Chilima wants unprofessional accountants banned

Vice President Saulos Chilima has told the Malawi Accountants Board (MAB) to de-register accountants involved in mischief.

Chilima made the remarks on Tuesday when he MAB management. The vice president 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 who is also Minister of Public Sector Reforms 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.

On Tuesday, 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).

Chilima promised the two boards that this ministry will engage relevant authorities to help fast track the merger.

“Meanwhile, I have urged the management team to think through strategic and game changing reforms that must be implemented apart from the current one on merging. I have suggested that the starting point is to fully understand the size of the market and its potential for growth,” he said.