REMINDER
Members’ 2024 Annual Subscription.
1.
Background.
The Malawi Accountants Board
(MAB) is a regulatory body for the Accountancy Profession in Malawi with an
oversight role over accountants and auditors, in order to improve quality of
accounting and auditing services thereby enhancing the credibility of financial
reporting. It was established under the
Public Accountants and Auditors Act No. 5 of 2013 which came into operation on
1st April 2014. The overall objective is
to safeguard the interest of the general public and investors in Malawi.
2.
Mandate
The Malawi Accountants Board is mandated to regulate
financial matters and provide direct oversight over Professional Accountancy
Bodies and Auditors in order to promote high-quality reporting of financial and
non-financial information by entities, and promote the highest professional
standards amongst auditors and accountants.
3.
Members.
Section 22(1) of the
Public Accountants and Auditors Act (No.5 of 2013), empowers the Malawi
Accountants Board to establish a
register known as the register of Chartered
and Diplomate
Accountants which
is divided into three parts as follows;
§
Register of Chartered Accountants in Public
Practice (Practicing)
§
Register of Chartered Accountants (Non
Practicing Residents)
§
Register of Diplomate Accountants
Section 22 (2b),
further gives the Board powers to issue, cancel or suspend registration
certificates to members of the
Board.
As part of the regulatory role of
ensuring that the Board is maintaining a register of Chartered Accountants that
are in good standing, through the Institute of Chartered Accountants in Malawi
(ICAM), MAB is reminding members from
all categories of the register that includes Non-Resident Practicing and Non
Resident Non Practising to subscribe for their membership by 31st March 2024. Kindly take note that a member’s certificate
ceases to be valid if it has not been subscribed for in that particular
year.
The Board, would therefore, proceed
to exercise its powers in accordance with Section 22(2)(b), should a member(s)
decide not pay subscription through ICAM by 31st March, 2024. Please note that this is only applicable to
all registered members with outstanding subscription fees.
INNOCENSIA ULEMU FIWA.
ACTING
CHIEF EXECUTIVE OFFICER
