Who are we?
Malawi Accountants Board (MAB) is the regulatory authority of the accountancy profession in Malawi. The Board was established by the Public Accountants and Auditors Act No. 5 of 2013 (Cap53:06) (PAA Act) of the laws of Malawi to regulate the reporting of financial and non-financial information and provide direct oversight over professional accountancy organisations, accountants, auditors, auditing and accounting firms and accountancy training institutions. It is also mandated to review the statutory financial reports and financial statements of public interest entities.
Activities Of MAB
- Registration of Chartered and Diplomate Accountants
- Registration of Audit and Accountancy Service Providers
- Registration and Accreditation of Professional Accountancy Organisations and Trainers
- Conducting Quality Assurance Reviews of Public Auditors and Audit Firms
- Review of Statutory Financial Statements and Financial Reports of Public Interest Entities.
- Hear and determine appeals from any person aggrieved by a finding of the Institute of Chartered Accountants in Malawi (ICAM).
Functions of MAB
- Review statutory financial statements and financial reports of public interest entities
- Advise colleges and the Institute on matters pertaining to examinations and training of accountants
- Encourage cooperation between the Institute and other professional bodies in matters of common interest
- Advise the Minister on accountancy and cognate matters
- Maintain Register of chartered accountants and diplomate accountants
- Promote the standardisation of qualifying examinations on common subjects
- Monitor the accuracy and fairness of financial reporting and enforce compliance with accounting standards
- Oversee the regulatory and professional development activities of professional accountancy bodies
- Accredit professional accountancy bodies and trainers that meet the required standards
- Oversee the activities of professional accountancy bodies including their training and professional qualification examinations
- Formulate any syllabus, training requirement or examination structure applicable to its registrants or prospective registrants.
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