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. In recent years, the LIA has undertaken several initiatives to strengthen and tailor the accountancy education programming in Lesotho and taking into consideration the latest IES requirements.
Historically, professional qualifications for LIA members were earned through a joint qualification scheme with the Association of Chartered Certified Accountants (ACCA). The institute still has an agreement in place with ACCA until 2023. However, after several years of development and support from the World Bank and the European Development Fund, in July 2018, the first round of students were accepted for the Lesotho Professional Accountancy Programme (LePAP)—an accountancy qualification that was designed and developed to meet the local needs of both the private and public sectors of the Lesotho economy. The LIA notes that the LePAP subscribes to the requirements in IES and includes learning-outcome approaches. The LIA Capacity Development team, which developed the LePAP qualifications framework, thoroughly examined the knowledge, understanding, and skills requirements for professional development and looked extensively at how to incorporate issues of professional values and ethics in the scheme. Furthermore, it also addresses the multiple IES requirements that deal with admission requirements, practical experience, and assessments.
To ensure the implementation of various IPD components, the LIA has partnered with universities and employers. For example, LIA reports that it engages with the National University of Lesotho to incorporate LePAP accounting modules within its Bachelor of Commerce and Accounting (Bcom) program to ensure that it meets IES benchmarks and enable students to sit for the LePAP examinations upon graduation. The LIA reports that the new Bcom modules will begin with the new academic year in August 2019. The institute has also signed an MoU with the Council of Higher Education with the objective of accrediting tuition providers that meet the LePAP programming and competencies. In collaboration with the CHE, LIA has accredited Botho University’s Bachelor Honors in Accounting and has done quality reviews at the Centre for Accounting Studies.
In regards to practical experience, LIA indicates that it has entered into contract with six organizations under an Approved Training Employers (ATE) scheme whereby those identified organizations will offer practical experience training to LIA students under agreed terms. Both employers and students will be provided with a competency framework to track competencies and LIA’s education team will receive progress reports.
Lastly, LIA has established CPD requirements for its members at 40 credits per year. The institute hosts workshops and seminars to assist members in keeping abreast of updates to educational requirements and to fulfill their CPD obligations. LIA monitors compliance with CPD requirements, informs members of CPD requirements via its newsletter, meetings, and workshops, and includes a CPD calendar of events on its website.
In 2019, newly revised IES were issued that address learning and development for information and communications technologies (ICT) and professional skepticism. As market expectation increases for ICT skills and professional skepticism, these standards were developed to address the competencies, skills, and behaviors for both aspiring and professional accountants in these critical areas. These revised standards become effective January 2021. The institute is encouraged to continue and strengthen its engagement efforts with national universities and practical experience providers / employers to ensure that accountancy candidates are prepared to meet the market needs by receiving education in line with the latest IES requirements.
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Status: Review & Improve