Accountants’ board to protect investors

The newly launched Malawi Accountants Board (MAB) will ensure that investors’ interests are protected by ensuring that the country’s accountants are professional and ethical.

Speaking during the launch of the board which is as a result of the enactment of the Public Accountants and Auditors Act 2012, at Sunbird Mount Soche in Blantyre on Thursday, Auditor General Stephenson Kamphasa said the improvement of accountants standards will give investors confidence.

The Act came into effect on April 1 this year.

“We hope that the oversight of MAB over accountants, auditors and training institutions will greatly improve the quality of the professions,” said Kamphasa who was the guest of honour during the launch of the board.

According to MAB, the Public Accountants and Auditors Act 2012 has resulted into a change in MAB’s operating environment as it has been delinked from the Public Accountants Examination Council (Paec).

Speaking during the launch MAB chief executive officer Dumbo Muwalo said the board will be an overseer of the professions including tuition providers.

”With the new Act in place, MAB has more powers than before as registration for those who would like to work as accountants is mandatory. MAB will also be responsible for accrediting tuition providers of the accountancy profession in Malawi, thereby improving the standards of teaching the profession. In addition, MAB will be responsible for supervision of examinations and registration of its members,” said Muwalo.

Apart from creating MAB the new Act also created the Institute of Chartered Accountants in Malawi (Icam) which replaces the Public Accountancy Examination Council (Paec).

According to MAB, the governance structure currently in place will enable the board to deliver its mandate as it will have different stakeholders at and more technical officers.