Reporting challenges worsen for companies

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INEFFICIENCIES on the Reserve Bank of Zimbabwe’s (RBZ) foreign currency auction system have created reporting challenges for companies, worsening a situation created two years ago by conflicts between the country’s legislation and international accounting standards, recent financials have shown.

Since February 2019, when the government gazetted a law ordering the conversion of US$ balances to ZWL at a rate of 1:1, companies have been persistently getting adverse audit opinions on their results for failure to comply with accounting standards.