Government has instituted Statutory Instrument number 34 of 2018 aimed at regulating the fees charged by accountants and auditors.
Ministry of Finance head of public relations, Chileshe Kandeta, stated that Finance Minister, Margaret Mwanakatwe, expressed hope that the measure will protect clients, accountants and auditors and ensure that there is integrity in the accountancy profession.
According to Kandeta, Mwanakatwe said that the move is a pragmatic step in reducing the cost of accountancy and auditing transactions, adding that the move would result in the growth of accountancy firms and further lead to job creation for many young people entering the accountancy profession.
Kandeta stated that the SI would prescribe form fees, chargeable by practicing accountants, taking into consideration the individual accountants involved in an accountancy assignment, provide the basis for agreements between the accountant and the client on the fee scale and, provide a standardized, fair, and transparent mode of charging accountants’ fees.
He added that before the SI was brought into effect, fees chargeable by accountants in practice and auditing and non-auditing firms, were not based on any framework, legal or regulatory, and were in some cases out of the reach of many individuals and businesses.