Kibo Mining, East Africa
Kibo Mining plc is a medium-sized minerals exploration enterprise, focused on the development of gold, uranium, coal and other mineral projects within Tanzania. The Group’s head office is situated in the United Kingdom, with operating companies in Tanzania, South Africa, Cyprus and Canada.
- Sector: Mining
- Services provided: External audit
- Number of Nexia member firms serving the client: 4
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The client challenge
Kibo initially approached Nexia’s South African member firm, Nexia SAB&T, to assist with reporting accountant projects in the United Kingdom, Tanzania and Canada. Following the successful delivery of the project, Kibo appointed Nexia SAB&T for the provision of external audit services, utilising Nexia member firms.
The Nexia solution
Nexia SAB&T worked closely with Kibo to resolve the challenges presented as a result of the complex nature of the Group and a decentralised accounting structure. Detailed audit plans that observed local and global financial reporting frameworks, laws and regulations alongside timely communication with all member firms working with Kibo was critical to co-ordinate audit efforts across multinational locations and to avoid duplication of work.
“The value of our customised solution provided Kibo with a streamlined audit approach and cost effective and efficient delivery of the audit. The complexity of the engagement originated from the multinational locations in which the Group operates. Our personal approach, through a single point of contact, ensured that we worked as a cohesive team and improved quality control, achieving Kibo’s goals.”
BASHIER ADAM, CHIEF EXECUTIVE OFFICER OF NEXIA SAB&T