function
ISA 720     -        The Auditors Responsibility in Relation to other
                     information in documents Containing Audited Financial
ISA 540     -        Auditing Accounting Estimates including Fair Value
                     Accounting Estimates and Related Disclosures.
ISA 580     -        Written Representations

♦     Other Issues

      ●     Accounting Pronouncements

            Members are encouraged to look out for the accounting, auditing
            and ethical pronouncements in the Technical corner of the
            Accountant magazine and the ZICA website.

      ●     Monitoring Compliance

            The Committee will commence monitoring compliance with
            accounting standards during the year. These compliance checks
            will initially focus on public interest entities which include,
            companies listed on the Stock Exchange, Banks and Insurance
            Companies.

      ●     Technical Advice

            The Committee has put in place a mechanism for resolving
            technical queries from members.

            The committee therefore appeals to members who may have
            technical queries to forward them to the Technical Department for
            solutions. These queries which must be in writing, will be responded
            to within twenty four (24) to forty eight (48) hours depending on the
            query.

      ●     Audit Guidelines

            The Committee is working towards developing audit guidelines for
            border line organisations such as NGOs in order to make them
            compliant with professional standards.




                                        43
      ●      Research

             The Committee proposed to go beyond the Technical Committee
             in getting views on exposure drafts and resolved to engage
             researchers in undertaking detailed analysis of exposure drafts


CONCLUSION

The Committee has planned to undertake several technical activities during the
year and members are advised to actively participate in these activities in order
for the Committee to fulfil its terms of reference.



Nambayo Kalaluka
CHAIRIPERSON




                                       44
CONTINUING PROFESSIONAL DEVELOPMENT ANNUAL REPORT 2007
______________________________________________________________________________

The CPD Committee comprised the following members;

Mr Kiran Naik             -      Chairperson
Mr Kennedy Msusa          -      Member
Mrs Daisy Kopolo          -      Member
Mr Mukaba Mukaba          -      Member

ACTIVITIES

The Committee held several meetings and undertook the following major
workshops and seminars during the year under review:

●     The Fraud and Money Laundering workshop was held jointly with the
      Chartered Institute of Management Accountants (CIMA) on 13 th February
      2007 at Holiday Inn in Lusaka. The presenters were Mr David Cafferty,
      Training Director, Association of Certified Fraud Examiners, UK and Mr
      Andrew Musukwa, Legal Counsel, Development Bank of Zambia. The
      presentations centred on Fraud Risk Management, Procurement Fraud,
      Employee Fraud, Money Laundering, Customer Due Diligence and Whistle
      blowing.

●     The International Financial Reporting Standards (IFRS) and Business
      Leadership workshop was held jointly with the Association of Chartered
      Certified Accountants (ACCA) from 23rd to 24th May 2007 at Zambezi Sun
      Hotel in Livingstone.

      The presenters were Professor Lovemore Mbiji, Consultant/Trainer Rain
      maker, Mr Joseph Chikolwa, Chief Executive Officer, ZCCM Investments
      Holdings Limited, Ms Mary T Ncube, Managing Director, MT Ncube and
      Associates Limited, and Mr Bruce Mackenzie, ACCA Technical Policy
      Director for Africa.

      The IFRS presentations included IFRS 7, Financial Instruments : Disclosure,
      IFRS 8: Operating Segments, IFRS2: Share-based payments, New
      International Financial Reporting Interpretation Council (IFRIC) 4, on
      Determining when an arrangement contains a lease, IFRIC 10, on Interim
      Financial Reporting and Impairment, IFRIC 11, on Group Treasury Share
      Transactions and IFRIC 12, on Service Concession arrangements. The
      other presentations were on Economic Liberation and Development,
      Developing and enhancing Board effectiveness, sustainable networking
      relationships, effective strategic planning for performance excellence and
      gaining competitive advantage through leadership innovation and
      creativity.




                                      45
●   The Chartered Institute of Management Accountants (CIMA) Southern
    African Regional Conference under the theme, Seizing the Region’s
    Business Opportunities, was held jointly with ZICA from 8th to 11th August
    2007 at Zambezi Sun Hotel in Livingstone. The conference which was
    officiated by the Vice President, Honourable Rupiya Banda, MP, included
    the following speakers and presenters; Mr Joachim Chisano, Former
    President – Republic of Mozambique, Honourable Dora Siliya, MP, Deputy
    Minister – Ministry of Commerce Trade and Industry who presented a
    paper on Zambia’s Investment Climate and Opportunities, Professor Oliver
    Saasa, Chief Executive Officer/Managing Consultant, Premier Consult
    Limited, Dr Robert Wallace, Chairman and Chief Executive Officer,
    Birthgroup Technologies Inc. USA, Mr Sindiso Ngwenya, Assistant Secretary
    General, Common Market for Eastern and Southern Africa (COMESA) who
    presented a paper on Regional Integration and Corporate
    competitiveness, Mr Carl Irwin; Chief Executive , Zambeef Products Plc, Mr
    Justin Chinyanta, Chairman and Chief Executive Officer, LOITA Holdings
    Corporation, South Africa, Ms Arumna Oteh, Vice President, Corporate
    Management AfDB, Tunisia and Mrs Beatrice Nkanza, Chief Executive
    Officer, Lusaka Stock Exchange, Zambia.

●   The Corporate Governance workshop was held on 26th October 2007 at
    Endinburgh Hotel in Kitwe. The main presenter was Mr Ezekiel Sekele,
    Finance Manager and Company Secretary, Zambia Breweries Plc. The
    presentations made were on Corporate Governance and its
    developments, Roles and responsibilities of the Board of Directors and Sub
    Committees, the Legal and Regulatory Environment in Zambia, Risk
    Management and Corporate Social Responsibility.

●   The International Financial Reporting Standards (IFRS) workshop was held
    in conjunction with ACCA on 5th November 2007 at Pamodzi Hotel in
    Lusaka. The main presenter was Mr Bruce Mackenzie, ACCA Technical
    Policy Director for Africa. The workshop covered the latest developments
    in IAS 1: Presentation of Financial Statements; IAS 23 – Borrowing Costs,
    New Exposure Drafts, and IFRIC 13 on Customer Loyalty.

●   The workshop on the proposed Oversight body and the ECSAFA/ACCA
    Monitoring proposal was held on 16 May 2007 at Pamodzi Hotel in Lusaka.
    The main presenters were the Chief Executive Officer for ECSAFA, Mr
    Vickson Ncube and Mr David Dagley, a Consultant.

    The members were opposed to the idea of an oversight body but
    unanimously approved the ECSAFA/ACCA Monitoring proposal as a way
    forward regarding Audit Monitoring.

●   The Constitutional consultative workshop was held from 11th to 12th
    October 2007 at Mulungushi International Conference in Lusaka.




                                    46
     The presenters were Dr Patrick Matibini from PATMAT Legal Practitioners
     who made presentations on the constitutional making process, the
     constitutional development in Zambia and the Constituent Assembly. The
     Accountant General Mr Mike Goma presented a paper on the Public
     Finance provisions in the Mungomba Draft Constitution while the Auditor
     General’s representative made a presentation on the provisions of Article
     121 of the Constitution – the Public Audit Act. The Attorney General, Mr
     Mumba Malila made a presentation on the provisions contained in the
     National Constitutional Conference (NCC) Act.

●    Two stakeholders workshops on the Accountants Bill were held from 13 th to
     14th November 2007 at Pamodzi Hotel in Lusaka and from 27th to 28th
     November 2007 at Edinburgh Hotel in Kitwe. These workshops were
     moderated by the Deputy Chief Parliamentary Counsel in the Ministry of
     Justice, Mrs Patricia D Jere.

     The comments made and the proposals to amend the Accountants Bill
     arising out of these two workshops have been forwarded to the Ministry of
     Justice for consideration.

●    FUTURE WORKSHOPS

     The Committee in conjunction with its CPD partners i.e ACCA and CIMA
     has developed a combined CPD calendar for the year 2008. Members
     who have not received the calendar are advised to obtain a copy from
     either ZICA, ACCA or CIMA in order to plan their CPD activities.




Kiran Naik
CHAIRPERSON




                                     47
PUBLICATIONS AND PUBLIC RELATIONS COMMITTEE ANNUAL REPORT 2007
______________________________________________________________________________

The Committee comprised the following members during the year:

Mr Morgan D Macheleta                     -      Chairperson
Ms Deophine Luswili                       -      Vice Chairperson
Mr Rabby Mukuma                           -      Member
Ms Maimbolwa K Walubita                   -      Member
Mr Abraham C Mulolani                     -      Member
Ms Fortunate Ngatsha                      -      Member

The main functions of the Committee are to provide editorial leadership in the
production of the Accountant Magazine. In this area, the Committee ensures
that the magazine contains information and articles that promote the
dissemination and enhancement of knowledge to the readership. The second
function is to create and maintain a positive image for ZICA to stakeholders. This
is also one of the means of communication by ZICA to its students and members.

Publications Function

I am glad to report that during the period under review, the Editorial Board
worked tirelessly to ensure that the magazine was not only produced on time but
also carried quality articles. This strategy is aimed at satisfying the needs of the
ever growing readership and to encourage business houses to advertise in the
magazine.

In the previous year, the Committee reported the ever increasing demand for
the magazine as a result of the increase in membership and increase in demand
for the advertising space by business houses. This development necessitated an
increase in the number of copies per issue from 13,000 to 15,000. This upward
trend has continued and as a result, we plan to increase the number of copies
per issue from 15,000 to 16,500. I am also pleased to report that while the
demand for the magazine is going up, demand for adverting space is also on
the increase. Some organizations book for the space for the whole year and
make payment upfront. This is a testimony of how popular the magazine has
become. In this regard, I wish to commend both the article contributors and the
business houses for their support.

Public Relations Function

We are all aware that the Public Relations Function exists for the purpose of
disseminating information from ZICA to the Public in a timely manner and for
engaging in activities that promote ZICA’s image to the stakeholders. I am
happy to report that during the year under review, a documentary on the new
ZICA Accountancy Programme has been running on ZNBC. In addition to that,
Radio 4 has also been running programmes regarding the new Accountancy
Programme. We also exhibited the new ZICA Accountancy Programme books at


                                        48
the Zambia Agricultural and Commercial Show in Lusaka, and we intend to do
the same at the Zambia International Trade Fair in Ndola, at which the
information pertaining to the new ZICA Accountancy Programme was and will
be ably communicated to the public. This intensive dissemination of information
on the ZICA Accountancy Programme boosted the examination entries for
December, 2007.

For the coming year, the Committee intends to continue with activities aimed at
promoting ZICA’s image and the dissemination of information to students,
members and stakeholders.

Lastly, I wish to convey special thanks to my colleagues on the Committee and
the Secretariat for the commitment and support rendered during the period
under review.




Morgan D Macheleta
CHAIRPERSON




                                      49
TAXATION COMMITTEE ANNUAL REPORT FOR 2007
________________________________________________________________________

The Taxation Committee comprised the following members:

Mrs Cecilia Zimba         -     Chairperson
Mr Ledson Zulu            -     Vice Chairperson
Mr Nelson Mwila           -     Member
Ms Betty Nchilongo        -     Member
Ms Joyty Mistry           -     Member
Ms Quinn Chibuye          -     Member
Ms Marsha Thurairatnam    -     Member
Mr Michael Phiri          -     Member
Ms Debbie Nonde           -     Member

ACTIVITIES

The Taxation Committee held a number of meetings and workshops during the
period under review.

BUDGET AND TAX SUBMISSIONS FOR 2008

●     The Committee held a workshop on 27th July 2007 at Pamodzi Hotel in
      Lusaka, where budget and Tax submissions were received from various
      stakeholders.

●     The Committee held another Budget and Tax submissions workshop on 31st
      August 2007 at Edingburgh Hotel in Kitwe and received more submissions
      from members and stakeholders.

●     The Budget and Tax submissions from Lusaka and Kitwe were consolidated
      and refined by the Committee and its meeting held on 18th September
      2007. The submissions were then submitted to the Ministry of Finance and
      National Planning for consideration.

TAX REVIEW WORKSHOPS

●     The Committee held a post Budget Tax Review workshop on 1st February
      2008 at Mulungushi International Conference Centre in Lusaka.

      The presenters were Mr Richard Mazombwe, Country Leader,
      PricewaterhouseCoopers (PWC) who gave the analysis of the 2007
      Budget and Tax provisions and Mr Bob Sichinga, Consultant, who gave a
      broad analysis of the 2008 Tax changes and its implications on the
      economy. Other presenters were Mr Justin Chisulo, Executive Director –
      Zambia Chamber of Commerce and Industry (ZACCI), Mr Brian Tembo,
      Business Development Manager, LUSE, Mr Dev Babbar, President, Zambia



                                      50
      Association of Manufacturers and Mr Gabriel Jere, Zambia Chamber of
      Small and Medium Business Association (ZCSMBA).

●     The Committee held another post budget tax review workshop on 8th
      February 2008 at Endinburg Hotel in Kitwe.

      The presenters among others were Mr Michael Phiri Manager Tax – KPMG
      who gave an analysis of the 2008 budget and tax changes and Mr Bob
      Sichinga Consultant who gave an analysis of the 2008 Budget and its
      implications on the economy. The other presenters were Mr John
      Nkonjela, Financial Controller, Mpongwe Development Company, Mr
      Mambo Musute from Zambia Chamber of Small and Medium Business
      Association (ZCSMBA) and Mr Muyatwa Sitali, Debt Aid and Trade
      Programme Coordinator – JCTR.

SUMMARY OF THE MAJOR CHANGES IN THE 2008 BUDGET

The major changes announced in the 2008 Budget include among others the
following:

●     The introduction of a new fiscal and regulatory regime in the Mining
      sector.

●     The reduction of the Value Added Tax from 17.5% to 16%

●     The adjustments to the PAYE tax income tables

●     The re-introduction of the incentive for interest on mortgage for residential
      properties to be tax deductible.

●     The increase in the tax credit for differently abled persons.

●     The reduction in the withholding tax on savings and deposit from 25% to
      15%.
●     The introduction of a 15% export tax on copper concentrates and cotton
      seed.

2008 BUDGET SUBMISSIONS

The Committee noted with satisfaction that some of the Budget and Tax
submissions made for 2008 were incorporated in the 2008 National Budget.

It is also gratifying to note that the Committee was invited by the Ministry of
Finance and National Planning to discuss and justify the Budget and Tax
proposals submitted by ZICA.




                                        51
ANALYSIS OF THE 2008 BUDGET ESTIMATES : EXPANDED COMMITTEE ON ESTIMATES

The Chairperson for the Taxation Committee, led a delegation of Secretariat staff
to Parliament on 5th February 2008 and made a presentation on the implications
of the 2008 Budget on both the social and Economic sectors. Further analysis
and comments were made on the macroeconomic framework and the
monetary and fiscal framework as contained in the budget.

CONCLUSION

The Committee would like to sincerely thank its members, stakeholders and the
Government through the Ministry of Finance and National Planning for their
valuable support and contribution to the Institute during the past year.

It is hoped that this cooperation will even be more enhanced in the coming year
in order for the Institution to effectively and efficiently serve the public interest.



Cecilia Zimba
CHAIRPERSON




                                         52
BENEVOLENT FUND COMMITTEE ANNUAL REPORT 2007
________________________________________________________________________

In the year 2007 the Benevolent Committee comprised of the following
members:

Mr Ravi Sankar                     -   Committee President
Mr E Mbambiko                      -   Member
Mr R Manyoni                       -   Member
Mr E Mwale                         -   Member
Mr B L Gadsden                     -   Member
Mr B M Kamisa                      -   Member
Mr M p Zulu                        -   Member
Mr S Z Phiri                       -   Member
Mr M M Mulenga                     -   Member
Mr T K Ramanathan           -      Member
Mrs B Sombe                        -   Member
Mr R Mukuma                        -   Member
Mrs E Lungwebungu                  -   Member

During the year under review, the Committee met a number of times and as has
always been the case the Committee considered a number of issues presented
from families of members in distress.

The Committee disbursed a total of K9.7 million to meet the requests submitted
by the members in need.

This amount was utilized for the benefit of six (6) students who are children of the
late accountants.

Demise of Members

It is sad to report that since the last AGM report, the following ZICA members
passed away and “may their souls rest in peace”:

Mr David S Mpamba                  -      Fellow
Mr Benedict Chileshe               -      Fellow
Mr Michael Mbamu Moonje            -      Licentiate
Mr Pearson G Nyirenda              -      Technician

The Benevolent Committee continues to undertake its functions on a
humanitarian level considering the amount of difficulties some of our members
are going through.

Financial Statements

The bank balance currently stands at K208 million as compared to the amount of
K209 million reported in the previous year.


                                         53
During the year under review, subscriptions from members totalled K4.4 million
compared to the amount of K2.4 million in the previous year. Furthermore, the
amount of interest earned during the year totalled K7.8 million as compared to
K5.6 million earned in the previous year.

On the basis of the above, the Committee will continue to appeal for
subscriptions and donations from members to help empower the performance of
the committee.

Members Day

I wish to report that as indicated in the previous year, the Committee held a
Members Day in November. The function was held within the ZICA Secretariat
premises over the weekend. The event was organized to enable members
interact with each other and exchange ideas in an informal manner. Quite a
good number of members attended and appreciated the event. More such
events will be organized for members in the future.

Future Plans

The Committee wishes in future to continue mobilizing funds to help strengthen
the contributions of the Benevolent fund to the activities of the Institute to its
deceased members. There are plans to organize another members day and
conduct a fund raising lottery.

We again appeal to all members to give support to the Committee for it to build
adequate capacity to attend to problems which our families encounter from
time to time.


R R Sankar
CHAIRPERSON




                                       54
PROFILE FOR CANDIDATES STANDING FOR ELECTION TO COUNCIL AND
DISCIPLINARY COMMITTEE

There are six (6) vacant positions on the ZICA Council and a total of twelve (12)
candidates have applied for nomination to these positions.

On the basis of the above, given below is a summary of the profiles relating to
each of the twelve (12) candidates. Such profiles are given to enable members
make informed judgements in the process of electing their preferred candidates.

1.    Mr Frederick Maunda Banda         (Vice President Unopposed)

      -      Age: 47 years
      -      Zambian
      -      Fellow of ACCA
      -      Fellow of ZICA
      -      Currently ZICA Vice President
      -      Currently Chairperson for Finance and Administration Committee of
             ZICA
      -      Currently Chairperson for the Buildings Committee of ZICA
      -      Currently Finance Director, National Airports Corporation Limited
      -      Has more than fifteen (15) years post qualification experience in
             auditing and finance management
      -      Worked for Deloitte and Touche as Audit Manager
      -      Worked for Meridien Group as Finance and Administration
             Manager
      -      Has served 3 years as Council member, and 3 years as Vice
             President.

      He wants to re-contest for the position

COUNCIL MEMBER CANDIDATES

2.    Mrs Cecilia M B Zimba

      -      Age: 40 years
      -      Zambian
      -      Fellow of ACCA
      -      Fellow of ZICA
      -      Currently ZICA Council member
      -      Currently Chairperson for the Taxation Committee of ZICA
      -      Over ten (10) years work experience at senior management level
      -      Currently employed at Ericsson Zambia as Finance and
             Administration Manager
      -      Currently also branch office business controller and responsible for
             human resource and information technology
      -      Worked for ZAMNET Communications Systems Limited as Finance
             and Administration Manager for seven (7) years


                                       55
     -     Was first Zambian female Finance and Administration Manager at
           Zambia National Insurance Brokers
     -     Previously served as ZICA Technical Committee member
     -     Currently also member of the Finance and Administration
           Committee

     Has been a Council member for three (3) years and wants to re-contest
     for the position.

3.   Mr Morgan David Macheleta

     -     Age: 46 years
     -     Zambian
     -     Fellow of ACCA
     -     Fellow of ZICA
     -     Currently ZICA Council member
     -     Currently Chairperson for the Publicity and Public Relations
           Committee
     -     Currently one of the Editors of the Accountant magazine
     -     A partner with over twenty (20) years experience
     -     Currently working for Grant Thornton as Partner
     -     Responsible for audit and advisory services
     -     Has served as Chairperson for the ZICA Taxation Committee for two
           (2) years
     -     Was a member of the Finance and Administration Committee of
           ZICA including the Disciplinary Committee

     Has been a Council member for three (3) years and wants to re-contest
     for the position.

4.   Mr Jonathan Malembeka Muke

     -     Age: 44 years
     -     Zambian
     -     Fellow of ACCA
     -     Fellow of ZICA
     -     He is currently the Managing Partner for MJM Associates
     -     Was an Executive Director at the Bank of Zambia
     -     Currently serving as a member of ZICA Council
     -     Was Chairperson for the ZICA Taxation Committee
     -     Currently serving as Chairperson for the Membership and Practice
           Committee
     -     Also currently servicing as a member of the Buildings Committee

     Has been a Council member for at least three (3) years and wants to re-
     contest for the position.




                                     56
5.   Mr Kiran Maganlal Naik

     -     Age: 53 years
     -     Zambian
     -     Fellow of ACCA
     -     Fellow of ZICA
     -     Worked for Deloitte and Touche in Kitwe
     -     Undertook financial training in London
     -     Worked for KPMG
     -     Worked for ZCAS for six (6) years
     -     Currently Chairperson for Continuing Professional Development
           Committee
     -     Was Chairperson for Publicity and Public Relations Committee
     -     Was Chairperson for Taxation Committee
     -     Currently Managing Partner at Moores Rowland
     -     Currently a Council member of ZICA

     Has been a Council member for three (3) years and wants to re-contest
     for the position.

6.   Mrs Brigitte Nangoyi Muyenga

     -      Age: 42 years
     -      Zambian
     -      Fellow of ACCA
     -      Fellow of ZICA
     -      Currently employed at ZRA as Assistant Director of Finance
     -      Worked for Lusaka City Council as Director of Finance
            from 2001 to 2005
     -      Worked for Kabwe City Council
     -      Currently one of the Trustees for the Zambia Institute of
            Management
     -      Currently member of the ZICA Council
     -      Currently member of the Finance and Administration Committee
     -      Currently Chairperson for the Public Sector Committee
     Has been a Council member for three (3) years and wants to re-contest
     for the position.

7.   Mr Millen Siacika Siamuyoba

     -     Age: 37 years
     -     Zambian
     -     Fellow of ACCA
     -     Fellow of ZICA
     -     Currently Director of Finance at Zambia National Broadcasting
           Corporation
     -     Was ZICA Council member
     -     Was Chairperson for Publicity and Public Relations Committee


                                    57
8.    Mr Egret Chanda Lengwe

      -     Age: 39 years
      -     Fellow of ACCA
      -     Fellow of ZICA
      -      Graduate of Copperbelt University
      -     Worked for Office of the Auditor General for twelve (12) years and
            rose to the level Assistant Director
      -     Currently working for ZCAS as Manager – Research and
            Consultancy
      -     Currently members of the Disciplinary Committee and has been in
            the Committee for four (4) years now
      -     Currently member of the Public Sector Committee
      -     Participated in the writing of the ZICA Accountancy manuals

9.    Mr Victor Mwape Peter Nyasulu

      -     Age: 39 years
      -     Associate member of CIMA
      -     Fellow of ZICA
      -     Holds the CCA qualification
      -     Currently employed as Chief Financial Officer at Zambian Airways
      -     Worked as Director of Finance at the Lusaska Water and Sewerage
            Company
      -     Worked as Treasury Manager at ZESCO
      -     Worked as Lecturer at ZAMIM
      -     Had an attachment at Citibank as a Management Associate
      -     Holds good knowledge of the Zambian Financial Markets
      -     Currently member of the ZICA Finance and Administration
            Committee
      -     Currently Vice President of CIMA Zambia

10.   Mr Chikusi Mugaba

      -     Age: 36 years
      -     Zambian
      -     Fellow ACCA
      -     Fellow ZICA
      -     Holder of Bachelor of Accountancy
      -     Currently employed as Capital Accountant at Mopani Copper
            Mines
      -     Previously worked as Tax Accountant for Kansanshi Mining
      -     Previously worked as Tax Consultant for Deloitte and Touche
      -     Previously worked as Inspector of Taxes at Zambia Revenue
            Authority
      -     Worked as Internal Auditor in the Ministry of Finance and National
            Planning


                                      58
      -     Undertook part time lecturing in auditing at the Copperbelt
            University
      -     Currently part time lecturer in Taxation for ACCA programmes at
            ZIBSIP Kitwe

11.   Mrs Deophine Mulenga Luswili

      -     Age: 43 years
      -     Zambian
      -     Holder of Bachelor of Accountancy
      -     Fellow of CIMA
      -     Fellow of ZICA
      -     Currently employed at ZESCO as Chief Accountant
      -     Currently member of the Publicity and Public Relations Committee
      -     Currently one of the Editors of the Accountant magazine
      -     Has more than eighteen (18) experience in accounting, finance
            and administration
      -     Worked for Zambia Railways
      -     Worked for Deloitte and Touche
      -     Worked for Metpress Zambia Limited
      -     Sits as a Board member at the ZSIC Board of Trustees Pension Fund
      -

12.   Mr Sean Mukawa Mukelabi

      -     Age: 36 years
      -     Zambian
      -     ACCA qualified
      -     Associate member of ZICA
      -     Graduate of ICSA
      -     Currently Director of Finance at North Western Water and
            Sewerage Limited
      -     Worked as Accountant at Mumana Pleasure Resort
      -     Worked as Hospital Administrator (CBOH)
      -     Worked as General Manager (MPR)
      -     Worked as Examining Officer and then Customs Collector at
            Zambia Revenue Authority




                                     59
CANDIDATES FOR THE DISCIPLINARY COMMITTEE - UNOPPOSED

1.   Mr Pinalo Chifwanakeni

     Age: 41 years
     -     Holder of Bachelor of Accountancy degree
     -     Holder of Master of Science degree
     -     Holder of AMCT
     -     Associate member of CIMA
     -     Fellow member of ZICA
     -     Was Director of the Zambia Institute of Banking and Financial
           Services
     -     Was Education Secretary for ZICA
     -     Was Lecturer at the Copperbelt University
     -     Was Chief Financial Officer at the Intermarket Banking Corporation
     -     Currently Chief Executive Officer of the Institute of Corporate
           Training and Applied Research (ICTAR)
     -     Currently Vice Chairperson for the Disciplinary Committee of ZICA

2.   Mr Danny Luswili

     -     Age: 44 years
     -     Fellow member of ZICA
     -     Fellow of CIMA
     -     Holder of Bachelor of Accountancy degree
     -     Member of CISA
     -     Holder of a certificate in compliance
     -     Worked for ZCCM, Northern Co-operative Union, ZAMSEED,
           Nitrogen Chemicals of Zambia
     -     Currently works for Stanbic Bank in Finance related functions
     -     In charge of risk management and compliance at Stanbic Bank
     -     Has been accorded two awards for hard work and commitment
           by two of his former employers

3.   Mr Daniel Mulenga Katongo

     -     Age: 29
     -     Zambian
     -     Associate member of ACCA
     -     Associate member of ZICA
     -     NATech graduate
     -      Worked for Moores Rowland as Auditor
     -     Worked as Financial Accountant at Zambia National Tourist Board
     -     Currently serving as Financial Controller and Administration
           Manager for Knight Frank International
     -     Has been serving as part time Auditor with RM Mwiinga and
           Associates



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