New Dawn Chartered Accountants is firm of Chartered Accountants and Auditors registered with Lesotho Institute of Accountants in Lesotho. Lesotho, officially the Kingdom of Lesotho, is a landlocked country and enclave, completely surrounded by its only neighbouring country, South Africa. It is just over 30,000 km2 (11,583 sq mi) in size and has a population slightly over two million. Its capital and largest city is Maseru. Lesotho is a member of the Commonwealth of Nations. The name Lesotho translates roughly into the land of the people who speak Sesotho. About 40% of the population live below the international poverty line of US $1.25 a day.
In 2011 New Dawn Chartered Accountants acquired Masoabi/Khali and Associates; a firm which brought in experience of over twenty years in practice. In March 2012 the firm merged with Pekane Chartered Accountants firm which had been in existence since 2006. In July 2012 New Dawn Chartered Accountants merged with Lebesa Chartered Accountants, a registered firm accredited in 2008, owned by Ms Lebesa (Mrs Hlonqwa).
New Dawn Chartered Accountants currently has 3 Partners, and will have a forth Partner in January 2014; the move that will effectively make it the biggest audit firm in terms of the number of Partners in Lesotho. All the partners are aged 36 and below and with the introduction of the new Partner in January 2014, the firm will be 50% Male and 50% Female owned; a statement that speaks well in as far as women empowerment and equality are concerned. Amongst the other things that make it stand out, is the fact that it is the only firm that runs three offices from difference locations. Despite, being a relatively young firm, it has one of if not the biggest staff complement in the industry. It is one of the few audit firms that actually has a website in Lesotho. We are also currently reviewing the design and content of our website to make sure it is more modern, relevant and interactive. Our professional staff compliment is made up of mostly trainee accountants who are about to complete or have completed their chartered accountancy qualification under the Joint Education Scheme of the Lesotho Institute of Accountants and The Association of Chartered Certified Accountants (UK) and are serving their articles.
We encourage our staff to be active in the society in community development initiatives and we sponsor and lead some of those initiatives through standing radio programs, workshops, seminars and campaigns. Though demanding, we have found such an approach fruitful to our business as we have enjoyed almost a regular presence in TV, radio and printed media. Consequently we have been getting a fair amount of business. Being a youthful firm, we have also been lucky to have a dynamic presence in social media as well. We initially had a closed Face Book group and we have recently launched a Face Book page which seems to be pulling a good number of fans. Thanks for the love we have been enjoying, on the 18th September, 2013, New Dawn Chartered Accountants received PMR Africa Silver Arrow 2013 award for being an Audit firm very good in stimulating the economic growth and development in Lesotho.
We have made a deliberate decision to be actively involved in the leadership of the accounting profession in Lesotho. Mr Pekane is a Past President of the Lesotho Institute of Accountants 2009-2012. Mr Thuso Pitso was A Vice President 2012-2013. Ms Lebesa (Mrs Hlonqwa) has also served in the Council of the Lesotho Institute of Accountants. The partner coming in January 2014 is a current Technical Manager of the Lesotho Institute of Accountants. Two of our Managers have also been members of the Lesotho Institute of Accountants Council. We find such involvement keeps us on our toes in as far as current developments are concerned.
We regard our business to be fairly young but with promising prospects; however much our strides are, we still worry about our sustainability in a profession that is so demanding by way of quality and yet the financial muscles are always stretched. The firm’s annual turnover is about US$200,000 of which half of it usually seats in debtors. Our market is very volatile, it is mostly micro, small and medium enterprises, those that are regarded as large are mostly on grounds of public interest. Most of our clients need basic services for Tax and Bank purposes, and nothing intense.
Due to the size of our economy, we do not have the presence of the Big Four Audit and Accounting Firms, consequently, we enjoy a fair amount of referrals and outsourcing from the Big Four because of the investment we have done in Partners, Staff Compliment and physical infrastructure.