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

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. According to the Accountants Act of 2008, all accountants must be registered with ZICA to practice accountancy in Zambia.[citation needed] 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.
Following the Annual General Meeting (AGM) held on Saturday, 24 April 2010 the following is the current composition of 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

ZICA is a member of the International Federation of Accountants (IFAC).[1] ZICA made an agreement with ACCA that every student in Zambia must write the local ZICA Tax (L3) and Law (L7) instead of F4 and F6 in order to be an Accountant in Zambia. It is now an Parliament Act so it's a Law! ZICA was a charter members of the Pan African Federation of Accountants, which was inaugurated on 5 May 2011.[2] ZICA has Three (3) Levels Technician,Licentiate and Professional.

Papers for Technician Level:

T1 Financial Accounting. T2 Cost Accounting. T3 Business Mathematics & Statistics. T4 Economics. T5 Taxation (To be written by CAT Students in Zambia). T6 Management. T7 Information Technology & Communication.

Papers for Licentiate Level:

L1 Financial Reporting. L2 Management Accounting. L3 Advanced Taxation (To be written by ACCA Students in Zambians). L4 Auditing. L5 Decision Making Techniques. L6 Corporate Financial Management. L7 Business and Company Law (To be written by ACCA Students in Zambians). L8 Management Information Systems.

Papers for Professional Level:

P1 Advanced Financial Accounting and Reporting. P2 Advanced Management Accounting. P3 Strategic Financial Management. P4 Advanced Audit & Assurance Services. P5 Strategic Management.

Examination Rules and Regulations

- 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.