Compliance,professionalism in accounts book reports behind TCC success

13Dec 2018
The Guardian Reporter
Dar es Salaam
The Guardian
Compliance,professionalism in accounts book reports behind TCC success

THE secret behind Tanzania Cigarettes Public Limited Company (TCC Plc)’s success in the annual National Board of Accountants and Auditors (NBAA) is compliance, transparency and professionalism in compiling books of accounts.

Deputy Minister for Finance and Economic Planning, Dr Ashatu Kijaji (3rd L) hands over an award to TCC’s Finance Manager, Charles Mauya after emerging the third overall winner of NBAA’s Best Presented Financial Statements. Photo: courtesy of TCC.

Speaking in Dar es Salaam last week after receiving the NBAA’s Best Presented Financial Statements award, TCC’s Finance Manager, Charles Mauya said his team has been adhering to professional basics while complying with regulatory requirements.

Mauya said soon after receiving the third overall winner in the manufacturing category award that the company’s strategies, management, policies and procedure continue to get recognition from professional bodies such as NBAA.

“As a listed company at Dar es Salaam Stock Exchange, TCC management has a primary role to prepare its financial reports for public consumption, properly using high level standards and quality,” he said.

He pointed out that as a result of adhering to professionalism and international standards, TCC’s annual accounts have been highly regarded by regulators, shareholders and the general public.

The TCC Finance Manager said that their recognition by NBAA means that they also have followed all regulations and requirements in preparing their reports in compliance with Capital Market Security Authority.

“With this award, TCC is optimistic and focused in continuing to perform well in its corporate affairs including its primary role of growing its year on year production volume and achieving its targeted profit margin,” he promised.

Speaking at the event soon after handing over the awards to the winners, Deputy Minister for Finance and Economic Planning, Dr Ashatu Kijaji said with the current industrial drive being advanced by President John Magufuli’s administration, it will be next to impossible to achieve it if companies are involved in financial mismanagement.

Dr Kijaji said financial mismanagement will also frustrate the very fulfilment of the development blue print of industrialization hence commended NBAA for coming up with the awards which enforces professionalism and integrity.

“I have called upon NBAA members to continue adhering to their professional code of conduct because without doing so we will not have financial muscles to operate industries,” the Deputy Minister underlined.

She also assured NBAA to continue training accountants and auditors needed to back private sector investment industrialization drive.