At a well-attended function yesterday at the Bintumani Hotel Conference Room, KPMG officially launched its advisory services in a bid to beef up their traditional audit, taxation and other services, and technically strengthen their capability to challenge the dynamics of present day financial management systems.
The ceremony was considered very technical, as representatives of ministries, departments and agencies, together with commercial banks attended the event and made laudable recommendations considered vital in promoting not only the country’s economy but the private sector as well.
As was highlighted, KPMG’s objectives are to assist clients to identify, understand and manage risk; manage and fulfill their organization’s fundamental compliance and control, and further build organizational values and enhance the likelihood of future long-term success.
President of the Chamber of Commerce, Mrs. Gladys Strasser-King with over 35 years experience in the private sector, chaired the occasion.
In her opening remarks, she lauded KPMG for its several years of unflinching services in providing cutting-edge professional services in the country and for also taking the lead by pioneering a discussion and launching an advisory service and its importance to advancing the internal audit function.
The representative of the Bank of Sierra Leone’s Governor, Tapsiru Dainkeh discussed further on the need for KPMG’s advisory services in present business arena. He added that in the current entity of global business, one area that has gained increased significance is the need for various industries including the banks, to institute effective internal controls to mitigate the effect of emerging challenges and risks posed to business.
The CEO of KPMG West Africa, Joseph Winful, said that the institution has now realized that as Sierra Leone moves forward, they (KPMG) would need all the expertise and management principles and advice that will ensure that the country’s objective of using the business sector as the engine of growth is actualized.
He said that the advisory services would guide the business to avoid pitfalls that might have occurred during their existence. He said the services will also prevent and look more into the future direction of the business in a bid to achieve business objectives, and more effectively guide companies and other entities; whether government-run or private, and the machineries to make them more efficient.
Expertise wise, the CEO said, KPMG has professionals all over its establishments in the sub-region and beyond and are brought in an instant they are required in the case of Sierra Leone. He assured that business establishments will be able to meet their services as, he said, the company prides itself in taking into consideration, the economic environment of their operational areas.
A Senior Partner for KPMG-Sierra Leone Vidal Decker reechoed that the launching of the advisory services will enable their institution to offer consultancy services to business organizations. He said that it will include: business counseling, business talks, etc, geared towards ensuring that their clients grow in their business undertakings.
He said that traditionally, KPMG had three sets of businesses: tax, audit and advisory. He said they have been doing advisory for quite so long but on a very low scale. Therefore, he went on, as the economy expands; with lots of investors coming in, coupled with the influx of mining companies, the institution has thought it fit to expand on its advisory services.
He said the service will provide employments for people considering the fact the advisory services will require institutions to increase their work force to meet profitable benchmarks. He noted that there will be sound financial management and effective corporate governance, all in the move to reduce risks and irregularities within financial institutions.
However, what was considered bottlenecks to this new dynamics of KPMG business strategies from questions posed by attendants is in the area of resistance for people to change for a better business idea. But the KPMG expertise assured that they will provide effective mentoring to ensure that they accept the change as a means of improving business entities.
By Poindexter Sama
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