Services

1. Statutory Audit Services

ENOSYST provides enterprise-wide statutory audit services in accordance with International Standards on Auditing, the Companies Act, 2017 as well as other relevant legislation.  Apart from issuing an independent Audit Opinion on the financial statements of a given entity, on whether they give a true and fair view of the entity’s financial affairs, we also perform other value added functions that include carrying out a review of the internal controls of the organisation and reporting thereon through an Audit Findings Report. Statutory audits are usually compulsory for entities in certain industries and sectors such as listed companies, banks, insurance companies, micro-finance companies, brokerage firms, law firms etc. Entities wishing to obtain loan facilities from financial institutions would also usually be required to produce audited financial statements, as well as those wishing to register with the National Council for Construction (NCC). Non-Governmental Organizations that receive donor funding are also usually required to undertake annual enterprise-wide statutory audits. Only accounting firms that hold a Full Audit Practice Certificate issued by the Zambia Institute of Chartered Accountants (ZICA), are authorized to undertake a statutory audit, and ENOSYST is one such firm since 2004.

2. Project Audit Services

EAs the name implies, a project audit is a limited assurance audit which is focused on one or more areas of operation of an entity, but does not cover all the areas of operation of the given entity. Generally, project audits are common among Civil Society Organizations (CSOs), which might receive funding from different donors and each donor wants assurance that the funding that was disbursed to a given CSO was used for the designated purpose as outlined in the Grant Agreement. Project audits are also common among World Bank projects as well as projects of other multilateral institutions such as the African Development Bank.  Unlike statutory audits where the scope of work is determined by International Standards on Auditing, the scope of work in project audits is usually determined by the client as outlined in the Terms of Reference. In most project audit assignments, the contracting client is the Grant Provider, and the Auditee is usually the Grant Recipient. ENOSYST currently provides project audit services to various local and international donors and their agencies. 

3. Forensic Audit Services

EA forensic audit is a specialized audit whose scope is all-encompassing and goes far and beyond that of a statutory audit. In most instances, forensic audits are undertaken as part of a criminal investigation to unveil cases of fraud, embezzlement and/or money laundering. A forensic audit may also be undertaken for purposes of collecting evidence needed for expert testimony in Court, as part of the litigation support services that ENOSYST provides. In the recent past, the firm has provided forensic audit services to various law enforcement agencies in a number of high profile corruption cases in the region. In such cases, the role of ENOSYST has been to decipher the often complicated webs of money laundering and falsification of records in order to get to the bottom of various financial crimes. Other than the use of forensic audit services for criminal investigation purposes, it can also be utilized to ensure the continued financial health of an entity by undertaking an enterprise-wide forensic audit that would review the corporate governance, internal controls and operations of the given entity, say at 5 yearly intervals.

4. Internal Audit Services

ENOSYST often outsources the internal audit function to various entities. Some entities may prefer to have an in-house internal audit function, but there are significant benefits that come with outsourcing the internal audit function to an independent firm like ENOSYST compared to keeping it in-house. From an effectiveness point of view, an outsourced internal audit function ensures independence and objectivity whereas an in-house internal audit function quickly breeds familiarity and compromise.  From a cost perspective, outsourcing the internal audit function allows an entity to obtain equal value without having to suffer the cost leave days, gratuity, sick leave, etc. ENOSYST provides different packages for outsourced internal audit services on a monthly, quarterly, or semi-annual basis, depending on client needs.

5. Special Audit Services

ENOSYST provides special audit services whose objectives, scope and depth is specifically agreed with the client on a case by case basis. A client might require a special audit in order to obtain a second opinion on an audit that has already been done by another firm or in order to further investigate a red flag that might have been raised by a previous audit. A special audit may also be undertaken for a specific function of an entity such as procurement, human resources, marketing, etc., with the aim of ascertaining an allegation of impropriety that might have been raised with regard to that particular function of the entity.

6. Operational Audit Services

An operational audit is an audit that seeks to review an entity’s operating model or business model, with the aim of improving it. An operational audit is necessary given the fact that a business model that created immense value for an entity yesterday, may not be able to create comparable value today, due to changing circumstances in the operating environment. Therefore, it is important to regularly review every entity’s business model in order to ensure its continued relevance and ability to create optimal value, and ENOSYST is equal to such tasks.

7. Systems Assurance Services

ENOSYST provides systems assurance services aimed at ascertaining the integrity, accuracy, validity and completeness of a particular organisation’s data processing and data storage facilities. Our Certified Information Systems Auditors (CISAs) will interrogate the hardware and information systems security architecture in order to obtain reasonable assurance about its efficiency, effectiveness and economy. ENOSYST also undertakes routine preliminary systems assurance reviews as part of the statutory audit, in order to ascertain the integrity of specific computerised accounting systems such as SAP, Oracle Financials, Pastel etc.

8. Outsourced Accounting Services

ENOSYST provides accounting services to small, medium and micro enterprises (SMME’s) that would not normally afford a fully-fledged accounting department or a full time Accountant. In this regard, we outsource all or part of the accounting functions. This will normally range from posting transactions into a particular accounting package to preparing monthly or quarterly Management Accounts and annual Financial Statements. The annual financial statements will normally be accompanied with a financial analysis report (FAR) to management as a value added extra. The FAR serves the purpose of highlighting to management how the organisation is fairing in the pursuit of its objectives which may range from financial to non-financial. The analysis contained in the FAR is based on our vast knowledge and experience, which is derived from our day-to-day contacts with different businesses and organisations in different sectors of the economy. The financial analysis report is also included because we realise that more than 90% of the people in business are financially illiterate. This means that by presenting the numbers alone in the financial statements and in accounting jargon, management may not get a good appreciation of the performance of the business. Therefore, the accompanying FAR report seeks to explain the financial statements in a layman’s language so that the business owner or shareholder may know in good time, which direction his/her business is headed. Part of our accounting services includes preparation of operating and capital budgets both on an operational level (one-year or less) and on a strategic level (more than one year). Budgets are a very essential element of financial control and planning because they help an organisation to plan and monitor its growth. Once budgets have been prepared, an organisation may wish to prepare Management Accounts to measure and monitor its performance against the budget and hence carry out timely corrective action.

9. Tax Compliance Services

With regard to taxation consultancy, ENOSYST provides two main types of services which are tax compliance and tax planning. Tax compliance involves computation and filing of tax returns in accordance with the tax laws of the Republic of Zambia and other pronouncements issued by the Zambia Revenue Authority from time to time. In this regard, we compute and file annual income tax and withholding tax returns for organisations and individuals, monthly Value Added Tax (VAT) and Pay As You Earn (PAYE) returns for organisations that are registered for such as well as computation and submission of other specialised taxes such as capital gains tax, turnover tax and other presumptive taxes. Tax compliance is very important for the smooth operation of any organisation whether it is private, public or civic body, although most organisations take it casually. Most organisations and entities find themselves paying huge sums of money in tax penalties and interest for lack of proper compliance and/or understanding of the tax laws, rules and regulations. Had a fraction of that amount of penalties & interest been paid to the right tax consultant such as ENOSYST, the penalties and interest would have been avoided. Not only do the tax penalties and interest cause financial distress on the organisation, they may actually plunge the organisation into a cash flow crisis as they are usually neither budgeted for nor anticipated. ENOSYST can outsource all the tax compliance and related issues for an organisation at an agreed fixed monthly, quarterly or annual fee. This will enable the organisation to focus its energy to pursuing its core business objectives.

10. Tax Planning Services

The other type of tax consultancy service that ENOSYST provides is tax planning, which is the art of arranging a taxpayer’s affairs in such a way that you minimise your tax obligations, without abrogating any of the existing tax laws, rules or regulations. Unlike tax compliance, which is mandatory to every tax payer, tax planning is optional. However, ENOSYST can help the taxpayer to significantly reduce their tax burden, through articulate and concise tax planning. In most instances, the tax saving that arises from tax planning far exceeds the fee that ENOSYST would normally charge for providing the service. This means that engaging our tax planning services is actually a sound investment decision rather than a cost on the part of the client.

11. Tax Audit Services

ENOSYST provides tax audit services mainly to parent companies that would want to find out the tax compliance status of their subsidiary companies. In undertaking such tax audit services, ENOSYST utilizes the tax audit procedures and rules that are often applied by the Zambia Revenue Authority (ZRA), on taxpayers. This means that if an entity passes an ENOSYST tax audit, then they are more than likely to pass a ZRA tax audit. Additionally, undertaking voluntary tax audits allows firms to identify areas of non-compliance or partial compliance, and address such areas before the taxman visits them and penalizes them for such identified cases of non-compliance.

12. Liquidation & Receivership Services

The individual partners at ENOSYST qualify and provide various services related to corporate insolvency, in accordance with the Corporate Insolvency Act of 2017 and related legislation. According to section 10 of the Corporate Insolvency Act  No. 9 of 2017, a firm or body corporate cannot act as a receiver, business rescue administrator or liquidator, and only individuals qualify for such roles. It is on this basis that the individual partners at ENOSYST are the ones that provide these corporate insolvency related services. However, ENOSYST as a firm qualifies to act as Official Receiver under the Bankruptcy Act, Cap 82 of the Laws of Zambia.

13. Due Diligence & Business Valuation Services

In cases where the value of a business needs to be determined for purposes of selling or buying a stake by one or more actual or potential shareholders, ENOSYST is often on hand to provide business valuation services. Various considerations are made in determining the value of a business and these include the going concern, business model, past performance, projected future performance, positioning in the market, current and future growth potential of the sector etc. ENOSYST also provides comprehensive due diligence services covering financial due diligence, statutory compliance due diligence, human resource due diligence, legal due diligence, technological due diligence, market due diligence etc.

14. Litigation Support Services

ENOSYST is a prime provider of litigation support services such as expert testimony in Court, for purposes of supporting or refuting an assertion or theory presented before Court in both criminal and civil matters. Our litigation support services are often provided hand in hand with our forensic audit services and may cover financial and/or tax related matters.

15. Company Secretarial Services

We provide a complete range of company secretarial services ranging from company formations, preparation of share certificates, share transfer, increase in the issued and authorised share capital, annual returns, preparation of board resolutions, facilitation of listing on the Lusaka Securities Exchange etc. This service is normally targeted to small, medium and micro enterprises (SMME’s) that cannot afford to hire a full time company secretary and prefer to outsource the company secretarial functions to the firm so that they can concentrate on their core business. Just like tax compliance, the importance of having a professional company secretarial services provider can never be over emphasised. A company can very easily be struck off the register and be penalised for lack of compliance with the provisions of the Companies Act, 2017.

16. Corporate Advisory Services

Under corporate advisory, ENOSYST provides a wide range of business solutions. This includes preparation of business plans for clients who wish to start a business or who are already operating a business and would like to expand or recapitalise their enterprise or have a vision but need that vision to be translated into a tangible plan of action. The business plans are normally made up of a cost analysis for the product or service, which is being proposed to be produced or provided, in order to determine the unit profitability/loss. When it comes to financial projections, we ensure that they are based on the product/service cost analysis, the market research and the production capacity. The projected financial statements include projected profit & loss statements both monthly for the first year and annually for the duration of the project, cash flow statements, the balance sheet, a Net Present Value Analysis, a Pay Back Period Computation and a computation of the projected Internal Rate of Return. This ensures that the project is analysed from all possible angles of investment appraisal so that the financier could quickly make their decision. The financial projections are accompanied by explanatory notes, which explain how each and every figure included into the projections was derived. This helps to ensure that the business plan is comprehensible even to a financially illiterate person. We do not only help our clients get loan or equity financing from financial institutions, but we also help them throughout the implementation phase of the business plan until they are ‘standing on their own two feet’. This helps ensure that clients get a value for money professional service.

17. Management Consulting Services

ENOSYST provides a wide range of management consulting services to organizations of all sizes in both the private sector and the public sector. Our management consulting services include development of Strategic Plans, Human Resource, Marketing, Communication, Operations, Information Technology Policies, Strategies and Plans. Our management consulting services also include tailored investigations such as surveys needed to answer specific societal questions related to the economy or the welfare of citizens overall.

18. Transaction Advisory Services

ENOSYST provides transaction advisory services for specific proposed transactions such as the planned acquisition of a specified stake in an entity or the procurement of certain high value goods/services or the sourcing of equity/debt capital. The essence of transaction advisory services is to ensure that the client is able to derive the greatest value from a given proposed transaction.

19. Outsourced Finance Personnel

ENOSYST outsources finance personnel to various large, medium and small entities in the private sector, civil society and among state-owned entities such as parastatals. The outsourced finance personnel range from Chief Finance Officers, Finance Directors, Finance Managers, Accountants and Assistant Accountants. The need for outsourced finance personnel might arise in an organization when they need short-term personnel awaiting the filling of a vacancy or pending the return from leave of an incumbent position holder. It is often more cost effective for an entity to outsource finance personnel that hire temporal staff.