Zimplats Appoints Axcentium as New Auditor, Marking a Strategic Shift After Deloitte’s Exit from Zimbabwe
Implats owned Zimplats, is set to undergo a significant change in its auditing arrangements following the impending exit of Deloitte from the Zimbabwean market, Mining Zimbabwe can report.
By Rudairo Mapuranga
The announcement, made in the lead-up to Zimplats’ Annual General Meeting (AGM) scheduled for October 24, 2024, confirmed the appointment of Axcentium as the company’s independent auditor.
This decision follows Deloitte Zimbabwe’s announcement of its plans to exit the country by October 31, 2024. Deloitte Zimbabwe is part of the Deloitte Africa network.
According to Zimplats, the decision to replace Deloitte with Axcentium followed a comprehensive due diligence process led by the Zimplats board, which endorsed Axcentium’s appointment. The new firm will officially take over from Deloitte, pending shareholder approval at the upcoming AGM.
The departure of Deloitte from Zimbabwe marks the end of an era for one of the country’s most established professional services firms. Deloitte Zimbabwe has long been recognized as a major player in the audit and consulting landscape, operating as part of the broader Deloitte Africa network. However, senior partners within Deloitte Zimbabwe recently agreed to undertake a management buyout (MBO), which will see the firm exit the Deloitte network and operate independently under a new brand.
In March, Deloitte Zimbabwe issued a statement explaining that the exit was the result of a mutual decision reached after extensive discussions between Deloitte Africa and its Zimbabwean branch.
According to Deloitte Zimbabwe Managing Partner Charity Mtwazi, the move signals a new phase for the firm, which will continue serving its clients in the country under the new brand identity—Axcentium.
Mtwazi emphasized that while departing from the global Deloitte brand marks a transition, the firm’s commitment to delivering high-quality services in Zimbabwe remains unchanged.
“With Deloitte’s exit from Zimbabwe, we will enter a new phase. We are excited to continue our legacy of serving clients in Zimbabwe, but under a different brand,” said Mtwazi.
She added that rebranding to Axcentium would allow the firm to tailor its services more closely to the unique needs of the local market.
Axcentium will retain the core team of professionals that clients have relied on at Deloitte Zimbabwe, ensuring continuity of service.
The rebranding is seen as more than just a change of name, reflecting a shift in focus toward aligning the firm’s offerings with the specific challenges and dynamics of the Zimbabwean market.
Axcentium’s leadership has stressed the importance of maintaining the highest professional standards, even as it exits the Deloitte Africa network.
“Axcentium represents a new chapter in our story. It is a strong statement of agility, growth, and a bold vision for the future. Our goal is to leverage our deep-rooted expertise and local knowledge to deliver solutions that resonate with the Zimbabwean business community,” Mtwazi said.
Axcentium plans to embrace innovation and thought leadership as it navigates Zimbabwe’s challenging economic environment, characterized by currency volatility, inflation, and regulatory shifts. The firm has pledged to stay ahead of industry trends and employ cutting-edge technologies to enhance client value, particularly through the use of real-time data analytics to inform decision-making.
For Zimplats, the appointment of Axcentium represents a strategic decision to ensure continued audit excellence amidst the changing professional services landscape in Zimbabwe. Deloitte has served as Zimplats’ independent auditor for many years, providing audit and assurance services for one of the country’s most significant mining operations. With the transition to Axcentium, Zimplats aims to maintain the same high standards of financial transparency and accountability that are critical for its operations, particularly in an industry where investor confidence is paramount.
The decision to appoint Axcentium follows a period of strategic introspection for many Zimbabwean companies, as the country’s economic and regulatory environment continues to evolve. For Zimplats, a leading player in the mining sector, ensuring that its financial operations are audited by a reliable, experienced firm is essential for maintaining investor trust and securing future investments.
Zimplats’ management assured stakeholders that Axcentium had been selected after a rigorous evaluation process and expressed confidence in the firm’s ability to provide the same level of expertise that Deloitte had offered.
“We are confident that Axcentium will deliver the high-quality services that Zimplats requires, and we look forward to working with them as we continue to grow our operations,” a Zimplats representative stated.