NBFIRA signed two Memorandums of Understanding with BURS and BAOA.
In an effort to contribute towards an efficient and effective regulatory Authority that is in line with International Best practices the Authority signed two Memorandums of Understanding with Botswana Unified Revenue Service and Botswana Accountancy Oversight Authority.
Botswana Unified Revenue Service
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) signed a Memorandam of Understanding (MoU) with the Botswana Revenue Services (BURS) on March 31, 2014.
Chief Executive Officer of NBFIRA, Oaitse Ramasedi said at the event that the MoU is premised on the need for BURS to advice the NBFIRA on issues relating to the tax obligations of the non-bank financial institutions.
Ramasedi further said the global financial crisis has reinforced the importance of effective dialogue and collaboration between regulators and Revenue bodies such as BURS.
This collaboration will help define and guide the working relationship of the two entities and in addition, enable the smooth exchange of information particularly our encounter with Part XVI of the Income Tax Act.
BURS Commissioner General, Ken Morris said the signing commits the two organisations to work together more closely. He further said the MoU marks the beginning of an important journey where information shall be shared freely on a need basis.
“The signing of the MoU is long overdue and represents a timely response to the challenges of globalisation and the advent of complicated crime in the 21st century,” Mr Morris said.
Mr Morris further added that he is confident that through combined efforts, commitment and continued cooperation, NBFIRA and BURS will be able to achieve more and will continue to build consumer trust and confidence of regulatory and revenue collection roles.
NBFIRA & BAOA
Botswana Accountancy Oversight Authority
The CEO of NBFIRA and the CEO of BAOA, Mr. Duncan D. Majinda signed a memorandum of understanding premised on the need for Botswana Accountancy Oversight Authority to advise the Non-Bank Financial Institutions Regulatory Authority on issues relating to improved transparency, accurate and timely information on exposures and underlying risks, which may affect, or trigger, investor confidence amongst entities we regulate, based on their audit reports.
The MoU between the Authority and BAOA will help equip NBFIRA with insight on issues of common interest such as;
-Continuing viability of regulated entities in order to protect consumers of financial services;
-The maintenance of sound system of internal control as a basis for safe and prudent financial management of a regulated entity;
-Existence of proper accounting systems, and assessing whether proper books of accounts are kept; and
-Assessing the quality of the regulated entity’s corporate governance arrangements.
Auditors help the Authority by providing an opinion on the financial position to the shareholders of the regulated entity, whereas our focus on the financial position is aimed at protection of the customer, or consumer of financial services.
