Eswatini Institute of Accountants

The eSwatini Institute of Accountants (EIA) has direct responsibility for establishing and operating the quality assurance review system for auditors under the Accountants Act of 1985. Due to limited internal capacity, the EIA has implemented the system through external arrangements, including its agreement with the Zambia Institute of Chartered Accountants to conduct audit practice reviews from 2021 to 2026.

Since the previous assessment, the EIA has continued to operationalize audit practice reviews for all registered audit firms. The 2025 review cycle assesses firms’ compliance with professional standards, ethical requirements, regulatory obligations, and quality management systems, including International Standard on Quality Management 1.

The EIA supports members through training, technical resources, pre-review guidance, and follow-up on review findings. Where deficiencies are identified, firms are required to prepare action plans to address them. These activities demonstrate ongoing implementation and monitoring of the quality assurance review system in line with SMO 1.

Current Status: Sustain

The eSwatini Institute of Accountants (EIA) has direct responsibility for establishing initial professional development and continuing professional development requirements for professional accountants under the Accountants Act of 1985. The EIA regulates entry to the profession through academic, professional examination, and practical experience requirements for Registered Accountant, Chartered Accountant, and Practicing Chartered Accountant designations.

The EIA does not offer a domestic professional qualification and instead recognizes approved university programs and international professional qualification pathways. Its requirements include documented practical experience, and all members are required to complete 120 hours of continuing professional development over a three-year period.

The EIA supports members through continuing professional development activities covering technical and professional topics, including auditing, ethics, financial reporting, anti-money laundering, and quality management. These activities support implementation of education requirements and ongoing professional competence in line with SMO 2.

Current Status: Sustain

The Companies Act of 2009 establishes International Standards on Auditing (ISA) and auditing guidelines adopted by the eSwatini Institute of Accountants (EIA) as the applicable auditing standards in eSwatini. The EIA has adopted ISA as issued by the International Auditing and Assurance Standards Board for application in all audits and reviews new and amended standards through its Technical Committee.

The EIA supports implementation through technical guidance, continuing professional development, and dissemination of new and revised pronouncements. Compliance with ISA is monitored through the quality assurance review system. Recent audit practice reviews cover all registered audit firms and assess compliance with professional standards, ethical requirements, and regulatory obligations.

The EIA continues to demonstrate ongoing activities to support the adoption and implementation of IAASB pronouncements in line with SMO 3.

Current Status: Sustain

The eSwatini Institute of Accountants (EIA) has direct responsibility for establishing ethical requirements for professional accountants in eSwatini. The EIA has adopted the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, based on the 2018 version and related revisions.

Since the previous assessment, the EIA has strengthened its governance and support for ethics implementation through the establishment of an Ethics Committee in 2023. The committee is responsible for maintaining and updating the Code of Ethics, providing guidance to members, and monitoring ethical issues arising from disciplinary proceedings.

The EIA supports members through ethics-related continuing professional development and targeted training initiatives. It also continues to engage with local universities to promote the integration of ethical requirements into accountancy education programs.

While the EIA demonstrates ongoing implementation and support for ethical requirements, the Code of Ethics is not yet aligned with the latest version issued by the International Ethics Standards Board for Accountants.

EIA is encouraged to establish a more timely process for adopting the latest revisions to the Code of Ethics as issued.

Current Status: Execute

The Accountant General is responsible for public sector accounting standards in eSwatini. The Ministry of Finance reports that the Treasury Department is transitioning to accrual-basis International Public Sector Accounting Standards (IPSAS), including work to align the Chart of Accounts with IPSAS and Government Finance Statistics 2014 and to develop related training and capacity-building programs.

The eSwatini Institute of Accountants (EIA) has no direct responsibility for adopting public sector accounting standards. The EIA supports implementation through engagement with government stakeholders, including participation of the Accountant General and Auditor General on its Council, and by offering technical assistance and IPSAS expertise where requested.

Given the EIA’s limited mandate in this area and the absence of publicly available evidence that it regulates a significant public sector membership segment, its activities demonstrate appropriate best endeavors in line with SMO 5.

Current Status: Sustain

The eSwatini Institute of Accountants (EIA) has direct responsibility for establishing and operating an investigation and discipline system for professional accountants under the Accountants Act of 1985. The framework includes a Disciplinary Committee to investigate complaints and allegations of misconduct, with findings and recommended sanctions submitted to the EIA Council for final decision. Decisions are subject to appeal to the High Court.

Since the previous assessment, the EIA has continued to maintain an operational investigation and discipline system and has enhanced transparency by publishing information on disciplinary outcomes, including suspended members, on its website. The system is linked to the quality assurance review process, whereby findings from audit practice reviews may trigger disciplinary actions.

The EIA supports implementation by communicating investigation and discipline procedures to members and maintaining established processes for handling complaints, investigations, and appeals. These activities demonstrate ongoing operation of the system in line with the main requirements of SMO 6.

Current Status: Sustain

The Companies Act of 2009 requires specified entities, including public interest entities, to prepare financial statements in accordance with International Financial Reporting Standards (IFRS). The eSwatini Institute of Accountants (EIA) approved the IFRS for Small and Medium-sized Entities Standard in 2010 as a permissible framework for entities that meet the SME definition and elect to prepare financial statements.

The EIA supports the adoption and implementation of IFRS through its Technical Committee, which reviews new and amended standards on an ongoing basis. The institute disseminates updates to standards and provides continuing professional development, including annual IFRS update training for members.

The EIA also supports implementation through technical guidance and awareness-raising activities; however, enforcement of compliance with IFRS is primarily outside its direct mandate.

The EIA demonstrates ongoing activities to support the adoption and implementation of IFRS in line with SMO 7.

Current Status: Sustain