Namibia Institute of Professional Accountants

Quality assurance (QA) reviews in Namibia are legally established under the Public Accountants’ and Auditors’ Act, 1951, as amended, and are implemented by the Public Accountants’ and Auditors’ Board (PAAB). The PAAB’s Quality Assurance Methodology, effective February 2023, applies to audits of annual financial statements and includes firm-level and engagement-level reviews. It requires firms and engagement partners to be reviewed at least once in a three-year rolling cycle, with higher-risk firms and engagement partners subject to more frequent review.

The Institute of Chartered Accountants of Namibia (ICAN) supports the effective implementation of the QA framework through technical guidance and circulars for members, including recent 2025 audit reporting guidance that refers to the application of International Standard on Quality Management 1 and relevant ethical and professional standards.

ICAN also supports members through continuing professional development and technical updates, while maintaining engagement with the PAAB on audit quality matters. The PAAB methodology links QA review outcomes to remedial action, root-cause analysis, re-review, and referral to investigation where serious or repeated deficiencies are identified.

The QA system is operational, applies to registered auditors performing mandatory audits, and incorporates the requirements of SMO 1. ICAN demonstrates sustained support for implementation through ongoing member guidance, technical communication, and collaboration with the PAAB. Accordingly, ICAN’s fulfillment of SMO 1 is assessed as Sustain.

Current Status: Sustain

Initial professional development requirements for Chartered Accountants and registered auditors in Namibia are established under the Public Accountants’ and Auditors’ Act, 1951, as amended, and implemented through the Institute of Chartered Accountants of Namibia (ICAN) and the Public Accountants’ and Auditors’ Board (PAAB). The PAAB administers training regulations for trainee accountants, training officers, and training contracts, and sets entry requirements for registered accountants and auditors through the Audit Development Programme and continuing professional development policy.

ICAN supports implementation of the education framework through its learner pathway, membership admission requirements, training office arrangements, and professional examinations. Candidates completing the Namibian pathway must complete an accredited training contract, pass the ICAN Assessment of Professional Competence examination, obtain the PAAB discharge certificate, and complete the required fit and proper assessment. ICAN also maintains the Training and Development Committee and Examinations and Education Committee to support the quality of training, professional development, and examination opportunities for aspiring Chartered Accountants.

ICAN continues to support alignment with the International Education Standards through competency-based education and training resources, including the CA2025 materials, and through its Training Outside Public Practice pathway, which has been implemented in Namibia for training offices outside audit and assurance. ICAN also supports members through continuing professional development resources and monitors ongoing professional competence.

Through ongoing coordination with the PAAB, oversight of education and training pathways, and continuing professional development support for members, ICAN demonstrates sustained processes to fulfill SMO 2. Accordingly, ICAN’s fulfillment of SMO 2 remains assessed as Sustain.

Current Status: Sustain

Auditing standards in Namibia are adopted under the authority of the Public Accountants’ and Auditors’ Board (PAAB), with issuance responsibilities delegated to the Institute of Chartered Accountants of Namibia (ICAN). ICAN’s international auditing standards archive includes circulars confirming the adoption of International Auditing and Assurance Standards Board pronouncements, while the PAAB’s quality assurance methodology assesses compliance with International Standards on Auditing and applicable professional standards.

ICAN supports implementation through technical circulars, audit reporting guidance, member communications, and continuing professional development activities focused on audit quality, quality management, and assurance developments. The PAAB methodology also links review findings to remedial action, re-review, and referral for investigation where serious or recurring deficiencies are identified.

Through ongoing adoption of IAASB pronouncements, technical communication, member support, and coordination with the PAAB on audit quality matters, ICAN demonstrates sustained processes to fulfill SMO 3. Accordingly, ICAN’s fulfillment of SMO 3 is assessed as Sustain.

Current Status: Sustain

Ethical requirements for registered accountants and auditors in Namibia are established by the Public Accountants’ and Auditors’ Board (PAAB). The PAAB provides access to the International Ethics Standards Board for Accountants Code and its disciplinary framework supports enforcement of ethical requirements for registered persons.

The Institute of Chartered Accountants of Namibia (ICAN) requires members to comply with the IESBA Code and has authority to sanction members for non-compliance, subject to the PAAB’s role where the member is also registered with the PAAB. ICAN provides members with access to the IESBA Handbook, issues technical circulars and audit reporting guidance referencing compliance with the IESBA Code, and supports implementation through continuing professional development and technical updates.

Through ongoing adoption, communication, member guidance, continuing professional development, and enforcement mechanisms for its members, ICAN demonstrates sustained processes to fulfill SMO 4. Accordingly, ICAN’s fulfillment of SMO 4 is assessed as Sustain.

Current Status: Sustain

Public sector financial reporting in Namibia is governed by the State Finance Act, 1991, as amended, and remains on a cash basis. International Public Sector Accounting Standards (IPSAS) have not been adopted at the jurisdiction level, although recent public financial management reform discussions indicate continued interest in strengthening public sector accounting and reporting.

The Institute of Chartered Accountants of Namibia (ICAN) has no statutory authority to mandate public sector accounting standards. However, ICAN supports the adoption and implementation of IPSAS through its Public Sector Committee, whose mandate includes influencing and assisting stakeholders on public sector standards, guidance, and practices. ICAN has also delivered continuing professional development activities on public sector reporting and IPSAS-related topics to build awareness among members and public sector stakeholders.

While IPSAS remain not adopted at the jurisdiction level, ICAN demonstrates sustained best-endeavors activity through stakeholder engagement, technical awareness raising, and professional development support. Accordingly, ICAN’s fulfillment of SMO 5 remains assessed as Sustain.

Current Status: Sustain

Under the Public Accountants’ and Auditors’ Act, 1951, as amended, the Public Accountants’ and Auditors’ Board (PAAB) is responsible for investigating and disciplining registered accountants and auditors. The PAAB’s quality assurance methodology also links serious or recurring quality review findings to investigation procedures.

The Institute of Chartered Accountants of Namibia (ICAN) operates a separate investigation and discipline system for its members through its By-Laws. The By-Laws establish a Professional Conduct Advisory Committee and a Disciplinary Committee, with complaints referred between the committees as appropriate. ICAN also confirms publicly that, while it is not a regulator, it may sanction members for non-compliance with the International Ethics Standards Board for Accountants Code, subject to the PAAB’s role where a member is also registered with the PAAB.

ICAN provides public information on complaints against members and clarifies that its jurisdiction is limited to members and to breaches of ethics and its By-Laws. However, ICAN’s committees remain member-based, and publicly available information does not indicate that all SMO 6 best practices, including independent non-accountant participation, formalized case timelines, and independent review procedures, are fully incorporated. Accordingly, ICAN’s fulfillment of SMO 6 is assessed as Review & Improve.

ICAN is encouraged to continue strengthening its investigation and discipline framework by formalizing administrative timelines, considering independent participation in disciplinary processes, and enhancing independent review mechanisms to further align with SMO 6 requirements.

Current Status: Review & Improve

Under the Companies Act, 2004, the Institute of Chartered Accountants of Namibia (ICAN) determines applicable accounting standards in Namibia. The IFRS Foundation confirms that ICAN has adopted IFRS Accounting Standards and the IFRS for SMEs Accounting Standard.

ICAN supports implementation through its Accounting and Auditing Standards Committee, which monitors developments issued by the International Accounting Standards Board, communicates updates to members through technical circulars and alerts, and provides continuing professional development on new and revised standards and practical implementation issues. ICAN’s 2025 circulars also provide updated Namibian illustrative audit reporting guidance for financial statements prepared under IFRS Accounting Standards and the IFRS for SMEs Accounting Standard.

Through ongoing standard-setting, technical communication, professional development, and member support, ICAN demonstrates sustained processes to fulfill SMO 7. Accordingly, ICAN’s fulfillment of SMO 7 is assessed as Sustain.

Current Status: Sustain