Publication: Malawi : Accounting and Auditing
Date
2007-06
ISSN
Published
2007-06
Author(s)
World Bank
Abstract
This report is based on the findings of
a review of accounting and auditing standards and practices
in Malawi's corporate sector. The review exercise
focused mainly on the strengths and weaknesses of the
institutional framework that supports the corporate
financial reporting system in the country; a review of
Government accounting and auditing practices is outside the
scope of this report. This report provides policy
recommendations to improve accounting and auditing
practices, including strengthening enforcement mechanisms to
ensure compliance with accounting and auditing requirements.
The key policy recommendations include: 1) Reviewing the
Companies Act to provide for up-to-date requirements for
financial reporting, and to ensure that there is
room/flexibility to incorporate updates as they arise; 2)
Reviewing the Public Accountants and Auditors Act to
strengthen the regulatory functions of the Malawi
Accountants Board (MAB), and reorganizing MAB into an
effective independent oversight institution; 3) Putting in
place arrangements to require public interest entities to
apply IFRS for financial reporting, and to adopt simplified
financial reporting requirements for SMEs in Malawi; 4)
Enhancing the technical capacity of the professional
accountancy body so that it can better support practitioners
and institute the required international standards; and 5)
Supporting the leading education and training
institutions-Department of Accountancy in the University of
Malawi and Malawi College of Accountancy-with teaching
materials and faculty development, so that they can feed the
market with quality graduates and can conduct research for
developing the profession in line with up-to-date
international practice.
Citation
“World Bank. 2007. Malawi : Accounting and Auditing. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/d6a4c77f-b5aa-57b9-bcd7-988579adfb65 License: CC BY 3.0 IGO.”