Institute of Chartered Accountants of Zimbabwe
Member | Established: 1918 | Member since 1981
The Institute of Chartered Accountants of Zimbabwe (ICAZ) was originally established in 1918 under Ordinance 14 of 1917. ICAZ has close to 2,000 members and is now a statutory body incorporated under the Chartered Accountants Act, Chapter 27:02. The Institute aims to contribute to the financial and economic infrastructure of Zimbabwe by providing accountancy training and education for both its students and members. ICAZ’s membership consists of Chartered Accountants (Zimbabwe) and Articled Accountants (pre-professionals). ICAZ began training student accountants in 1920 and since then, over 7,000 students have studied with the Institute.
Statements of Membership Obligations (SMOs)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
Prior to 2012 when the Public Accountants and Auditors Board (PAAB) took over the responsibility for conducting quality assurance (QA) reviews, ICAZ had a Practice Review Committee (PRC) responsible for reviewing each practicing accountant at least once every three years. The practice reviews were conducted in accordance with SMO 1 requirements and were designed to also address ISQC 1 requirements. Since 2012, ICAZ’s focus has been to assist the PAAB in conducting the QA reviews through the participation of its PRC members, in both the PAAB and the actual reviews; to ensure that the PAAB practice reviews meet SMO 1 requirements; and to raise awareness about the results of the reviews among its members through publications, continuing professional development programs, training, and assessor training sessions. Internally, ICAZ carries out its own quality assurance program, which includes reviewing the Training Offices’ compliance with the ICAZ training regulations and monitoring audit reports.
ICAZ is encouraged to provide details in its SMO Action Plan on the legal framework underlying the QA review system.
ICAZ reports that it continues to ensure that any new developments in the training and post qualifications programs for Chartered Accountants are consistent with all IES. This falls under the responsibility of ICAZ’s Examination Board, and its Education and continuing professional development (CPD) committees. As the education program is fully aligned with that of the South African Institute of Chartered Accountants (SAICA) and the qualifying examinations are fully outsourced from SAICA, ICAZ provides administrative assistance to students studying to qualify as Chartered Accountants, from the undergraduate level to the qualifying examination stage. It also continuously reviews and improves its CPD program to ensure member compliance with its requirements. Since 2013, ICAZ has been working on promoting to the local universities the need to incorporate IFRS, ISA, and the IESBA Code of Ethics into their curriculum.
With ISA adopted by law and applied by auditors in practice, ICAZ has established ongoing processes to monitor the international standard-setting activity with a view to incorporating all newly issued IAASB ISA and practice statements into the ICAZ continuing professional development and training programs. ICAZ also participates in IAASB standard-setting activities by providing comments on Exposure Drafts and participating in other public consultations.
Although the 2014 SMO Action Plan indicates that the ongoing processes related to the standards are in place, more specific information and examples of planned and past activities for members related to ISA would be beneficial.
ICAZ reports that it continues to support the ongoing adoption and implementation of the IESBA Code of Ethics. This includes organizing workshops for members and informing members and the public about revisions to the IESBA Code of Ethics. The CEO of ICAZ is a member of the IFAC PAIB Committee and, through his involvement on the committee, ICAZ has contributed to the development of the IESBA strategy.
Although the 2014 SMO Action Plan indicates that the ongoing processes related to the ethical requirements are in place, more specific information and examples of planned and past activities would be beneficial.
ICAZ indicates that its primary objective in the SMO 5 area is to promote the adoption and implementation of IPSAS in Zimbabwe. ICAZ’s Public Sector Committee (PSC) was established in 2009 to address issues related to public sector reporting. This committee works closely with the government through the Auditor General and Accountant General’s Offices to ensure implementation and adoption of IPSAS. With the establishment of a similar committee under the Public Accountants and Auditors Board (PAAB), however, most of the PSC members have gone on to sit on this PAAB Committee and the ICAZ PSC now meets only to discuss issues they may deem are not being covered fully at the PAAB level.
ICAZ reports that it is carrying out an evaluation and review of the investigative and disciplinary (I&D) system to ensure it is operating effectively and conforms to SMO 6 requirements. ICAZ has an Investigation Committee which is tasked with investigating allegations of misconduct made against a member (individual or firm) or a trainee accountant. If a prima facie case is established, the case is referred to the Disciplinary Committee. In 2016, ICAZ reports that it has changed the composition of its Disciplinary Committee to include individuals who are not accountants.
Furthermore, ICAZ indicated that it plans on conducting a self-assessment of its existing I&D system against the requirements of SMO 6 by May 2016.
ICAZ is encouraged to analyze areas of less than full compliance with the requirements of SMO 6 and to consider actions aimed at eliminating any existing gaps. ICAZ should then include actions it will take to address these gaps in the next update of its SMO Action Plan.
With no direct responsibility for the adoption of IFRS and given the adoption of the international standards in the country, ICAZ focuses on raising the IFRS awareness of its members and the general public through continuing professional development programs and publications. It continues to support the implementation of IFRS in Zimbabwe on an ongoing basis through the provision of training and education. ICAZ is involved in evaluating the effects of the adoption of IFRS for SMEs in Zimbabwe and promoting to the government (mainly tax authorities), the Public Accountants and Auditors Board and other relevant stakeholders the need to recognize IFRS for SMEs as the standard to be applied by all non-public interest entities in Zimbabwe. ICAZ also participated in the international standard-setting process by providing comments on the IASB Exposure Drafts.
ICAZ is encouraged to provide more specific, concrete information on the activities it undertakes to support the implementation of IFRS.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.