Zimbabwe Stock Exchange Holdings Limited has obtained an unqualified audit opinion on its consolidated financial statements for the year ended 31 December 2025, reinforcing confidence in the integrity of the group’s financial reporting and governance standards.
Independent auditors BDO Zimbabwe concluded that the company’s financial statements fairly reflect its financial position, operating performance and cash flows in accordance with International Financial Reporting Standards.
In the audit report signed by engagement partner Davison Madhigi, the auditors confirmed that the examination was conducted under International Standards on Auditing and that adequate audit evidence was obtained to support the opinion issued.
While the overall assessment was clean, auditors identified revenue recognition as a significant audit focus area, citing the technical nature of ZSE Holdings’ diverse income streams.
The exchange earns revenue through transaction levy charges, listing and membership fees, as well as other market service income, all of which involve large transaction volumes and varied pricing structures. Auditors noted potential risks linked to the accuracy of transaction-based revenue, timing of income recognition at financial year-end, and the allocation of listing and subscription fees in line with IFRS 15 requirements.
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To mitigate these risks, auditors performed extensive procedures that included assessing information technology controls within trading and clearing systems, testing transactions recorded near the reporting cut-off date, and independently recalculating revenue using trading volumes and approved tariff structures.
The audit also found no material discrepancies between the audited financial statements and supplementary disclosures contained in the directors’ and chairman’s reports.
BDO Zimbabwe further confirmed that the financial statements comply with Section 193 of the Companies and Other Business Entities Act, concluding that they present a true and fair view of ZSE Holdings’ affairs for the financial year under review.
Separately, auditors issued another unmodified opinion on the group’s abridged special purpose translated financial report prepared in accordance with the Reserve Bank of Zimbabwe’s Monetary Policy Statement issued on 6 February 2025.
However, an emphasis of matter was included noting that the translated report was produced solely for regulatory compliance purposes and may not be appropriate for broader application or general financial analysis.
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