Rein in errant accountants, Chilima urges Malawi regulatory board

Vice President Saulos Chilima has  send a loud and clear message to the accounting fraternity — shape up or ship out — urging Malawi Accountants Board (MAB) to de-register accountants involved in mischief.

Chilima: Deal with unprofessional accoutants

The vice-president  made the remarks when he  met MAB management on Tuesday in Blantyre.

Chilima, who is also Minister for Economic Planning and Development and Public Sector Reforms,  said MAB must enhance its visibility and presence so that its power as a regulator of the accounting profession is felt.

“Much as MAB registers and regulates accountants but rarely it is reported that some accountants have been de-registered or sanctioned for mischief or un-professionalism. I have since urged MAB to rise to the occasion and play its rightful role as a regulatory institution,” said Chilima.

Chilima noted that MAB is implementing a number of reforms bordering on financial sustainability strategies as well as on Audit quality assurance.

He said the reform areas under implementation stand to strengthen MAB’s position as a regulator for the accounting profession considering that accountants play a crucial role in all sectors of the economy.

Chilima also engaged Malawi Gaming Board and National Lotteries Board which are currently undertaking a  merger to come up with one institution as per government’s directive in 2011.

The merger will see the unification of the framework for the regulation of gaming and lotteries in Malawi under the Malawi Gaming and Lotteries Authority (MGLA).

Malawi’s second-in-command promised the two boards that this ministry will engage relevant authorities to help fast track the merger.

Meanwhile,  Chilima said he has  urged the management team to “think through strategic and game changing reforms” that must be implemented apart from the current one on merging.

He suggested that the starting point is to fully understand the size of the market and its potential for growth.

Currently, the Veep is holding technical meetings with officials from different parastatals as part of the public sector reforms that fall under his ministry.

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Yeshua msikuwa
Yeshua msikuwa
9 months ago

Well Mr chilima, you cannot advise everyone. Nanu muli ndi kuchikamwa. Accountants and lawyers are self regulated to avoid interference by people like Mr chilima.

National CEO
National CEO
9 months ago
Reply to  Yeshua msikuwa

Why was MAB formed? It seems you are a beneficiary of not following the ethics.

Zio ine
Zio ine
9 months ago

Chakwera glorifies such thieves as long as they’re from central region and support MCP. He hired one thief who is the finacial director at state house.

CESSPOOL
CESSPOOL
9 months ago

The process of de-registration must start at District Assembly levels termites are having a field day in many departments. There are sleazy activities the District Commissioners having swallowed the directors of finances the pythons are obese from ORT. The DA’s plus police stations across the country have qualified thieves who can’t route the funds for intended purposes. In the teaching teachers have been taken to task while some have been booted out of the profession for errant conduct. Visibility by guarding the professional ethics in accounts

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