WORD FROM THE CEO

The Malawi Accountants Board is the Regulatory Body for the Accountancy Profession in Malawi established by Section 3 of the Public Accountants and Auditors Act No.5 of 2013 (CAP 53:06) of the Laws of Malawi.

Mandate and Obligation

Regulating financial matters and providing direct oversight over professional accountancy bodies and auditors in order to promote high quality reporting of financial and non-financial information by entities, promote the highest professional standards amongst auditors and accountants.

MAB also has a duty to conduct Reviews of statutory Financial Statements and Financial Reports of Public Interest Entities (PIEs) under Section 16(1)(q). This is a new responsibility that MAB will be engaged in. It will also conduct Quality Assurance Reviews of Public Auditors and Audit Firms under Section 16(1)(u).
In Addition, MAB should adopt and ensure compliance with and the enforcement of applicable local and international accounting and auditing standards.
This will enhance the credibility of financial reporting and improve the integrity, competence and transparency of professional activities in accounting and auditing. In this respect the interests of the general public and investors will be protected.

MAB had been busy with different activities promoting the accountancy profession in Malawi. Notable one amongst others include the following:
* Development of Regulations
* Development of a Standard Syllabus for an Accountancy Degree
* Inspection of Accountancy Training Institutions
* Registration of Audit Firms
* Registration of Accountants
* Membership with the African Forum of Independent Accounting and Audit Regulators (AFIAAR)
* Customer Service Charter

Way Forward

Looking forward, MAB is planning to start conducting Reviews of Financial Statements and Financial Reports of Public Interest Entities.

DA. Muwalo MBA, FCCA, CA(M)