Institute of Chartered Accountants of Zimbabwe

The Public Accountants and Auditors Board (PAAB) administers Zimbabwe’s statutory quality assurance (QA) review system under the Public Accountants and Auditors Act [Chapter 27:12]. The Institute of Chartered Accountants of Zimbabwe (ICAZ) no longer conducts QA reviews directly, as the PAAB system is established and operational. ICAZ’s role is focused on supporting members and firms in addressing quality review findings and implementing quality management requirements.

ICAZ supports audit quality through continuing professional development, technical guidance, and the work of its Accounting Procedures Committee and Auditing and Professional Standards Committee. These committees review selected listed company financial statements and related audit reports to assess compliance with financial reporting and auditing requirements, communicate findings to preparers and auditors, and refer significant non-compliance matters for disciplinary consideration where appropriate.

ICAZ has also provided technical guidance to members on International Standard on Quality Management 1, International Standard on Quality Management 2, and revised International Standard on Auditing 220, which became effective in Zimbabwe for periods beginning December 15, 2022. This support assists members and firms in maintaining systems of quality management and responding to evolving audit quality expectations.

Within the scope of its authority, ICAZ demonstrates sustained fulfillment of Statement of Membership Obligation 1 through member education, technical monitoring, engagement with PAAB quality review outcomes, and support for implementation of quality management standards.

ICAZ is encouraged to continue using PAAB inspection findings and its own technical monitoring results to provide targeted guidance, training, and follow-up support to members and firms on recurring audit quality and quality management issues.

Current Status: Sustain

The Institute of Chartered Accountants of Zimbabwe (ICAZ) establishes initial professional development and continuing professional development requirements for its members under the oversight of the Public Accountants and Auditors Board (PAAB), which monitors qualifying examinations, training, competency frameworks, and professional development requirements for registered accountancy professionals. ICAZ’s qualification pathway includes university education, the Zimbabwe Certificate in the Theory of Accounting, professional examinations, practical experience through accredited training offices, and final assessment.

ICAZ continues to support members and students through education administration, training office accreditation, professional examinations, and continuing professional development. Members are required to complete 120 hours of CPD over a three-year period, including 60 verifiable hours and at least 20 verifiable hours each year. ICAZ also provides CPD opportunities, technical resources, and member guidance through its committees, publications, and online platforms.

ICAZ has a structured education and CPD framework and continues to support implementation of professional competence requirements. However, current public information does not demonstrate a comprehensive mapping of ICAZ’s initial professional development, practical experience, assessment, and CPD requirements against the currently effective International Education Standards.

ICAZ should complete and document a formal self-assessment of its education, practical experience, assessment, and CPD framework against the current International Education Standards, including sustainability, technology, professional skepticism, ethics, and professional judgment competencies, and use the results to identify and address any gaps.

Current Status: Execute

International Standards on Auditing (ISA) are adopted in Zimbabwe and prescribed by the Public Accountants and Auditors Board (PAAB) for application in mandatory audits. The Institute of Chartered Accountants of Zimbabwe (ICAZ) does not have direct authority to adopt auditing standards but supports standard-setting and implementation through technical committees, member education, and engagement with the PAAB. The PAAB confirms that the Zimbabwe Accounting Practices Board endorses and adopts international standards on auditing for prescription by PAAB under section 44(2)(a) of the Public Accountants and Auditors Act [Chapter 27:12].

ICAZ supports implementation through its Auditing and Professional Standards Committee, which oversees the application of auditing and professional standards within the profession in Zimbabwe. ICAZ also provides continuing professional development, technical updates, and member communications on new and revised auditing and assurance standards, including quality management and related International Auditing and Assurance Standards Board pronouncements.

Within the scope of its mandate, ICAZ demonstrates sustained support for implementation of ISA through technical monitoring, member education, and engagement with national and international standard-setting developments.

ICAZ is encouraged to continue providing targeted technical support on new and revised auditing and assurance standards, including practical implementation issues arising from PAAB standard-setting activities and emerging assurance developments.

Current Status: Sustain

The International Code of Ethics for Professional Accountants (including International Independence Standards) is adopted in Zimbabwe under the regulatory framework overseen by the Public Accountants and Auditors Board (PAAB). The Institute of Chartered Accountants of Zimbabwe (ICAZ), as a principal constituent body recognized by the PAAB, requires its members to comply with the latest version of the Code and supports implementation through education, awareness, and enforcement activities.

ICAZ continues to provide continuing professional development, technical updates, and member guidance on ethical requirements, independence, professional conduct, governance, and emerging professional issues. Ethics and professional behavior are embedded within ICAZ’s education and training framework and reinforced through member induction activities, technical committees, and professional publications.

ICAZ also supports enforcement of ethical requirements through its investigation and disciplinary processes and continues to engage with international developments through participation in IFAC-related activities and review of exposure drafts issued by the International Ethics Standards Board for Accountants.

Within the scope of its authority, ICAZ demonstrates sustained fulfillment of SMO 4 through adoption support, member education, awareness activities, and enforcement mechanisms related to ethical requirements.

ICAZ is encouraged to continue supporting members on emerging ethical issues, including sustainability reporting, technology, artificial intelligence, and professional judgment, and to keep members informed of revisions to the Code.

Current Status: Sustain

Public sector accounting standards in Zimbabwe are established through the Public Finance Management framework, with responsibility for implementation resting with the Ministry of Finance, Economic Development and Investment Promotion. Zimbabwe continues to transition toward accrual-basis International Public Sector Accounting Standards (IPSAS), supported by the Zimbabwe Financial Reporting Manual and Treasury guidance on IPSAS transitional financial statements.

The Institute of Chartered Accountants of Zimbabwe (ICAZ) has no authority to adopt public sector accounting standards at the jurisdiction level but actively supports implementation and capacity building. ICAZ offers the Public Sector Professional Accountant of Zimbabwe qualification, which includes a three-year practical training requirement in accredited training offices, and continues to convene public sector-focused events, including its annual Public Sector Convention.

ICAZ also supports IPSAS awareness and implementation through public sector training, technical engagement, and professional development activities. Its public sector initiatives remain relevant as the government advances public financial management reforms and builds capacity for accrual-based reporting.

Within the scope of its mandate, ICAZ demonstrates sustained fulfillment of SMO 5 through advocacy, public sector capacity building, and member support for IPSAS implementation.

ICAZ is encouraged to continue supporting the government’s IPSAS transition through targeted training, public sector qualification development, and practical implementation support for members working in central government, local authorities, and other public sector entities.

Current Status: Sustain

The Public Accountants and Auditors Act [Chapter 27:12] establishes the investigation and discipline framework for registered professional accountants and auditors in Zimbabwe. Under the Act, recognized professional accountancy organizations are responsible, in the first instance, for the professional conduct of their registered members, while the Public Accountants and Auditors Board (PAAB) retains oversight and appeal functions.

The Institute of Chartered Accountants of Zimbabwe (ICAZ), as a principal constituent body, has established an Investigations Committee and a Disciplinary Committee to handle complaints against members and students. ICAZ publishes complaints procedures, complaints forms, penalties for violations, and committee terms of reference on its website, and its annual reports include summaries of matters considered by the investigation and disciplinary committees.

ICAZ has taken steps to align its system with SMO 6, including use of separate investigation and disciplinary bodies, inclusion of legal and non-accountant members, publication of complaint procedures, and reporting of disciplinary activity. However, current public information does not demonstrate a fully documented and ongoing review and improvement process against all SMO 6 requirements, including public interest considerations, transparency of outcomes, timeliness of case resolution, and independent review of complaints not pursued.

ICAZ should complete and document an updated self-assessment of its investigation and discipline system against the current SMO 6 benchmark, publish appropriate information on disciplinary outcomes and case handling timelines, and develop a clear action plan to address any remaining gaps in transparency, independence, and public interest oversight.

Current Status: Execute

IFRS Accounting Standards are adopted in Zimbabwe and prescribed by the Public Accountants and Auditors Board (PAAB) for application by publicly accountable entities. The Institute of Chartered Accountants of Zimbabwe (ICAZ) does not have authority to adopt accounting standards at the jurisdiction level but supports standard-setting and implementation through its Accounting Procedures Committee, technical publications, continuing professional development, and engagement with the PAAB.

ICAZ supports members in implementing new and amended IFRS Accounting Standards and related financial reporting requirements through technical updates, member communications, and professional development activities. ICAZ also continues to support members on emerging sustainability reporting developments, which is increasingly relevant as the PAAB progresses its roadmap for adoption of IFRS S1 and IFRS S2 in Zimbabwe.

ICAZ also supports awareness of the IFRS for SMEs Accounting Standard, which has been adopted in Zimbabwe, although uptake remains low. Within the scope of its mandate, ICAZ demonstrates sustained fulfillment of SMO 7 through member education, technical support, and engagement with national financial reporting developments.

ICAZ is encouraged to continue providing targeted implementation support on new and amended IFRS Accounting Standards, the IFRS for SMEs Accounting Standard, and IFRS Sustainability Disclosure Standards as the PAAB’s sustainability reporting roadmap progresses.

Current Status: Sustain