The Malawi Accountants Board team came together from 20th – 22nd July 2023 for a memorable team-building activity in an inspirational demonstration of...
To be an internationally recognized regulator of the accountancy profession
To promote and protect the accountancy profession and financial interest of Malawians and international investors in Malawi.
- To promote high quality reporting of financial and non-financial information by entities
- To promote the highest professional standards among auditors and accountants
- To enhance the credibility of financial reporting
- To improve the integrity, competence and transparency of professional activities in accounting and auditing
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER.
The development of the Malawi Accountants Board Management Information System is yet another milestone in the Regulation of the Accountancy Profession in Malawi. The system has been developed during the period when MAB is expanding its regulatory roles amongst others through the ongoing review of the Public Accountants and Auditors Act 2013, Cap 53:06, which has made it stronger by imposing stiff penalties to non-compliant members and institutions. In addition, MAB carried out public sector reforms which include strengthening of the structure of MAB to be comparable to other regulatory statutory institutions.
This is a flagship project to the Malawi Accountants Board as it is one of the major Reforms that MAB has embarked on since 2019. Once the system becomes fully operational, most of the MAB services will be conducted online thereby improving its service delivery to its stakeholders by amongst others reducing operating costs and also enhancing flexibility of its operations. The system in place will allow MAB’s clients to register online, pay fees online and get personal information online. In this regard, MAB’s stakeholders will access MAB anytime anywhere.
The new look website, will enhance the visibility of MAB as a Regulator and it will provide the needed information on the front page of the website. This will provide a platform for sourcing information needed by different stakeholders.
Key information needed by MAB’s stakeholders on the website will amongst others include:
Registered Audit Firms who are in good standing with MAB.
Accredited Accountancy Training Institutions in good standing with MAB.
Registered Accountancy Service Providers in good standing with MAB.
Registered members of MAB in good standing.
Dates of invents to be held and reports of already held events.
With MAB’s mandate which is Regulating financial matters and providing direct oversight over professional accountancy bodies, accountants, auditors and accountancy training institutions 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 is geared to serve the profession better with the new system in place. Through the system, MAB will enhance the review of financial statements and reports for public interest entities as engagement with reviewers and other service providers will be communicated through the system.
MAB also wants to inform its stakeholders that it has plans to localize the Audit Quality Reviews, where the reviews will be carried by local reviewers. This process will take a bit of time but it is the wish of the Board to have this achieved in the next three years.
So far, MAB has achieved the following:
It has completed 2 (Two) cycles of Audit Quality Reviews over the years and currently it’s in the third cycle where MAB is building local capacity for Audit Quality Reviewers.
Cumulatively, it has registered more than 4,000 accountants.
It has made significant progress in conducting Reviews of Financial Statements and Financial Reports of Public Interest Entities (PIEs) where more than 20 PIEs have been reviewed. This was after building local capacity for PIE Reviewers.
It has accredited more than 25 Accountancy Training Institutions and follow up monitoring and evaluation meetings were conducted to assess continuous compliance.
It has handled disciplinary issues and will continue to do that to enhance discipline and ethical behavior amongst accountants.
MAB has introduced Registration of Accountancy Service Providers where firms offering accountancy and related services shall be registered. So far MAB has registered five such institutions.
MAB is in the process of reviewing the Public Accountants and Auditors Act. To that effect, it has conducted stakeholders’ meetings for their input into the Draft Amended Act. Currently the Draft Amended Act has been submitted to Government for further processing.
Going forward, MAB plans to continue serving its clients and other stakeholders better than before with the system in place thereby protecting the interests of the general public. In addition, MAB will enhance its service delivery efficiently and effectively.
DUMBO A MUWALO CHIEF EXECUTIVE OFFICER