PUBLIC ACCOUNTANTS AND AUDITORS

CHAPTER 53:06
PUBLIC ACCOUNTANTS AND AUDITORS

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

PART II
ESTABLISHMENT OF THE MALAWI ACCOUNTANTS BOARD

    3.    Establishment of the Malawi Accountants Board

    4.    Appointment and membership of the Board

    5.    Disqualification from appointment to the Board

    6.    Vacation of office by members

    7.    Tenure of office

    8.    Chairman and Vice-Chairman of the Board

    9.    Meetings of the Board

    10.    Quorum and majority decisions

    11.    Committees of the Board

    12.    Reports to the Minister

PART III
FUNDS OF THE BOARD

    13.    Funds of the Board and keeping and audit of accounts

    14.    Non-liability of the Board

    15.    Remuneration and allowances of members

PART IV
FUNCTIONS, POWERS AND OBJECTIVES OF THE BOARD

    16.    General powers of the Board

    17.    Objectives of the Board

    18.    Maintenance of standards of examinations

    19.    Registered training contracts

    20.    Powers and duties of auditors

    21.    Information to be furnished by registered accountants

PART V
REGISTER AND REGISTRATION

    22.    Register of Chartered Accountants and Diplomate Accountants

    23.    Register to be open to inspection

    24.    Compulsory registration

    25.    Qualification for registration

    26.    General prohibition

    27.    Application for registration

    28.    Registration

    29.    Cancellation or suspension of registration

    30.    Restoration of registration

PART VI
SECRETARIAT OF THE BOARD

    31.    Secretary and other staff of the Board

    32.    Disclosure of interest by employees, etc.

    33.    Oath of secrecy

    34.    Prohibition of publication or disclosure of information by unauthorized persons

    35.    Protection of employees

PART VII
DISCIPLINE

    36.    Disciplinary proceedings

    37.    Review of disciplinary proceedings

    38.    Appeal to the Board against disciplinary action

    39.    Suspension of registered accountants who are mentally disabled

PART VIII
THE INSTITUTE

    40.    Objectives of the Institute

    41.    Functions of the Institute

    42.    Powers of the Institute

PART IX
PRACTISING CERTIFICATE

    43.    Prohibition against practice without practising certificate

    44.    Application for practising certificate

    45.    Issue or refusal of practising certificate

    46.    Unregistered person prohibited from practising

    47.    Period of validity of practising certificate

    48.    Withdrawal of practising certificate

    49.    Surrender of withdrawn or invalid practising certificate

PART X
MISCELLANEOUS

    50.    Use of certain designations

    51.    Offences by unregistered persons

    52.    Offences and penalties

    53.    Exemptions

    54.    Appeals from decisions of the Board

    55.    Evidence

    56.    By-laws

    57.    Regulations

    58.    Compliance with the provisions of the Public Finance Management Act

    59.    Repeal and savings

PART XI
TRANSITIONAL PROVISIONS

    60.    Saving of existing appointments and membership

    61.    Transfer of membership to professional accountancy bodies

    62.    Saving of existing programmes, students and qualifications

    63.    Transfer of employees

    64.    Transfer of assets, liabilities, etc.

5 of 2013
G.N. 11/2014

An Act to provide for the establishment of the Malawi Accountants Board; for the registration of chartered accountants and diplomate accountants; and to make provision for matters connected therewith or incidental thereto

PART I
PRELIMINARY

1.    Short title

    This Act may be cited as the Public Accountants and Auditors Act.

2.    Interpretation

    In this Act, unless the context otherwise requires—

    “audit” means an independent examination of financial statements by an auditor to enable him express an opinion on whether financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework;

    “Board” means the Malawi Accountants Board established under section 3;

    “chartered accountant” means a person who is registered as a Chartered Accountant;

    “College” means the Malawi College of Accountancy established by the Education Act;

    “diplomate accountant” means a person who is registered as a Diplomate Accountant;

    “financial year” means the period of twelve months ending on 30th June of each year;

    “Institute” means the Institute of Chartered Accountants in Malawi incorporated under the Companies Act;

    “Member” means a member of the Board;

    “practising certificate” means a certificate issued by the Institute permitting the holder to carry on practice as a chartered accountant in public practice;

    “public practice” means the practice of a person who performs the functions of an accountant or auditor, and for that purpose, holds himself out as an accountant or auditor and places his services at the disposal of the public for reward, but does not include services which are substantially at the command of and for the exclusive use of any one person or of the Government;

    “registered trainee” means a person who is engaged under a registered training contract;

    “registered training contract” means a written contract accepted for registration pursuant to the provisions of section 19 (1) whereby…