CALL FOR REVIEWERS
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Call For Reviewers Of Statutory Financial Statements And Financial Reports Of Public Interest Entities


INTRODUCTION

The Malawi Accountants Board is the regulatory body for the accountancy profession in Malawi. The Board was established by the Public Accountants and Auditors Act (Cap 53: 06) No. 5 of 2013 to regulate the reporting of financial matters and provide direct oversight over professional accountancy bodies and Auditors in order to promote high quality reporting of financial and nonfinancial information by entities, promote the highest professional standards amongst Auditors and Accountants and ensure compliance with and enforcement of applicable local and international accounting and auditing standards. In addition, the Malawi Accountants Board is mandated to review the Statutory Financial Statements and Financial Reports of Public Interest Entities (PIEs). This mandate is provided for under Section 16(1)(q) of the Public Accountants and Auditors Act, No. 5 of 2013.

SCOPE OF ASSIGNMENT

The Consultant shall be expected to carry out reviews of Statutory Financial Statements and Financial Reports of Public Interest Entities.

Section 16(1)(q) of the Public Accountants and Auditors Act (2013) and Public Accountants and Auditors Regulations (2017 & 2021) gives MAB power to review statutory financial statements and financial reports of Public Interest Entities in Malawi. The Regulations (Nos1-5) define a Public Interest Entity as follows;

  • An entity which is of significant public interest because of its business, size, number of employees or its corporate status is such that it has a wide range of stakeholders and,
  • Includes but not limited to the following; credit institutions, insurance companies, banks, investment firms, pension firms, parastatals and listed companies.

The reviews of statutory financial statements and financial reports is aimed at monitoring the compliance with accounting and auditing standards by entities and improve the reporting of financial and non-financial information by institutions. This will enhance credibility of financial reporting and improve the integrity, competence and transparency of professional activities in accounting and auditing. Therefore, the interests of the general public will be protected.

ELIGIBILITY

Applications are invited from suitably qualifying individuals and firms of high standing in society to submit their applications. Those interested should provide information demonstrating that they possess required capabilities, qualifications and expertise. The information required from those interested must among other things include the following:

- The reviewer shall be required to conduct the reviews in line with;

  • The methodology of the Board.
  • International Financial Reporting Standards (IFRSs).
  • International Public Sector Accounting Standards (IPSAS).
  • Generally Acceptable Accounting Principles.
  • Other relevant Legal Instruments
  • Guidelines Issued by relevant Competent Authority.

CONSULTANT QUALIFICATIONS

To qualify for this assignment, consulting firm or individual consultant will need to demonstrate that they have the relevant experience. Specifically, MAB will seek to satisfy itself that the experts put up for the assignment have prior track record of experience in their fields of expertise.

Minimum Requirements

a. For a consulting Firm

Team Leader:

  • Must have three years’ experience at managerial level and above in the audit field.
  • Must be a qualified accountant, member of ICAM and registered with the Malawi Accountants Board.
  • Must demonstrate a deep understanding of IFRSs, IPSASs, GAAP and Other relevant Legal Instruments.

Other personnel:

  • Must have one year experience working at a senior level in audit.
  • Must be studying towards professional accounting qualification, member of ICAM and registered with the Malawi Accountants Board.
  • Must demonstrate a deep understanding of IFRSs, IPSASs, GAAP and Other relevant Legal Instruments.

b. For individual consultants:

  • Applicant must have three years’ experience at a managerial level and above in the audit field.
  • Must be a qualified accountant, member of ICAM and registered with the Malawi Accountants Board.
  • Must demonstrate a deep understanding of the IFRSs, IPSASs, GAAP and Other relevant Legal Instruments.

SUBMISSION OF APPLICATIONS

Applications must be delivered to the address below or through email not later than 10th June 2026.

The Chief Executive Officer

The Malawi Accountants Board

Bible House, Victoria Avenue

P O Box 2271

BLANTYRE

Email: info@mab.mw Phone: 0989 651 300