Boards of directors are confronted with many difficult decisions on a regular basis. The right choice is not always obvious. The Corporate Governance Code for Namibia (NamCode) provides a list of best practice principles to assist and guide directors to make the right choice for their entities.
The Namibian Economy
Historically, Namibia has been an economy characterised by an abundance of liquidity. This situation turned around abruptly in the latter half of 2016 and into 2017. It was initially a symptom and is now a factor driving the local economic slowdown which is discussed in this report.
The Namibian Auditor-General issued local authorities exemption from paying audit fees from 2009/10-13/14 and expressed disappointment in the lack of improvement in financial statements. Deloitte offer partnerships with the public sector to help clients effectively discharge their responsibilities.