New accountancy profession exams by end-2014
The Institute of Chartered Accountants in Malawi (Icam) has said that it will run its first exams by December this year.
The body has replaced the Society of Accountants in Malawi (Socam) and the Public Accountants Examination Council (Paec) through a merger.
Speaking at a stakeholders meeting at Mount Soche Hotel in Blantyre last week, Icam vice-president Chiwemi Chihana said the new professional accountancy requirement is intended to support the country’s development agenda.
“The rationale is that a strong economy needs a strong accountancy profession, a strong profession needs a strong professional body and professional body can only be strong if it has its own qualification,” said Chihana.
He added that the new examinations will be financially sustainable because, fees for the qualification will be competitively priced with fees payable in kwacha.
Until last year, the accountancy professional body in Malawi was called Socam, which was formed in 1969 and remained the accountancy professional body in Malawi for the past 44 years up to September.
According to Icam, during the period the society’s full professional membership grew from seven members to 869 September 2013.
And Paec, which was formed in 1984 and has been qualifying accountants only up to diploma level for the past 29 years.
But a law which was gazetted in July 2013, the Public Accountants and Auditors Act 2012, enabled the merger of Socam and Paec into Icam which was incorporated in August 2013 while its first council was elected in September 2013.
This is good news,we have been waiting for a locally blended profession that can stand tall with the international standards. Above all the country is going to overwheminggly beneffit as this will reduce high demand of forex. I hope UNIMA can borrow a leaf and start examining locally courses in Business Admin, HRM,Purchasing and Supply just to mention a few as the international bodies are not training the students to the requirements of the local employer. I have worked with people who did foreign exams/studies and those who did with a local examination body,the local stuff is way better beyond these foreign agents. Bravo ICAM.