Zambia Accountants Act and ZICA

Let’s take a close look at Accountancy in Zambia, the Accountants Act No.13 of 2008 and how it relates to various stakeholders in the Accountancy profession.

The Accountants bill was enacted in Zambia by parliament into an Accountants Act No.13 of 2008 on 24 September 2008.

The enactment bought new challenges on ZICA as a regulatory body for the Accountancy profession in Zambia and the need to ensure total compliance pertaining to the various provisions contained in the Act.

In addition to that there is still need for ZICA members and Accountants in general to access the revised act to enable them become aware of the changes in the act.

Among the notable changes in the Accountants act 2008 are:

Section 11: Classes of Members

This section saw abolishment of the provision that allowed the ZICA Council to award honorary classes of membership of the institute to any individual who, in the opinion of the council, had rendered exemplary services to the profession of accountancy.

Section 12: Application for Registration as an Accountant

Subsection (1) stipulates that a person, who intends to be employed as an accountant or to practice as an accountant in Zambia, shall apply to the institute for registration in the prescribed manner and form upon payment of the prescribed fee.

Subsection (2) further states that “the Institute shall register an applicant as an accountant where the institute is satisfied that:

Subject to subsection(2) of section eleven (11), the applicant is an affiliate, Associate or fellow of a body approved by the Institute; the applicant has passed the examinations of the institute; if the applicant has a foreign qualification, the applicant should undertake such number of courses as prescribed by the institute; and the applicant is of good character and is not disqualified for registration under this act.

Subsection (3) States that “the Institute may register a person as an accountant under this Act if the person is not a citizen of Zambia or is not practicing or working as an Accountant in Zambia prior to the application if that person:-

Is engaged to work as an Accountant in Zambia under an international agreement entered into by the Government of the Republic of Zambia; or undertakes such number of courses as prescribed under the relevant laws of Zambia as the Institute may determine and passes the final examination set by the institute for the courses.

Section 13 Recognition of foreign qualifications

This section provides that the Minister may, on the recommendation of the institute, by Statutory Instrument, recognise any local and foreign qualification accredited by the Institute for purpose of registration under this Act.

Section 19 Practicing Certificate and Non-audit practicing certificate

Subsection (2) states that “the Institute shall, where the applicant:-

has been certified by a professional body or a body recognized under section thirteen (13) to have complied with the education training requirements; and has passed the competence practice examinations set by the institute and has obtained competence to practice and a period of more than seven (7) years has elapsed between the date of complying with the education and training requirements and the date of application; issue the applicant with a practicing certificate or a non-audit practicing certificate in the prescribed manner.

Section 24 Registration of firms

Subsection (1) states that “a person who registers a firm of Accountants under the Registration of Business Names Act shall register the firm with the institute in the prescribed manner and form upon payment of the prescribed fee”

As may be seen, the Zambia Accountants Act concerns a wide spectrum of stakeholders which includes employers, entrepreneurs, Investors and of course the Zambia Institute of chartered Accountants ZICA to ensure that the performance and image of the Accountancy profession as a whole is enhanced. For further information and clarification contact ZICA secretariat or Visit http://www.zica.zm/

REFERENCE
The Accountant-Issue No:29

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Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859

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