Zimbabwe

The accountancy profession in Zimbabwe is regulated under the Public Accountants and Auditors Act [Chapter 27:12], as amended, which establishes the legal and regulatory framework for professional accountants, auditors, and recognized professional accountancy organizations operating in the jurisdiction. The Act establishes the Public Accountants and Auditors Board (PAAB) as the statutory regulator responsible for oversight of the profession, including the prescription of accounting and auditing standards, registration of professional accountants and auditors, and monitoring compliance with applicable professional and ethical requirements.

The preparation and presentation of financial statements is governed by the Companies and Other Business Entities Act [Chapter 24:31]. Under the Public Accountants and Auditors Act and related statutory instruments, the PAAB has adopted IFRS Accounting Standards as issued by the International Accounting Standards Board for application in Zimbabwe. Public interest entities, including listed companies, banks, and insurance companies, are required to apply full IFRS Accounting Standards. Small and medium-sized entities may apply the IFRS for SMEs Accounting Standard, which was adopted by the PAAB effective January 1, 2011. Certain regulated entities are also subject to additional financial reporting and disclosure requirements issued by sector regulators, including the Reserve Bank of Zimbabwe and the Insurance and Pensions Commission.

Mandatory audit requirements are established under the Companies and Other Business Entities Act, which requires audits for public companies and other prescribed entities. The Public Accountants and Auditors Act provides legal backing for auditing standards adopted by the PAAB. The PAAB has adopted International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board for application in Zimbabwe. Statutory audits must therefore be conducted in accordance with ISA as adopted in the jurisdiction.

Zimbabwe operates a differential financial reporting framework. Publicly accountable entities are required to apply full IFRS Accounting Standards, while eligible small and medium-sized entities may apply the IFRS for SMEs Accounting Standard. Public interest entities are additionally subject to sector-specific prudential and reporting requirements imposed by their respective regulators.

The regulation of the accountancy profession in Zimbabwe follows a shared regulatory model. The Public Accountants and Auditors Act [Chapter 27:12] establishes the Public Accountants and Auditors Board (PAAB) as the statutory regulator of the profession. The PAAB is responsible for registering public accountants and auditors, issuing practising certificates, maintaining the register, prescribing professional conduct requirements, enforcing discipline, monitoring qualifying examinations and training offered by constituent bodies, and prescribing accounting, auditing, and reporting standards for use in Zimbabwe.

Professional accountancy organizations operate as constituent bodies within the statutory framework. The PAAB recognizes principal and associate constituent bodies and monitors the education, training, and professional development programs offered by those bodies. The Chartered Governance and Accountancy Institute in Zimbabwe (CGI) is recognized as a principal constituent body through its establishment under the Chartered Secretaries (Private) Act [Chapter 27:03].

Regulation of Auditors

Auditors in Zimbabwe are regulated by the PAAB under the Public Accountants and Auditors Act. Individuals and firms must be registered with the PAAB and hold the appropriate practising certificate to provide public audit services. The PAAB is responsible for registration, practice monitoring, audit quality monitoring, inspections, and enforcement of applicable professional and ethical requirements.

Entry into the audit profession is based on completion of an approved professional qualification, registration as a public accountant, relevant practical experience, and completion of the Audit Development Programme where applicable. The PAAB recognizes approved constituent bodies to provide the Audit Development Programme and monitors the standards of qualifying examinations, training, and continuing professional development.

Regulation of Accountants

Professional accountants who do not perform statutory audits are regulated through the PAAB registration framework and their respective constituent bodies. The PAAB prescribes minimum qualifications, competency standards, and registration requirements for public accountants, general accountants, tax accountants, and public auditors. Constituent bodies are responsible in the first instance for the professional conduct of their registered members and may undertake disciplinary proceedings in accordance with their governing instruments, subject to the PAAB’s oversight role.

Zimbabwe has an independent statutory regulator for the audit profession established under the Public Accountants and Auditors Act [Chapter 27:12]. The Public Accountants and Auditors Board (PAAB) serves as the audit oversight authority in the jurisdiction and operates under the oversight of the Ministry of Finance, Economic Development and Investment Promotion.

The PAAB is responsible for the registration and licensing of public accountants and auditors, approval and monitoring of audit firms, maintenance of professional registers, oversight of continuing professional development requirements, and enforcement of applicable professional and ethical standards. The PAAB also conducts practice reviews and inspections and administers investigative and disciplinary processes for registered practitioners and firms.

Oversight responsibilities for the audit profession are centralized within the PAAB framework established by the Public Accountants and Auditors Act. There is no separate independent audit oversight authority outside of the PAAB structure. Sector regulators, including the Reserve Bank of Zimbabwe and the Insurance and Pensions Commission, may impose additional prudential or reporting requirements on regulated entities, but statutory oversight of auditors remains vested in the PAAB.

As of the date of this report, the PAAB is not a member of the International Forum of Independent Audit Regulators.

Zimbabwe has nine recognized professional accountancy organizations, referred to by the Public Accountants and Auditors Board (PAAB) as constituent bodies. The five principal constituent bodies are the Zimbabwe branch of the Association of Chartered Certified Accountants, the Zimbabwe branch of the Chartered Institute of Management Accountants, the Institute of Chartered Accountants of Zimbabwe, the Institute of Chartered Secretaries and Administrators in Zimbabwe, now operating as the Chartered Governance and Accountancy Institute in Zimbabwe, and the Institute of Certified Public Accountants of Zimbabwe. The four associate constituent bodies are the Institute of Certified Tax Accountants of Zimbabwe, the Southern Africa Association of Accountants, the Institute of Administration and Commerce of Zimbabwe, and the Zimbabwe Institute of Tax Accountants.

Institute of Chartered Accountants of Zimbabwe (ICAZ)

The Institute of Chartered Accountants of Zimbabwe (ICAZ) is established under the Chartered Accountants Act [Chapter 27:02] and is one of the principal constituent bodies recognized by the PAAB. ICAZ issues practising certificates to members who are in good standing, meet continuing professional development requirements, and are registered with the PAAB. Practising members are required to renew ICAZ practising certificates annually and hold valid professional indemnity insurance.

Chartered Governance and Accountancy Institute in Zimbabwe (CGI)

The Chartered Governance and Accountancy Institute in Zimbabwe (CGI) is established under the Chartered Secretaries (Private) Act [Chapter 27:03]. The Act provides for the incorporation of the Institute, registration of Chartered Secretaries, classes of membership, and the Council’s authority to regulate the Institute’s affairs, including examinations, membership, professional conduct, and disciplinary processes. CGI serves governance and accountancy professionals, including members working in business administration, accountancy, company secretaryship, taxation, and corporate governance.

Institute of Certified Public Accountants in Zimbabwe (ICPAZ)

The Institute of Certified Public Accountants of Zimbabwe (ICPAZ) is a locally incorporated company limited by guarantee and is recognized by the PAAB as a principal constituent body. The associate constituent bodies are locally incorporated companies limited by guarantee and operate within the PAAB recognition framework.

The Public Accountants and Auditors Act [Chapter 27:12] establishes the legal basis for the quality assurance (QA) review system in Zimbabwe and authorizes the Public Accountants and Auditors Board (PAAB) to regulate the audit profession. The PAAB is responsible for audit quality monitoring, practice reviews and inspections, and monitoring registered auditors’ and audit firms’ compliance with applicable legal, professional, and ethical requirements.

The QA review system is administered by the PAAB through its Audit Quality Monitoring Unit. It is operational and applies to registered auditors and audit firms performing statutory audits in Zimbabwe. Reviews are designed to assess whether firms have appropriate policies, procedures, and systems in place to support audit quality, and whether audit engagements comply with applicable professional standards and regulatory requirements.

The QA review process includes inspections of audit firms and audit engagements, with particular attention to public interest entity audits and other higher-risk engagements. The system is supported by the PAAB’s authority to require information from registered firms, issue findings and recommendations, and take follow-up or enforcement action where deficiencies are identified.

The QA review system is linked to the investigation and discipline framework established under the Public Accountants and Auditors Act. Significant inspection findings may be referred for disciplinary action, and the PAAB has authority to enforce professional conduct requirements for registered practitioners.

Based on available information, the jurisdiction-level QA framework is aligned with the relevant requirements of SMO 1. It is established in law, operational, applies to firms performing mandatory audits, includes inspection and follow-up mechanisms, and is linked to investigation and discipline.

International Standard on Quality Management 1 and International Standard on Quality Management 2 are adopted in Zimbabwe and support the operation of the QA review system.

Current Status: Adopted

The Public Accountants and Auditors Act [Chapter 27:12] authorizes the Public Accountants and Auditors Board (PAAB) to prescribe minimum qualifications, competency standards, and registration requirements for professional accountants and auditors, and to monitor qualifying examinations, training, and continuing professional development programs offered by recognized professional accountancy organizations.

Initial professional development and continuing professional development requirements are established and implemented primarily through recognized professional accountancy organizations, including the Chartered Governance and Accountancy Institute in Zimbabwe (CGI), the Institute of Chartered Accountants of Zimbabwe, and other PAAB-recognized constituent bodies. The PAAB also administers the Audit Development Programme for professional accountants seeking registration as public auditors.

While the jurisdiction-level framework includes core elements aligned with Statement of Membership Obligation 2, including entry requirements, professional education, practical experience, assessment, and continuing professional development, formal adoption of the IES in their entirety for all aspiring and professional accountants is not clearly prescribed.

Current Status: Partially Adopted

The Public Accountants and Auditors Act [Chapter 27:12] authorizes the Public Accountants and Auditors Board (PAAB) to prescribe auditing standards for use in Zimbabwe, including internationally recognized auditing standards. The Zimbabwe Accounting Practices Board, under PAAB oversight, endorses and adopts international standards on auditing issued by the International Auditing and Assurance Standards Board for prescription by the PAAB in accordance with section 44(2)(a) of the Act.

The PAAB has adopted International Standards on Auditing as issued, without amendments or modifications. The applicable version is understood to be the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

The Public Accountants and Auditors Board has undertaken stakeholder consultations regarding potential adoption of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities.

Current Status: Adopted

The Public Accountants and Auditors Act [Chapter 27:12] authorizes the Public Accountants and Auditors Board (PAAB) to define and enforce ethical practice and discipline among registered public accountants and public auditors and to prescribe rules of professional conduct for registered persons. The PAAB confirms that its statutory functions include prescribing professional conduct requirements and internationally recognized standards for use in Zimbabwe.

Zimbabwe has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) as issued by the International Ethics Standards Board for Accountants (IESBA Code). The IESBA Code was prescribed under Statutory Instrument 41 of 2019 and applies to registered public auditors, public accountants, general accountants, and tax accountants, including firms and individuals, whether practising or non-practising.

Current Status: Adopted

The Public Finance Management Act [Chapter 22:19] establishes the legal framework for public sector financial management and financial reporting in Zimbabwe, including the preparation of public accounts and financial statements. The Ministry of Finance, Economic Development and Investment Promotion is responsible for public financial management policy and implementation, including the government’s transition to International Public Sector Accounting Standards (IPSAS).

Zimbabwe is implementing a phased transition from cash-basis reporting toward accrual-basis IPSAS. The Zimbabwe Financial Reporting Manual supports implementation of accrual-based IPSAS, while the Public Finance Management Reform Strategy 2021–2025 identifies IPSAS implementation as part of broader public financial management reforms.

Full adoption for all public sector entities has not been demonstrated and is therefore assessed as Partially Adopted.

Current Status: Partially Adopted

The Public Accountants and Auditors Act [Chapter 27:12] establishes the investigation and discipline (I&D) framework for registered professional accountants and auditors in Zimbabwe. The Public Accountants and Auditors Board (PAAB) is responsible for defining and enforcing ethical practice and discipline among registered persons, while each recognized constituent body is responsible, in the first instance, for the professional conduct of its own members who are registered persons.

Under the Act, constituent bodies may undertake disciplinary proceedings and impose sanctions for breaches of professional rules, with the PAAB retaining an oversight and appeals role. Public information confirms that complaints may be lodged with the PAAB and that constituent bodies such as the Institute of Chartered Accountants of Zimbabwe and the Chartered Governance and Accountancy Institute in Zimbabwe maintain investigation and disciplinary procedures for their members.

The jurisdiction-level framework is partially aligned with the relevant requirements of SMO 6, as I&D systems are established and operational through the PAAB and recognized constituent bodies, and include complaint handling, investigation, disciplinary processes, sanctions, and appeal mechanisms. However, publicly available information remains insufficient to confirm full alignment with all SMO 6 requirements across all recognized professional accountancy organizations, including consistent publication of results, independent review arrangements, and coverage of associate bodies.

Current Status: Partially Adopted

The Public Accountants and Auditors Board (PAAB), through the Zimbabwe Accounting Practices Board, is the statutory national accounting standard setter in Zimbabwe. IFRS Accounting Standards were formally adopted for use in Zimbabwe in 1993 and legally operationalized through Statutory Instrument 62 of 1996. The IFRS Foundation jurisdiction profile confirms that IFRS Accounting Standards are required for domestic public companies and foreign listed companies, with no modifications and no separate local generally accepted accounting principles in Zimbabwe.

The applicable version is IFRS Accounting Standards as issued by the International Accounting Standards Board, with new and amended standards incorporated through statutory instruments.

The IFRS for SMEs Accounting Standard has also been adopted in Zimbabwe, effective January 1, 2011, without modifications.

Current Status: Adopted

Relevant Organizations

Chartered Governance and Accountancy Institute in Zimbabwe

CGI Zimbabwe Technical Publications

International Financial Reporting Standards Foundation, IFRS Jurisdiction Profile: Zimbabwe

Public Accountants and Auditors Board

Public Accountants and Auditors Board, Audit Quality Monitoring

Public Accountants and Auditors Board, Education Regulation and Monitoring

Public Accountants and Auditors Board, News and Events

Public Accountants and Auditors Board, Overview

Public Accountants and Auditors Board, Zimbabwe Accounting Practices Board

Zimbabwe Ministry of Finance, Economic Development and Investment Promotion

Relevant Legislation

Chartered Accountants Act [Chapter 27:02]

Chartered Secretaries (Private) Act [Chapter 27:03]

Companies and Other Business Entities Act [Chapter 24:31]

Public Accountants and Auditors Act [Chapter 27:12]

Public Accountants and Auditors (Prescription of International Standards) Regulations, 2019 (Statutory Instrument 41 of 2019)

Public Finance Management Act [Chapter 22:19]

Relevant Publications

CGI Zimbabwe Annual Report 2024

CGI Zimbabwe Techmail 2025 First Issue

CGI Zimbabwe Techmail 2025 Third Issue

Draft PAAB Sustainability Reporting Roadmap, March 2026

PAAB Audit Development Programme Booklet

Zimbabwe Financial Reporting Manual

Zimbabwe Public Financial Management Reform Strategy 2021–2025