In a concerning development for the accountancy profession in Zambia, the Zambia Institute of Chartered Accountants (ZICA) has raised alarm over the governance failure at the Zambia Centre for Accountancy Studies (ZCAS).
ZICA, the regulatory body for the accountancy profession, expressed worry about the absence of a governing Board at ZCAS for the past one year and nine months, emphasizing the potential adverse impact on the institution’s brand and operations.
ZICA, mandated to regulate the practice of accountancy and set educational standards for accountants in Zambia, highlighted the importance of ZCAS as a crucial institute for the training of professional accountants.
The absence of a governing Board has led to ongoing challenges at ZCAS, with recent press reports highlighting misunderstandings between ZCAS and its wholly-owned subsidiary, ZCAS University.
ZCAS University, focusing on academic programs, plays a vital role alongside ZCAS, which provides professional programs.
Both institutions offer the Zambian population opportunities to attain either professional or academic qualifications.
However, the lack of a governing Board has contributed to the current challenges, impacting the institutions’ smooth functioning.
ZICA President, Yande S. Mwenye, underscored the significance of adhering to corporate governance principles, urging the government to swiftly appoint a new ZCAS Board.
Ms. Mwenye emphasized that the Board’s oversight is critical for the proper running of both ZCAS and ZCAS University, averting further decay in governance.
“ZCAS stands extremely important to the growth of the accountancy profession in the country, and its aspirations must be supported to uphold the initial reason it was created,” stated President Yande S. Mwenye.
ZICA called on the government to take immediate action to appoint a new ZCAS Board, highlighting that this move is crucial to ensuring the institutions’ accountability, transparency, and continued contribution to the development of professional accountants in Zambia.
The regulatory body emphasized the ongoing need for ZCAS in training the much-needed human capital in accountancy and related fields, underlining its role in saving foreign exchange by providing local training opportunities rather than sponsoring students abroad.