Local accountants welcome Act Proposal

19 January 2021 | Business

The Namibia Institute of Professional Accountants (NIPA) welcomed proposed amendments to the Public Accountants’ and Auditors’ Board (PAAB) Act, saying it will improve accountability and trust in the industry.
Under the amendments, all persons in the accounting industry who render services for a fee to the public, must be registered at a Professional Accredited Organization (PAO) which will then allow accreditation at the regulatory body. This will extend existing rules which previously only applied to auditors and accountants and bookkeepers across the industry.
NIPA chief executive Essie Herbst says the institute recognises that the role of professional accountants and auditors is often misunderstood. “Our main role is to protect public interest and to restore the trust stakeholders require in the financial information they are given. The value of accountants and auditors is often undermined by the number of unregistered persons working in the industry, possibly providing low quality services combined with pricing below market rates.”

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NIPA warned that persons working in the accounting, taxation and bookkeeping industries should register with a PAO and prepare themselves to ensure their smooth transition to become a recognised member of the Auditors’ Regulatory Authority of Namibia (AARA).
“The business community should be aware that any private person working for their own account as part of their financial obligations must be registered with a PAO and AARA,” Herbst said.
She advised individuals working at any level within the accounting profession to affiliate themselves to member organisations, stating that this will ensure all professionals working in the sector have access to the same high-quality education and career enhancement opportunities.

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