NOMSA NKANA, Lusaka
Minister of Finance Felix Mutati says partnership between Government and the accountancy profession can minimise accounting risks that
Mr Mutati said the partnership is expected to minimise risks of compromising integrity and prudence on one hand, and the risk of compromising transparency and accountability on the other hand.
He said this at the launch of the Chartered Accountant Zambia professional qualification.
“Minimisation of these risks will be based on three pillars, namely migration from cash accounting to accruals accounting, reforms in the accounting profession, and supporting the profession with resources to undertake a launch such as this one,” he said.
Mr Mutati said the most important pillar at the heart of Government is migration from cash accounting to accruals accounting to enhance the quality of decision-making.
He also said government wants to extend the partnership with the profession to preparations for the 2018 national budget to formulate tax reforms which can be implemented.
Meanwhile, World Bank senior financial management specialist and governance team leader Srinivas Gurazda said accountants shoulder the responsibility of ensuring financial, economic and ethical systems in the country remain sound.
Mr Gurazda also said it is usually understood that existence of a robust national professional accounting body with a critical mass of qualified accountants is a precondition for good governance based on integrity, transparency, and accountability.
And Zambia Institute of Chartered Accountants (ZICA) president Jason Kazilimani said the launch of Chartered Accountants Zambia is a great achievement in the education of accountants, and will change the education landscape in the training of accountants.
Mr Kazilimani said this is a milestone because the qualifications are comparable to the world qualification standards.
“This will be a premier qualification that will help the institute achieve its vision of being a globally respected accountancy professional organisation,” he said.