The Zambia Institute of Chartered Accountants (ZICA) has called on the government to quickly and immediately appoint the Zambia Institute of Chartered Accountants (ZCAS) Board.
ZICA president, Yande Mwenya, noted with concern that ZCAS had not had a governing Board for the past one year and 9months.
Mwenya in a statement issued in Lusaka on Sunday said lack of a Board had led to the current challenges ZCAS was facing and that it was impacting adversely on its brand.
She emphasized that Board oversight was critical to ensuring the smooth and proper running of both ZCAS and ZCAS University and that this would avert further decay in governance.
“For an Institute of such importance to the accountancy profession and nation, ZICA is concerned that the principles of corporate governance are not being adhered to,” Mwenya noted .
She said this was evident from the press reports on the ongoing misunderstanding between the two Institutions, ZCAS and ZCAS University.
Mwenya pointed out that ZCAS University was a wholly owned subsidiary of ZCAS and that ZCAS focuses on the provision of professional programmes whereas the University focuses on the provision of academic programmes.
“Effectively, both institutions give the Zambian population a great chance to attain either a profession or academic qualification or both,” she noted.
Mwenya added that ZCAS was from inception setup to drive the training of the much-needed human capital in accountancy and other business-related courses.
She emphasized that this was done to bring home the training of professional accountants to save the nation forex, which was used to sponsor students abroad to study professional accountancy qualifications.
“This need has not ended and it is ongoing for generations to come. ZCAS has served the nation in ensuring that a great cadre of professional accountants is put in the economy and with much success,” Mwenya said.
She stressed that the country could not afford to trivialise the essentials of possessing a professional accountancy qualification, as this was the only gateway to world recognition as a chartered accountant.
“Furthermore, our country still requires that we continue to train professional accountants to ensure accountability and transparency in every institution,” she said.
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