1. GROWTH

• Our performance surpassed all past years. We recorded a growth of 100% as opposed to 47% growth in revenue attained during 2008. Our niche for growth is built from audit of Not-For-Profit Organizations.
• During the year 2009, we were approved by the Controller and Auditor General Tanzania as eligible auditors for audit of Public Authorities and Other Bodies on his behalf and were awarded two clients for 2008/2009 financial year end audit. One assignment has been completed and file sent to the Controller for Audit Quality Review.
• In December 2009 we had an opportunity to meet MCC/USAID Mission to Tanzania officials discussing the possibility of our firm being included in the MCC/USAID short list of auditors eligible to audit MCC/USAID funded
  projects. The discussion went on smoothly; hopeful the results once out will put us in the good edge of competing with Big Four on audit of USAID funded projects in Tanzania.
• Also for the first time we had opportunity to participate in AGN WAA Annual Regional Meeting. We hope the face to face network built on this event will results to our firm starting receiving referrals work which we have not received since we joined AGN International in July 2007.

Capitalizing on World Economic Crisis

• As discussed above, despite of the economic hardship experienced by many organizations last year, we recorded a growth in revenue of 100%. This growth resulted from increased demand of our audit services by donor funded organization and projects for donor(s) use before releasing funds as well as audit assignment sub-contracted by the Controller and Auditor General of Tanzania. We have prepared ourselves to continue capitalizing on the crisis by sending our staff to seminars in December 2009 to update on International Financial Reporting Standards and International Auditing Standards as well as continuing with our In-house training programme.

2. STAFFING

1. Audit Managers
   To cope with growing demand of our services, we have in place two audit managers, holder of Certified Public Accountant (CPA –T) Certificate:-
   - Mr. Loata Laizer Mungaya – CPA (T), BA Accounting and
   - Mrs Hidaya Ally Karunde – MBA, CPA (T), ADA
   Their roles in audit are to coordinate planning process, supervise the execution of the audit assignment and perform detailed audit file review before Partner Review.
   Mrs Hidaya brings in the firm extensive experience in accounting profession obtained from various industries she worked before associating with VA Business Assurance Services as follows:
   · Construction – Konoike
   · Consulting services – MBD Consultants
   · Tutor - Part Tutor in Accountancy – Rolla Computer and Accounts Institute – Sharja, United Arab Emirates
   · Social Services – Business Care Group of companies
   · Research - TAWIRI
   
   
2. Assistant Auditors
   It is normal practice that new University Graduates find audit firms as a learning institution for building their CVs before looking for alternative employment in other industries. We were faced with the same situation and one of our senior assistant auditors left the firm and joined Government Employment in July 2009. The position was filled effectively from 1 September 2009 by one of the University Graduate who did her field training attachment with our firm in 2008. Further to this replacement, we recruited another University Graduate making ourselves to a total of seven competent professionals (Partner included) and two supporting staff.

Above, Selina Isaya making presentation in one of the in-house training sessions. Selina assume the role of head of audit section as well as coordinator of in-house training.		Above Jeremiah Timothy getting himself familiar with audit files and part of his induction programme.

3. Internships
Our firm has opened doors for University Students seeking placement for their practical training. During 2009, three University Students were offered placement for their practical training. Out of the three students, two of them demonstrated high degree of competency as well as teaming hence are our target for future employment after they competed their studies in 2010.

3. SOCIAL RESPONSIBILITIES
The good results mention above was shared with staff in the manner documented in our incentive plan. VA Business Assurance Services staffs are not greedy; they refused to resume their year end holidays without paying a visit to KIBOHA Orphanage Centre on 18 December 2009 and shared with them what they have planned to spend during Christmas and New Year’s festivals. The firm supported their good intention by sharing cost of food staff donated by the staff to the Orphanage Centre.

Florence Martin (Head of Tax Section) a leader of VABUSINESS delegate to Orphanage Centre listening Matron while explaining to her the background of the Centre.		Children at the Kiboha Orphanage Centre warmly receiving various food supplies donated by staff and VA Business Assurance Services firm.
VABUSINESS staff listening attentively from the Matron while explaining the challenges facing Kiboha Orphanage Centre		VABUSINESS staff having lunch with the Children at the Orphanage Centre

VA BUSINESS ASSURANCE SERVICES 5th floor, Blue Plaza India Street Arusha Tanzania Phone: (+255 27) 254 4020 FAX: (+255 27) 254 4020 E-Mail: vabusiness@habari.co.tz Contact Partner: Vincent Augustino