MAB HOLDS A 3-DAY TRAINING FOR REVIEWERS OF FINANCIAL STATEMENTS FOR PUBLIC INTEREST ENTITIES (PIEs)
October
2026, the Malawi Accountants Board (MAB) held a
3-day training program for Reviewers of Financial Statements for Public
Interest Entities (PIEs) that started from 28th to 30th
of October.
The training was facilitated by Grant
Thornton led by Mrs M. Kasambala as part of MAB's initiative to enhance
quality, transparency, and compliance in financial reporting for PIEs.
Day 1: Joint Opening and Foundations
The program opened with remarks from the CEO of MAB that was followed
by presentations from two MAB personnel alongside the Grant Thornton team. The
sessions covered the regulatory mandate of MAB, definition and classification
of PIEs, applicable IFRS requirements, and common deficiencies identified in
PIE financial statements.
Day 2: Technical Review Process Led by Grant
Thornton
Presented by Mrs M. Kasambala, Day 2 was set on the core
objective of transitioning participants from understanding the why of PIE
oversight to mastering the how of systematic, evidence-based methodology for
reviewing financial statements of Public Interest Entities. Participants were
taken through the detailed Financial Statement Review Checklist. The emphasis
was on moving from a tick box approach to a judgement-based, risk-focused
review. Grant Thorntorn stressed that not all sections of a financial statement
carry the same risk. Some have a lower risk while some have a higher risk.
By the end of the day, participants had a clear, structured
review methodology and were prepared for the practical simulations on Day 3.
Day 3: Practical Application and Certification
Day 3 was the consolidation and application day and it was
designed to convert knowledge from the first two days into demonstrative skill.
Based directly on Day 1 and 2 learnings, participants were given the exercise
of reviewing anonymized financial statements that required them to draft review
findings and recommendations. Beyond technical work, Day 3 created a community
of practice. Reviewers who will be working independently in the market had the
chance to network, share challenges, and build professional rapport.
The training concluded with the awarding of certificates to
all participants.
The Board sincerely appreciates Grant Thornton,
Mrs M. Kasambala and her team, and all participants for their active
engagement and commitment to improving financial reporting for PIEs.
MAB remains committed to building a better
accountancy profession in Malawi.
