Assignment Name: Conduct a Valuation of the empowerment fund to determine its value inclusive of bank balances and receivables net of any impairment
provisions and write offs of receivables.

Country: Zambia

Location within Country: Across the 10 provinces of Zambia

Professional Staff Provided by your Firm/Entity(Prof lies): Accountants/ Bankers

Name Of Client Citizens Economic Empowerment Commission (CEEC)
No of Staff:

Address: Lusaka.

No of Staff: months; Duration of Assignment: 6 months

Start Date(Month/Year): March 2014

Completion Date (Month/Year): August 2014

Approx. Value of Services): K800,000

Name of Senior Staff (Project Director/Co-ordinator, Team Leader) involved and functions performed: Chintu Mulendema , Partner

Narrative Description of Assignment: Assignment Objective The principal objective of the assignment was to Conduct a Valuation of the empowerment fund to determine its value inclusive of bank balances and receivables net of any impairment provisions and write offs of receivables.

• Review audit reports of the Auditor General to understand and summarise the operating environment of the CEEC Fund between2008 and 2011 particularly in terms of Ministry of Finance disbursements of the empowerment funds into the Fund as well as the effectiveness of internal controls and loan disbursement and recovery systems procedures:
• Review individual CEEC client statement files and determine loan amount disbursed and recorded other inflows recorded. principal and interest accrued and paid. as well as other outflows recorded such as fees. charges. etc.:

• Perform direct confirmation with empowerment fund clients:
• Engage CEEC and empowerment fund clients to reconcile differences:
• Review as to whether the loan statement balances included in the books are in line with accounting records:
• Assess the recoverability of the loan balances, including taking into account the recoverability of the loan balances. including taking into account the recoverable value of the collateral held against the loans: and
• Derive the net value of individual loans and CEEC Fund by determining impairment provisions and write-offs.