Chartered Governance and Accountancy Institute in Zimbabwe

Zimbabwe has established a statutory quality assurance (QA) review system under the Public Accountants and Auditors Act, administered by the Public Accountants and Auditors Board (PAAB). Within this framework, CGI does not operate the jurisdiction’s QA review system, as this responsibility rests with the PAAB. However, CGI supports the effective implementation of quality management and audit standards among its members.

CGI promotes awareness of applicable auditing and quality management standards, including International Standards on Auditing (ISA) and International Standards on Quality Management (ISQM 1 and ISQM 2), through continuing professional development (CPD) programming, technical updates, and member communications. The Institute provides training seminars and professional development activities designed to assist members in understanding and implementing quality management requirements in their firms.

CGI also maintains communication with the PAAB regarding regulatory developments affecting practitioners and encourages its members to comply with practice review requirements. Where relevant, the Institute may disseminate guidance or updates to assist members in preparing for QA reviews and addressing identified deficiencies.

Within the scope of its authority, CGI has demonstrated that it is actively supporting the jurisdiction’s QA framework through member education and awareness activities.

Current Status: Sustain

The Public Accountants and Auditors Act establishes the overarching framework for qualification and registration of professional accountants and auditors in Zimbabwe, with oversight by the Public Accountants and Auditors Board (PAAB). Within this framework, CGI is responsible for establishing and administering the educational and professional development requirements for its members.

CGI sets entry requirements for its professional qualification program, which include completion of prescribed academic studies, structured professional examinations, and practical experience requirements. The Institute administers a structured education program leading to qualification and requires candidates to complete a defined period of practical experience prior to admission to membership. Final assessments are conducted as part of the qualification process.

CGI has established mandatory continuing professional development (CPD) requirements for its members and monitors compliance through annual declarations and reporting mechanisms. The Institute delivers CPD programming designed to keep members informed of developments in accounting, auditing, ethics, governance, and related areas. Updates to international standards are incorporated into its training materials and professional development offerings.

While CGI indicates that its education and training requirements are aligned with international best practices, including International Education Standards (IES), there is no formal legislative mandate requiring full adoption of the IES at the jurisdiction level. Nonetheless, CGI endeavors to align its qualification structure and CPD requirements with the learning outcomes approach reflected in the IES and incorporates updates to international standards into its educational programming.

Within the scope of its authority, CGI has established and maintains structured IPD and CPD requirements and actively supports the professional development of its members.

To further enhance alignment, CGI is encouraged to conduct a formal self-assessment of its IPD and CPD framework against the currently effective IES and document areas of full alignment and any identified gaps, including competencies related to information and communications technologies (ICT) and professional skepticism.

Current Status: Execute

International Standards on Auditing (ISA) have been adopted in Zimbabwe and are prescribed by the Public Accountants and Auditors Board (PAAB) for application in all mandatory audits. CGI does not have authority to adopt auditing standards at the jurisdiction level; however, it plays an important role in supporting its members in understanding and implementing ISA.

CGI promotes awareness of new and revised ISA through continuing professional development (CPD) seminars, technical updates, and member communications. The Institute incorporates updates to ISA and related IAASB pronouncements, including International Standards on Quality Management (ISQM 1 and ISQM 2), into its professional development offerings to support practitioners in applying current standards.

The Institute provides forums for discussion of implementation challenges and may organize workshops or technical sessions addressing complex or recently revised standards. Through these activities, CGI assists members in maintaining compliance with applicable auditing standards and adapting to evolving international requirements.

Within the scope of its mandate, CGI has demonstrated that it actively supports implementation of ISA through ongoing education and member engagement.

Current Status: Sustain

The International Code of Ethics for Professional Accountants (including International Independence Standards) has been adopted in Zimbabwe and is prescribed under the regulatory framework overseen by the Public Accountants and Auditors Board (PAAB). CGI does not have authority to adopt ethical standards at the jurisdiction level; however, it is responsible for ensuring that its members comply with applicable ethical requirements.

CGI incorporates the International Code of Ethics into its membership obligations and requires adherence to the Code as a condition of membership. The Institute promotes ethical awareness through continuing professional development (CPD) programming, seminars, and technical updates that address developments in independence, professional conduct, and emerging ethical issues.

Ethics is embedded within the Institute’s initial professional development framework and forms part of its qualification and assessment processes. CGI also maintains investigative and disciplinary procedures applicable to its members, which support enforcement of ethical requirements and reinforce professional accountability.

Through its education, awareness, and enforcement mechanisms, CGI actively supports implementation of the International Code of Ethics and reinforces high standards of professional conduct among its members.

Current Status: Sustain

Public sector accounting standards in Zimbabwe are established under the Public Finance Management framework and are prescribed by the Ministry of Finance and Economic Development. CGI does not have authority to adopt public sector accounting standards at the jurisdiction level. Responsibility for determining the basis of accounting and implementation of IPSAS rests with government authorities.

Within the scope of its mandate, CGI supports professional development and awareness of public sector financial reporting standards through its continuing professional development (CPD) programming and professional activities. Where relevant, the Institute includes public sector accounting topics in its training offerings and encourages members working in the public sector to remain informed of developments related to IPSAS and public financial management reforms.

CGI is encouraged to engage in dialogue with government stakeholders and contribute to discussions on strengthening public sector financial management, where appropriate.

Current Status: Review & Improve

The Public Accountants and Auditors Act establishes the overarching legal framework for investigation and discipline of professional accountants and auditors in Zimbabwe, with oversight by the Public Accountants and Auditors Board (PAAB). Within this framework, CGI is responsible for maintaining and operating an investigation and disciplinary (I&D) system applicable to its members.

CGI has established formal procedures for receiving, investigating, and adjudicating complaints against its members. The Institute maintains separate processes for investigation and disciplinary decision-making and provides members with the right of representation and appeal in accordance with its governing rules. Sanctions may include reprimands, fines, suspension, or expulsion from membership, depending on the severity of the misconduct.

CGI’s I&D procedures are designed to uphold professional standards and protect the public interest. The Institute coordinates, where necessary, with the PAAB in matters that involve statutory registration or where appeals are lodged under the provisions of the Act. Findings of serious misconduct may be communicated to the relevant regulatory authorities in accordance with legal requirements.

Through its established investigative and disciplinary mechanisms, CGI demonstrates that it is actively enforcing professional and ethical standards among its members.

To further strengthen alignment with SMO 6 best practices, CGI may consider periodically conducting a documented self-assessment of its I&D system against the SMO 6 benchmark requirements and enhancing transparency around disciplinary outcomes, where appropriate.

Current Status: Execute

IFRS Accounting Standards have been adopted in Zimbabwe and are prescribed by the Public Accountants and Auditors Board (PAAB) for application by publicly accountable entities. CGI does not have authority to adopt accounting standards at the jurisdiction level. However, it plays an important role in supporting its members in understanding and implementing IFRS requirements.

CGI promotes awareness of new and amended IFRS through continuing professional development (CPD) seminars, technical updates, and professional publications. The Institute incorporates developments issued by the International Accounting Standards Board (IASB) into its training programs and provides members with updates on significant changes affecting financial reporting.

Through its education and engagement activities, CGI supports members in maintaining technical competence in financial reporting and adapting to evolving IFRS requirements. The Institute also encourages compliance with applicable financial reporting standards as part of its broader commitment to professional quality and integrity.

Within the scope of its mandate, CGI has demonstrated that it actively supports implementation of IFRS through ongoing professional development and member engagement activities.

Current Status: Sustain