Section 6 of the Accountants Act 1977 establishes that Lesotho Institute of Accountants (LIA) is responsible for determining initial professional development (IPD) and continuing professional development (CPD) for professional accountants.
LIA has established a three-tier qualification framework for entry into the profession: (i) Technician Accountant; (ii) General Accountant; and (iii) Chartered Accountant, each with specified educational background and practical experience. LIA only began offering its own local professional accountancy qualification (Lesotho Professional Accountancy Programme (LePAP)) in 2018.
Technician Accountants must either (i) hold a technician qualification recognized by the LIA; or (ii) hold a bachelor’s degree in accounting. Technician Accountants must have one year of practical experience. General Accountants must (i) have completed the fundamental papers of the LIA / ACCA Joint Examination Scheme; (ii) hold a graduate qualification in accounting; or (iii) hold a qualification from a Chartered Institute of Secretaries and Administrators. General Accountants need two years of relevant work experience. Finally, candidates for Chartered Accountant must pass the full professional LIA – ACCA Joint Examination Scheme or other professional qualification recognized in Schedule II of the Accountants Act and have a minimum of three years’ work experience. To offer public practice services, all individuals – regardless of designation – must pass LIA competency examinations and hold a practicing certificate.
The LePAP framework offers the same designations with pathways (i.e. initial education) that are locally tailored for private or public sector specialization. The LIA states that the LePAP subscribes to the IES requirements and includes learning outcome approaches.
The LIA - ACCA joint qualification scheme runs through September 2023 and LIA works with the Council on Higher Education—which accredits tertiary education programs—to ensure that the accountancy education in universities complies with the latest IES. Practical training experience is monitored by the institute’s technical department. LIA also operates a compulsory CPD program for its members which is aligned with the IES 7 and 8 requirements and monitors non-compliance.
Current Status: Adopted