Adjustments to Accountants Act supposed to reduce fly-by-night accounting practices

Supposed improvements to present laws will make it obligatory for any particular person who performs the responsibilities of an accountant for a fee, to be registered with the Public Accountants and Auditors Board, bringing much more oversight to the occupation and shielding the rights of corporations in conditions of their accounting criteria and practices.

The Main Government of the Southern African Institute for Enterprise Accountants (SAIBA), Nicolaas van Wyk said the proposed modifications to Namibian accounting rules to involve all experienced accountants, is an essential shift to place the whole accounting profession on a audio footing.

Community forensic accountant and SAIBA consultant, Lehana Nel verified that the new regulations to the Public Auditors and Accountants Act will have to have all accounting practitioners to sign up with the Public Accountants and Auditors Board (PAAB).

The new laws are commonly envisioned to control accounting malpractice, to avoid corruption and to barr accountants who supply their companies without having legit skills or registration with a expert entire body.

Van Wyk ongoing: “To date, only auditors have been regulated in Namibia, which is not ample, in particular as the auditing system only occurs about three to six months just after the total fiscal reporting course of action. This has led to accounting irregularities and situations of malpractice and corruption. The new law will facilitate thorough regulation of all accounting pros.”

“There have been instances where by men and women with a mere large school accounting qualification have executed audits and signed CCs. At present, there is no lawful framework for the regulators to handle this form of malpractice and it is a single of the major motives PAAB is revising the act. Not only will the new restrictions make the falsification of info a legal offence, but it will secure the public desire also.”

Nel extra that the benefits to accountants to belong to a system such as SAIBA involve aid, instruction and safety. “It gains Namibian organizations and the financial state far too as they advantage from standardised and higher high-quality providers.”

SAIBA is the 2nd most significant accounting body in Namibia, with about 400 associates. Nel is effective intently with many authorities departments to hold associates up to day, such as the Authorized Aid Centre, Business Mental Home Authority, Inland Earnings and the Monetary Intelligence Centre.

In South Africa, SAIBA was awarded accounting officer standing in 1987, permitting its users to indicator off fiscal statements for shut companies (CCs). For the reason that Namibia experienced a comparable CC statute as South Africa, SAIBA members had been recognised under regional regulation immediately after 1990.

This calendar year, SAIBA will operate a Continuous Specialist Development (CPD) programme in Namibia, which contains assistance webinars for members regarding modifications to laws, updates on technological criteria, and guidance on follow management. SAIBA will also start off getting ready professional accountants for the anticipated alterations to trade at the time the African Continental Free of charge Trade Region gains momentum

“With markets opening up on the continent, the occupation has a sizeable role to participate in in ensuring accounting and reporting integrity. Chief Money Officers in individual, can play a important purpose in building positive Africa has potent representation at the World Financial institution, the UN or other intercontinental money reporting boards,” in accordance to Van Wyk.

Lehana Nel, SAIBA agent and TS Advisory Namibia forensic accountant.