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    Country by Country Financial Reporting and Auditing Framework

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    Tanzania - Horwath Tanzania (prepared March 2015)

    Preparation of and Filing of Statutory Financial Statements 
    Companies Act 2002 

    All entities (private, public and listed companies) are required by the Companies Act 2002 to maintain accurate books of accounts within Tanzania. These records ought to be maintained for a period of 6 years from the date they're drawn.

    Parent companies with subsidiaries are required to prepare consolidated financial statements as stipulated by the Companies Act 2002.

    A company's annual accounts have to be approved by the Board of Directors and signed on behalf of the Board by at least one director of the company.

    All companies are required to submit signed financial statements to the registrar of companies.

    Partnerships are not required to submit their financial statements to the registrar of companies.

    Listed companies are required to file their financial statements at the Capital Markets & Securities Authority (CMSA) and Dar es Salaam Stock Exchange (DSE) within 6 months post their year-ends.

    Revenue Authority

    All entities (private, public and listed companies and partnerships) are required to submit audited financial statements together with Returns of Income to the revenue authority within six months post their year-ends.

    Financial Reporting Framework

    Listed companies in Tanzania are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). 

    Subsidiary companies of listed companies have to prepare their financial statements in accordance with IFRS.

    All other companies/partnerships in Tanzania, are required to prepare their financial statements in accordance with IFRS, except for companies that meet conditions for SMEs. Such companies have the option of adopting IFRS for SMEs or full IFRS.

    Audit Requirements for Companies and Partnerships Registered in Tanzania


    In Tanzania, all companies/Partnership must have an audit.


    Audit Exemption


    Sole proprietors may be exempted from audits if their income meet a specified criteria.


    Audit Appointment,Rotation andJointAudits


    Audit appointments in Tanzania are normally for one year unless specifically appointed for a fixed period.  An auditor is appointed/removed at the Annual General Meeting. Tanzania does not have any rules relating to mandatory rotation of audit firms but there are guidelines within ethical standards regarding partner rotation. 


    Auditing Standards

    Audits in Tanzania are governed by the requirements under the International Standards on Auditing (ISAs) and by the National Board of Accountants and Auditors (NBAA).


    Ethical Framework

    Horwath Tanzania is bound by the Code of Ethics of the National Board of Accountants and Auditors (NBAA) and the IFAC/IESBA Code.


    Audit Regulation

    Horwath Tanzania is subject to the following external and internal monitoring processes with regard to their audit practice:


    External Monitoring

    • The firm is subject to external review by the National Board of Accountants and Auditors (NBAA) - Tanzania. NBAA is a Tanzanian accountancy professional body established under the Auditors and Accountants (Registration) Act. No. 33 of 1972, as amended by Act No. 2 of 1995. It is also the accountancy regulatory body, operating under the Ministry of Finance and Economic Affairs (MOFEA).
    • Being part of the Crowe Horwath Network, the firm is also subject to external reviews by CH International which is to be carried out once every three years.
    • The firm is also subject to Peer Review.

    Internal Monitoring

    Horwath Tanzania has established a system of quality control designed to provide it with reasonable assurance that the firm and its personnel comply with professional standards and applicable legal and regulatory requirements, and that reports issued are appropriate in the circumstances (ISQC 1.11).

    These policies and procedures have been established to meet the requirements of ISQC1, Quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements, as well as other relevant standards as indicated.  It also contains additional matters that the firm determined are necessary to achieve its quality control objectives. (ISQC 1.15)

    Furthermore, quality reviews are continuously conducted by quality reviewers and the system is thus ever evolving.


    Transparency Reporting


    There is no such requirement in Tanzania.


    Contact Us
    David Chitty - Audit
    London, United Kingdom
    +44 20.7842.7292

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