Zambia Institute of Chartered Accountants

ZiCA operates a Practice Review Department responsible for conducting quality assurance (QA) reviews of all audit firms in Zambia on a cyclical basis. Reviews assess compliance with auditing standards, ethical requirements, and quality management standards, including ISQM 1 and ISQM 2.

The QA system is linked to ZiCA’s investigative and disciplinary framework, and firms with persistent deficiencies may be referred to the Disciplinary Committee. Oversight of the QA system is exercised through the Standards and Regulatory Board.

ZiCA supports practitioners through training of Practice Review Officers, annual Practitioners’ Forums, and communication of common deficiencies identified during reviews. The Institute periodically reviews the effectiveness of the QA system to ensure continued alignment with SMO 1 requirements.

Current Status: Sustain

ZiCA administers the CA Zambia qualification and has reviewed the program to incorporate the 2019 revisions to IES 2, 3, 4, 6, and 8. The Institute is implementing further refinements to the Professional Qualification, including examiner and tutor training and updated examination content.

ZiCA enforces a minimum of 40 hours of annual CPD through its membership renewal process and monitors compliance through the Membership Committee. The Institute conducts workshops for practical training providers to promote consistency in assessing practical experience requirements.

ZiCA continues to review and update its education framework to ensure ongoing alignment with International Education Standards and evolving professional needs.

Current Status: Sustain

ZiCA maintains full adoption of ISA and monitors new and revised IAASB pronouncements to ensure continued alignment with international auditing standards.

The Institute supports members through technical updates, ISA-focused workshops, and guidance issued via its Technical Committee. Compliance with auditing standards is reinforced through the QA review system, where adherence to ISA is assessed during practice reviews.

ZiCA also participates in the international standard-setting process by reviewing and commenting on exposure drafts issued by the IAASB.

Current Status: Sustain

ZiCA maintains full adoption of the IESBA Code of Ethics and monitors updates to ensure continued alignment with international requirements.

The Institute supports members through ethics-related continuing professional development programs and integration of ethics into its professional qualification syllabus. Ethical compliance is assessed during QA reviews and enforced through the investigative and disciplinary system.

ZiCA also participates in the international standard-setting process by reviewing and commenting on IESBA exposure drafts.

Current Status: Sustain

ZiCA is mandated under the Accountants Act of 2008 to adopt and promote internationally comparable public sector accounting standards. While cash-basis IPSAS are currently applied in Zambia, the Government has defined a roadmap toward the adoption of accrual IPSAS, and implementation activities are ongoing.

ZiCA plays an advisory role in the national transition process and collaborates with the Office of the Accountant General and other stakeholders to support the move toward accrual-based reporting.

To support its members, ZiCA conducts annual IPSAS-focused training workshops and integrates public sector financial management content into its professional qualification framework. The Institute also provides updates and technical resources to members working in the public sector.

ZiCA continues to monitor progress of the national IPSAS roadmap and remains engaged in supporting government efforts toward full adoption.

Current Status: Review & Improve

ZiCA operates an investigative and disciplinary (I&D) system under the Accountants Act of 2008, which applies to all professional accountants regulated by the Institute. The Disciplinary Committee, chaired by senior legal practitioners to enhance independence, is responsible for adjudicating cases referred through the investigation process.

ZiCA maintains both complaints-based and information-based approaches to initiating investigations. Findings from quality assurance reviews are linked to the I&D system, and firms with persistent deficiencies may be referred for disciplinary action.

The Institute publishes disciplinary outcomes in its quarterly magazine and presents reports at its Annual General Meeting to promote transparency and public awareness. In 2024, ZiCA received 15 complaints, of which five were referred to the Disciplinary Committee.

ZiCA has established Memoranda of Understanding with relevant external bodies to facilitate information sharing where appropriate and maintains appeal mechanisms through the High Court of Zambia.

ZiCA continues to review the effectiveness of its I&D framework to ensure alignment with SMO 6 requirements.

Current Status: Sustain

ZiCA is responsible for setting accounting standards in Zambia and has adopted International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) without modification and including effective dates. IFRS apply to public interest entities, listed companies, and government-owned companies under ZiCA’s three-tier reporting framework.

ZiCA monitors new and revised IASB pronouncements to ensure continued alignment with international standards. The Institute supports its members through technical updates, IFRS-focused workshops, and dissemination of accounting developments through its Technical Committee and professional publications.

ZiCA also conducts training programs on IFRS for Small- and Medium-sized Entities (SMEs) and the Zambian Financial Reporting Standard for Micro and Small Entities to support appropriate application across different categories of reporting entities.

ZiCA continues to maintain its standard-setting mandate and oversight mechanisms to ensure ongoing fulfillment of SMO 7 requirements.

Current Status: Sustain