PUBLIC ACCOUNTANTS AND AUDITORS: SUBSIDIARY LEGISLATION

PUBLIC ACCOUNTANTS AND AUDITORS: SUBSIDIARY LEGISLATION

PUBLIC ACCOUNTANTS AND AUDITORS (ACCOUNTANCY TRAINING) REGULATIONS

ARRANGEMENT OF REGULATIONS

    REGULATION

PART I
PRELIMINARY

    1.    Citation

    2.    Interpretation

    3.    Application

    4.    Objectives of the regulations

PART II
ACCREDITATION OF ACCOUNTANCY INSTITUTIONS IN MALAWI

    5.    Accreditation of institutions offering or intending to offer accountancy training

    6.    Requirements for accreditation

    7.    Submission of financial statements

    8.    Requirement to provide information

    9.    Quality in accountancy training

    10.    Revocation of an accreditation certificate

    10A.    Application for re-accreditation

    11.    Working relations

PART III
ACCOUNTANCY SYLLABUS IN MALAWI

    12.    Submission of syllabus for accreditation

    13.    Submission of information required for accreditation of a syllabus

    14.    Application for approval to changes or modification to a syllabus

    15.    Offences relating to accreditation

PART IV
SECURITY OF ACCOUNTANCY EXAMINATIONS IN MALAWI

    16.    Preparation process for accountancy examinations

    17.    Administration for accountancy examinations in Malawi

    18.    

    19.    Quality control and inspections

    20.    Cheating cases

    21.    Circumstances considered as hardship cases

PART V
GENERAL PROVISIONS

    22.    Extension of time

    23.    Invalidity affecting enforceability

        SCHEDULE

G.N. 1/2017
44/2021

PUBLIC ACCOUNTANTS AND AUDITORS (ACCOUNTANCY TRAINING) REGULATIONS

under s. 57

PART I
PRELIMINARY

1.    Citation

    These Regulations may be cited as the Public Accountants and Auditors (Accountancy Training) Regulations.

2.    Interpretation

    In these Regulations unless the context otherwise requires—

    “examining body” means an institution which has been accredited by the Board to set, administer and provide assessment for accountancy courses or syllabus for post-secondary school education in Malawi;

    “IFAC” means International Federation of Accountants;

    “institution” means any training institution offering training for personnel desirous to become registered accountants in Malawi; and

    “users” means any person who has been recognized as the user of services rendered by an accountancy or advisory service provider.

3.    Application

    These Regulations shall apply to—

    (a)    the accreditation for all institutions intending to offer any accountancy training in Malawi;

    (b)    the development and approval process of accountancy training syllabuses; and

    (c)    the maintenance of security and integrity of accountancy examinations in Malawi.

4.    Objectives of the regulations

    These Regulations have been developed to ensure that—

    (a)    accountants trained in Malawi meet the requirements and standards of IFAC and are well knowledgeable in accounting skills;

    (b)    only institutions which have requisite resources as contained in regulation 5 and capacity are allowed to offer accountancy training;

    (c)    accountancy training offered in Malawi complies with the IFAC requirements and that the training is relevant to Malawi’s business environment;

    (d)    accountancy examinations administered in Malawi are credible and meet the minimum requirements and standards of the Board; and

    (e)    students are protected from unfair business practices and inappropriate assessments during their accountancy training.

PART II
ACCREDITATION OF ACCOUNTANCY INSTITUTIONS IN MALAWI

5.    Accreditation of institutions offering or intending to offer accountancy training

    (1) An institution offering or intending to offer accountancy training or accountancy examinations shall make an application for accreditation to the Board in Form 1 set out in the Schedule and shall submit the application accompanied with the relevant application fee prescribed in Form 4 in the Schedule.

    (2) An institution offering or intending to offer accountancy training as a short course or a secondary school offering or intending to offer accountancy courses shall not be required to be accredited by the Board.

    (3) An institution which offers accountancy as a minor component of its program shall not be required to be accredited by the Board, but the accountancy syllabus designed shall have to be cleared with the Board as provided in Part III of these Regulations.

6.    Requirements for accreditation

    (1) An institution, in order to be accredited by the Board, shall satisfy the following—

    (a)    availability of a conducive learning environment which includes location, adequate classrooms, library, computer laboratory and other amenities;

    (b)    availability of qualified trainers with minimum qualifications as prescribed in Form 2 set out in Schedule; and

    (c)    compliance with requirements of the National Council for Higher Education under the National Council for Higher Education Act.

    (2) The Board shall, upon receipt of the application for accreditation containing all necessary required documents and the prescribed fees, complete the assessment exercise within ninety days and shall, thereafter, within twenty-one days communicate its decision, on whether the institution has been accredited or not, in writing.

    (3) Where an application for accreditation has been approved, the Board shall issue a certificate of accreditation, in Form 3 set out in the Schedule, to the institution which made the application.

    (4) The Board’s decision on the application for accreditation of an institution shall be final and any aggrieved party shall be allowed to seek redress at the National Council for Higher Education.

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