Mandatory registration for accountants on the cards

ACCOUNTANTS will soon be expected to register with a proper body to continue doing business in Namibia.

Zaa Nashandi, the head of secretariat at the Public Accountants and Auditors Board (PAAB), said this will become a reality when the accountants and auditors regulatory authority bill 2022 becomes law.

According to Nashandi, the PAAB board approved the final draft bill on Wednesday, and it will be submitted to the minister of finance by the end of this month.

The amended act, which replaces the Public Accountants and Auditors Act 51 of 1951, is expected to be promulgated late 2022 or early 2023.

“The new bill seeks to ensure the credibility and reliability of Namibia's financial infrastructure and enhances investor and public confidence in the accounting and auditing industry,” Nashandi said.

He said in the current format of the act, local accountants who offer their services for a fee are poorly regulated. He added that the amended act will ensure that the public feel comfortable enough to do business with accountants, knowing that they are properly trained to handle their books.

Nashandi was speaking at the Accountants and Regulators Summit 2022 hosted by the Southern African Institute for Business Accountants (Saiba) in Windhoek yesterday.

Saiba chief executive officer Nicolaas van Wyk said accountants play a crucial role in the development of the economy and it is important that accountants conduct themselves ethically.

“That way we are ensured the right information is filed to the government and taxes are paid,” De Jager said.

Van Wyk said Saiba ensures the service provision of Saiba members is monitored to protect the public interest.

Saiba chairperson Pieter de Jager said Saiba aims to empower and upskill its member accountants.

“We upskill accountants to provide their clients and the economy with a better service, better compliance and better governance,” De Jager said.

Saiba plans to host a training workshops and seminars across the country in the coming months.

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