The Zambian government on Thursday announced the issuance of a statutory instrument aimed at regulating the fees charged by accountants and auditors.
Minister of Finance Margaret Mwanakatwe, who signed the statutory instrument, said it was meant to avail accounting and auditing services to more citizens and micro, small, medium and large organizations.
“This is a pragmatic step in reducing the cost of accountancy/auditing transactions and will result in the growth of accountancy firms and further lead to job creation for many young people entering the accountancy profession,” she said.
The Zambian minister expressed hope that the measure will protect clients, protect accountants and auditors as well as ensure the integrity of the accountancy profession.
Among the objectives of the statutory instruments are to provide a standardized, fair, and transparent mode of charging accountants fees, provide the basis for agreements between the client and accountant of the fee scale and to prescribe a fee unit, form fees chargeable by practicing accountants.
According to the Zambian minister, before the statutory instrument fees chargeable by accountants in practice and auditing and non-auditing firms were not based on any framework, legal or regulatory, and were in some cases out of reach of many individuals and businesses.
“I am happy that this statutory instrument sets a platform for the protection of public interest as it will contribute to improved financial governance in the country,” she said.
“Whichever way, the fees chargeable were not an indicator of the cost or the quality of services that were offered. The trend compromised the integrity of the accountancy and auditing professionals and organizations,” she added. Enditem