Global Financial Regulatory Framework Regulating Accounting and Auditing profession in Zimbabwe Masters in Accountancy (MACC508)

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Presentation transcript:

Global Financial Regulatory Framework Regulating Accounting and Auditing profession in Zimbabwe Masters in Accountancy (MACC508)

Regulating Accounting and Auditing Profession in Zimbabwe The Public Accountants & Auditors Board (PAAB) Zimbabwe

Who is PAAB? PAAB is the regulatory board of the accounting and auditing profession in Zimbabwe; PAAB was establish through an Act of Parliament (PAA Act) PAA Act superseded the Chartered Accountants Act

Vision ‘To be recognised as a regulator of the accountancy profession, in Zimbabwe’

Mission of PAAB ‘to protect the financial interests of the people of Zimbabwe and those of other persons with interests in the Zimbabwean economy by ensuring the maintenance of high standards of professional performance and conduct of members of the accountancy profession’

Main Objectives to protect the public interest by ensuring that only suitably qualified individuals are admitted to the accounting and auditing profession as registered public accountants and registered public auditors respectively; Register auditors and/or accountants, with the appropriate practicing certificates deliver services of the highest quality and adhere to the highest ethical standards; and Provide a regulatory regime to command public trust and confidence

Function Regulate the accounting profession in Zimbabwe Licence accountants in practices and business Act as the voice of the accounting profession in Zimbabwe ; Represent the accounting profession in regional and international platforms

Structure Tier 1 – IFAC Member bodies (ICAZ, ACCA, CIMA, CPAZ) Tier 2 – Non IFAC member (ICSAZ, SAA)

Tiers Structure LevelBodiesCriteria Tier 1  ICAZ  ACCA  ICPA  CIMA Member of IFAC through direct membership Tier 2  ICSAZ  ICTA  SAAA  IIA  IAC Non-members of IFAC based on direct membership

Structure PAAB Education and development committee ZAPB Committee for auditing standards setting Public sector accounting standard committee IFRS sub committee Practice review committee Finacial reporting monitoring panel

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