Botswana Institute of Chartered Accountants

The Accountants Act, 2010, as amended, and the Financial Reporting Act, 2010, as amended, provide the legal basis for quality assurance review systems for non-audit firms and audit firms in Botswana. Following the coming into force of the Accountants (Amendment) Act, 2020 and the Financial Reporting (Amendment) Act, 2020, responsibility for the regulation and review of certified auditors and audit firms, including those serving non-public interest entities, was transferred to the Botswana Accountancy Oversight Authority (BAOA). BAOA’s current integrated report confirms that its audit practice review cycle covers all certified audit firms and certified auditors over a three-year cycle and that reviews include both a firm-level review of the system of quality management and a review of selected assurance engagements.

BICA has previously reported that BAOA’s procedures meet the Statement of Membership Obligations 1 (SMO 1) benchmark and that the relevant standards, including International Standards on Quality Management (ISQM) 1 and 2 and International Standard on Auditing (ISA) 220 (Revised), are applicable. BAOA’s 2024 integrated report further confirms that its review methodology is designed to assess compliance with ISQM 1 and 2, that those standards became effective on 15 December 2022, and that the Authority shares its review methodology with certified audit firms and certified auditors at the start of reviews.

Within the scope of its mandate, the Botswana Institute of Chartered Accountants (BICA) continues to carry out inspections of non-audit member firms using SMO 1 as best practice. BICA also continues to support implementation through technical guidance and continuing professional development activities. Its current guidance page includes dedicated resources on quality management, and its current events and professional development offerings show that the Institute continues to organize technical training and implementation support for members.

BICA also maintains a broader supervisory and public interest role through its Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing activities. Its current website includes dedicated guidance materials and training offerings in this area. In parallel, BAOA’s 2024 integrated report states that anti-money laundering reviews follow the same review process as audit practice reviews and that findings can result in fines under the Financial Intelligence Act, 2022.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to fulfill its obligations under SMO 1 within the scope of its current mandate, while continuing to support adoption, implementation, and quality improvement for its members. Accordingly, the assessment remains Sustain.

Current Status: Sustain

In accordance with the Accountants Act, 2010, as amended, the Botswana Institute of Chartered Accountants (BICA) is authorized to establish specific initial professional development (IPD) and continuing professional development (CPD) requirements for professional accountants, under the oversight of the Botswana Accountancy Oversight Authority (BAOA) established by the Financial Reporting Act, 2010, as amended.

BICA continues to maintain a well-established framework to support alignment with the International Education Standards (IES). The Institute has established and implemented the Botswana Chartered Accountancy Qualification (BCAQ), which utilizes the Institute of Chartered Accountants in England and Wales (ICAEW) qualification materials, supplemented by Botswana-specific modules on tax and business law.

BICA continues to work closely with tuition providers, tertiary institutions, and training employers to support implementation of the qualification framework. The Institute remains represented on the Botswana Accountancy College Council and includes academic representatives on its Education and Training Committee. BICA also continues to organize examiner feedback sessions and engagement forums with lecturers and tuition providers to strengthen alignment of teaching delivery with examination and competency requirements.

The Institute maintains a structured practical experience framework through Authorized Training Employers (ATEs). Students are required to complete practical experience and competency development under formal training agreements, including periodic reviews with the Qualified Person Responsible for Training (QPRT). BICA continues to review and accredit ATEs as part of maintaining the quality of the training pathway.

Once admitted to membership, members are required to complete 40 hours of continuing professional development per year. BICA continues to monitor compliance through CPD returns and evidence-based reviews, with non-compliance referred to the Disciplinary Committee where necessary. Current public information confirms that BICA continues to provide regular professional development events, technical workshops, and training sessions throughout the year to support members in meeting their CPD obligations.

In addition, BICA remains accredited by the Botswana Qualifications Authority (BQA) under the National Credit and Qualifications Framework (NCQF) and continues to offer approved short-term learning programmes through the Human Resource Development Council (HRDC) framework.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to fulfill its obligations under SMO 2, including ongoing review and improvement of professional education, training, and continuing development requirements. Accordingly, the assessment remains Sustain.

Current Status: Sustain

In accordance with the Financial Reporting Act, 2010, as amended, the Botswana Accountancy Oversight Authority (BAOA) is responsible for adopting, issuing, and keeping up to date auditing standards that are consistent with international best practice. As noted in the jurisdiction adoption section, International Standards on Auditing (ISA) are adopted as issued by the International Auditing and Assurance Standards Board (IAASB), including effective dates, and the 2025 IAASB Handbook is currently in use.

The Botswana Institute of Chartered Accountants (BICA) continues to play an active role in supporting the adoption and implementation of ISA in the jurisdiction. BICA remains represented on BAOA’s standard-setting structures, including the Ethics and Auditing working group, through which technical articles and updates relating to ISA and IAASB projects are disseminated to certified auditors and members.

BICA continues to focus on supporting implementation and compliance among its members through technical guidance, continuing professional development activities, and dedicated workshops on auditing standards. Publicly available information confirms that BICA continues to organize regular technical and professional development events, including updates on auditing and assurance standards and related professional requirements.

The Institute also continues to strengthen its technical capacity through its technical leadership and committee structures. Its technical function supports member implementation through technical bulletins, website resources, responses to exposure drafts, and direct engagement with the standard-setting process through BAOA.

In addition, BAOA’s current audit practice review methodology includes engagement-level reviews specifically assessing compliance with ISA and related quality management standards, which further supports implementation and continuous improvement across the profession.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to support adoption, implementation, and continuous improvement in relation to ISA within the scope of its mandate. Accordingly, the assessment remains Sustain.

Current Status: Sustain

In accordance with the Accountants Act, 2010, as amended, the Botswana Institute of Chartered Accountants (BICA) is responsible for establishing ethical requirements for professional accountants that are aligned with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA). As noted in the jurisdiction adoption section, the 2025 IESBA Handbook is currently in use in Botswana and the Code is adopted as issued.

BICA continues to support implementation of the Code through structured ethics education and ongoing member guidance. Ethics training forms an integral part of the Botswana Chartered Accountancy Qualification (BCAQ) through the Structured Training on Ethics (STE) programme. The STE includes progressive levels of ethics learning based on case studies, practical scenarios, and self-assessment exercises designed to develop professional judgement and ethical decision-making.

Once admitted to membership, individuals are required to remain current on professional ethics requirements. BICA continues to support members through annual ethics-focused continuing professional development sessions, technical workshops, and guidance materials. Current public information confirms that BICA continues to offer technical and professional development events relevant to ethics, professional conduct, and independence requirements. (bica.org.bw)

BICA also continues to provide direct access to the current IESBA Code through its website and technical resources, thereby supporting members with implementation of new and revised pronouncements as they become effective.

In addition, BICA maintains mechanisms through which members and the public may report professional misconduct and potential breaches of ethical requirements. These reporting and disciplinary arrangements complement the Institute’s broader efforts to raise awareness and support members in resolving ethical dilemmas and professional judgement issues.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to fulfill its obligations under SMO 4, including supporting adoption, implementation, and continuous improvement in ethical requirements. Accordingly, the assessment remains Sustain.

Current Status: Sustain

The accounting basis for the public sector in Botswana is determined through the government’s public financial management framework, including the Public Finance Management Act and related regulations. The Botswana Accountancy Oversight Authority (BAOA) is empowered under the Financial Reporting Act, 2010, as amended, to enforce compliance with applicable reporting standards where relevant. As noted in the jurisdiction adoption section, Botswana continues to transition from cash-basis reporting toward accrual-basis International Public Sector Accounting Standards (IPSAS).

Within the scope of its mandate, the Botswana Institute of Chartered Accountants (BICA) continues to actively support the Government’s objective of transitioning to accrual-basis IPSAS and strengthening public sector financial management capacity. BICA has maintained active engagement with key government stakeholders through its public sector-focused structures and ongoing collaboration with the Accountant General’s Office.

BICA also continues to support professionalization of the public sector finance workforce through the African Professionalization Initiative (API). Publicly available information confirms that BICA remains engaged in promoting professionalization pathways and capacity-building initiatives for public sector accountants in Botswana and across the region.

In addition, BICA continues to support awareness and implementation efforts through technical events, training programmes, and dissemination of developments issued by the International Public Sector Accounting Standards Board (IPSASB). These activities complement the Government’s ongoing phased transition to accrual-based public sector reporting.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to support public sector reporting reform and the implementation of IPSAS within the scope of its mandate and best endeavors. Accordingly, the assessment remains Sustain.

Current Status: Sustain

The Botswana Institute of Chartered Accountants (BICA) continues to maintain well-established processes to fulfill its obligations under Statement of Membership Obligations 6 (SMO 6).

Since the passage of the Accountants Act, 2010, BICA has taken repeated steps to strengthen its investigative and disciplinary (I&D) mechanisms in line with SMO 6 requirements and international best practice. These measures have included changes to the composition of the Disciplinary Committee, including the removal of the dominance of Council and the introduction of an independent chairperson with a legal background, as well as the establishment of an Appeals Committee.

Following the Accountants (Amendment) Act, 2020, the appeals framework was further strengthened through the establishment of the Independent Accounting Appeals Committee, which is appointed by the Minister of Finance and supported by an independent secretary.

BICA has continued to review and update its disciplinary procedures to improve efficiency and alignment with best practice. In 2023, the Institute revised its rules governing the disciplinary enquiry process to permit written responses and supporting evidence to be considered by the Committee without requiring members to appear in person where appropriate. This procedural enhancement is intended to improve efficiency and facilitate timely resolution of cases, including matters related to continuing professional development (CPD) non-compliance.

Publicly available information confirms that BICA continues to maintain formal complaints, enquiry, and disciplinary reporting mechanisms through its website, including published procedures and channels for complaints and misconduct reporting by members and the public.

BICA also continues to apply sanctions where required. Previous disciplinary outcomes have included revocation of practice certificates and registration certificates, reprimands, and monetary fines. The Institute also continues to publish lists of suspended members on its website as part of its public interest and transparency arrangements.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to fulfill its obligations under SMO 6, including ongoing review and improvement of its investigative and disciplinary framework. Accordingly, the assessment remains Sustain.

Current Status: Sustain

The Companies Act, Cap. 42:01 requires public companies and non-exempt private companies to prepare financial statements in accordance with International Financial Reporting Standards (IFRS). Entities without public accountability that qualify as exempt companies are permitted to apply the IFRS for Small and Medium-sized Entities (IFRS for SMEs) Accounting Standard.

The Financial Reporting Act, 2010, as amended, established the Botswana Accountancy Oversight Authority (BAOA) with the authority to adopt, issue, and keep up to date financial reporting standards for public interest entities (PIEs) and to ensure that these remain consistent with IFRS and interpretations issued by the International Accounting Standards Board (IASB). As noted in the jurisdiction adoption section, Botswana continues to apply IFRS as issued by the IASB, and the jurisdiction remains assessed as Adopted.

Within the scope of its mandate, the Botswana Institute of Chartered Accountants (BICA) continues to focus on providing implementation support to ensure members’ understanding of and compliance with applicable financial reporting standards.

BICA continues to support implementation through its qualification and professional development framework. The Botswana Chartered Accountancy Qualification (BCAQ) includes financial accounting and reporting modules, and the Institute continues to offer regular continuing professional development sessions and technical events covering IFRS and IFRS for SMEs. Current public information confirms that BICA continues to organize technical and professional development events throughout the year.

BICA also continues to support members through technical bulletins, implementation guidance, and technical committee activities. Its technical leadership remains engaged with BAOA’s standard-setting structures, helping to ensure coordination and timely communication of new and revised standards to members.

In addition, BICA continues to support broader corporate reporting initiatives and best practices in financial reporting and integrated reporting within Botswana.

Taken together, these activities demonstrate that BICA maintains well-established ongoing processes to fulfill its obligations under SMO 7, including supporting adoption, implementation, and continuous improvement in financial reporting standards. Accordingly, the assessment remains Sustain.

Current Status: Sustain