1. Legal Basis & Establishment

The Malawi Accountants Board is established under the Public Accountants and Auditors Act of Malawi. It is a corporate body with perpetual succession, capable of owning property, suing and being sued, and entering into contracts.

2. Purpose, Vision & Mission

Vision
To be a globally respected and recognized accountancy regulatory body known for its relevance and impact in shaping the future of the profession.

Mission
To regulate and advance the accountancy profession so that it becomes internationally competitive, promotes sustainable practices, and upholds accountability and good governance among its members and in society.

3. Mandate & Core Functions

Registration & Regulation of Accountants

Maintain a register of Chartered Accountants and Diplomate Accountants.

Handle applications for registration, renewals, cancellations, and suspensions.

Enforce eligibility requirements and conditions for practice.

Oversight of Professional Bodies & Training

Accredit professional accountancy bodies and training institutions.

Provide advice on accountancy education, training, and syllabi.

Promote standardized qualifying exams and professional development.

Quality Assurance & Audit Oversight

Conduct quality assurance reviews of auditors and audit firms.

Review financial statements of Public Interest Entities (PIEs).

Ensure compliance with auditing and accounting standards.

Discipline, Appeals & Enforcement

Manage investigations and disciplinary actions for misconduct.

Hear appeals on disciplinary matters.

Impose penalties such as fines, suspensions, or revocations.

Regulation of Accountancy Service Providers

Register providers offering bookkeeping, tax advisory, and non-audit accounting services.

Monitor compliance with annual reporting and subscription requirements.

Advisory Role & Standard Setting

Advise government and education providers on accounting and auditing matters.

Oversee the adoption and enforcement of international accounting standards.

4. Governance & Structure

The Board is appointed by the Minister of Finance and includes representatives from professional bodies, commerce, and government institutions such as the Treasury, Reserve Bank, Revenue Authority, and Stock Exchange.

It may delegate functions, employ staff, and establish committees (e.g., for quality reviews and disciplinary matters).

5. Relationship with ICAM & Other Bodies

The Institute of Chartered Accountants in Malawi (ICAM) is the main professional body for accountants in Malawi. All practicing accountants must be members of ICAM and also register with MAB. ICAM manages professional development, ethics enforcement, exams, and member services, while MAB provides regulatory oversight.

6. Key Regulations, Standards & Compliance

The Accountancy Services Regulations define rules for registration, oversight, quality assurance, and enforcement for non-audit accountancy service providers.

Quality assurance reviews are required periodically, with re-reviews if necessary.

The framework emphasizes confidentiality, fairness, appeals, and proportional sanctions.

7. Services & Stakeholders

Members / Registrants: Chartered and Diplomate Accountants

Accountancy Service Providers: Non-audit practitioners (tax, bookkeeping, advisory)

Public Interest Entities: Subject to reporting and oversight

Audit Firms / Auditors: Reviewed for quality and compliance

Educational Institutions: Supported in training and curricula

Government & Regulators: Collaborate in financial accountability and oversight

Public & Investors: Benefit from trustworthy financial reporting

8. Challenges & Impact

Challenges:

Building capacity to perform rigorous oversight

Aligning with international standards

Ensuring independence in disciplinary processes

Balancing regulatory demands with accessibility for smaller firms

Impact:

Enhances credibility of financial reporting

Aligns the profession with global norms

Promotes transparency, accountability, and good governance