News and Events

 

All employers

Dear Sir/Madam

RE: MANDATORY REGISTRATION OF ALL ACCOUNTS PERSONNEL WORKING IN YOUR INSTITUTION

We write to inform you that following the coming into operation of the Public Accountants and Auditors Act 2012 on 1st April 2014, it is now mandatory that all accountants working in the accounts department should register with the Malawi Accountants Board.

The Malawi Accountants Board was established by the Public Accountants and Auditors Act 1981 Cap 53:06 which was repealed by Public Accountants and Auditors Act 2012.  The Act gives Malawi Accountants Board a direct oversight over the accountancy profession in Malawi.

In this respect, we are advising you to encourage your members of staff in the accounts department to start registering now.  You might wish to note that this is a grace period which will come to an end at one point.  Failure to register will attract a fine of K100,000 and imprisonment for two years (Section 26).

 The categories of accountants and qualifications are as follows:

CATEGORY                           QUALIFICATION

Diplomate Accountant   –    PAEC/ICAM Diploma.

–      Bachelor of Accountancy Degree from (University of Malawi) or any accredited

degree/diploma in   accountancy and finance.

–       ACCA part II.

–       Equivalent qualifications recommended by ICAM and approved by MAB.

Chartered Accountant    –     ACCA, CIMA, ICAEW.

(Non- Practicing)               –     Any professional qualification recommended by ICAM

and approved by MAB.

Practising                              –     Qualified Accountant.

–       Three years experience in audit section at supervisory level in an Audit firm.  One has to

show evidence of   experience, skills and  competencies in audit.

Registration is done through the Institute of Chartered Accountants in Malawi (ICAM). http://www.icam.mw/?page_id=60

It is my sincere hope that accountants in your organization will register accordingly.

Yours faithfully

D.A. MUWALO

CHIEF EXECUTIVE OFFICER