Zambia Institute of Chartered Accountants

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Zambia Institute of Chartered Accountants
Type Professional association
Purpose Encourage professionalism in accountancy in Zambia
Official language
English
Website http://www.zica.co.zm/

The Zambia Institute of Chartered Accountants (ZICA) is the only professional accountancy body in Zambia. It is the sole organization in Zambia with the right to award the Chartered Accountant designation; and to practice in Zambia, accountants must be registered with ZICA (Accountants Act of 2008)[citation needed] ZICA is a member of the International Federation of Accountants (IFAC).[1] ZICA is also a charter member of the Pan African Federation of Accountants, which was inaugurated on 5 May 2011.[2]

Structure[edit]

Current ZICA Council members
  • Mr C.Y. Mulendama President
  • Mr F. M. Banda Vice President
  • Mr M D Macheleta
  • Mr V. Nyasulu
  • Mrs C. Zimba
  • Mr E. Chabu
  • Mrs B. N Muyenga
  • Mr J. Muke
  • Mr K Musonda
  • Mr K Naik
  • Mr E. Masumbu

Established under the Accountants Act of 1982 (CAP) 390, ZICA is managed by a Council consisting of 12 members of which 10 are elected by members at the AGM and 2 are nominated by the Minister of Finance and National Planning.

Accountancy Programme[edit]

The ZICA Accountancy Programme was introduced in 2007 and has since received international acceptability with the endorsement of the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA). It is a tiered professional programme comprising three levels: Technician, Licentiate and Professional. Following successful completion of the Professional level, the graduate undertakes a compulsory three year practical training programme under the supervision of a Chartered Accountant.[1] Fully qualified professional accountants holding qualifications from other recognised accounting bodies and also holding a minimum of three years practical experience, two such years being post qualifying, can also be admitted into membership.[2]

Technical Level:

Comprises seven subjects that prepare one for clerical accounting work, usually carried out by Accounts Assistants.

  • T1 – Financial Accounting
  • T2 – Cost Accounting
  • T3 – Mathematics & Statistics
  • T4 – Business Economics
  • T5 – Taxation
  • T6 – Management
  • T7 – Information Technology & Communication

Licentiate Level:

The intermediate stage covers covers eight subjects. It prepares the student for general accounting work carried out by middle management accounting officers.

  • L1 – Financial Reporting
  • L2 – Management Accounting
  • L3 – Integrated Taxation
  • L4 – Auditing
  • L5 – Decision Making Techniques
  • L6 – Corporate Finance Management
  • L7 – Business & Company Law
  • L8 – Risk & Management Control System

Professional Level:

The final stage that covers five subjects and prepares the student for high level advisory accounting work usually carried out by Chief financial officers. Holders of an accounting degree may enter this level directly.[3]

  • P1 – Advanced Financial Reporting
  • P2 – Advanced Management Accounting
  • P3 – Strategic Financial Management
  • P4 – Audit & Assurance
  • P5 – Strategic Management

Examination Rules and Regulations[edit]

- No candidate shall be allowed to sit for more than four (4) subjects at any one sitting. - A candidate with more than two (2) arrears at any level, shall NOT be allowed to attempt any subjects at the next stage. - A candidate shall not be allowed to attempt a subject at a high level if s/he has not passed the foundation subject at a lower level. - A candidate registered through the Mature Age Entry Route (MAER) will only be allowed to attempt two subjects only i.e. Financial Accounting and Mathematics and Statistics at any one sitting at the ZICA Technician Level. - Credit shall be given for any subject passed with a grade of 50% and above.

References[edit]