Botswana Institute of Chartered Accountants Press Release 2011

01 April 2011

The Accountants Act No. 12 of 2010 passed in Parliament at its July/August 2010 session became effective on April 1, 2011 through Statutory Instrument No. 21 of 2011. 

The commencement of the Act ushers in a new era in the country’s Financial Reporting and Auditing landscape. To begin with, the Botswana Institute of Accountants is henceforth going to be called the Botswana Institute of Chartered Accountants (BICA).

The new Act which replaces the old Accountants Act of 1988 aligns the profession with modern international best practice. The Act emphasizes the principle of Public Interest Protection and accordingly requires all professional accountants in Botswana to register with the Institute. Significant penalties will be levied on those who choose not to register.  The entire penalty regime is very severe with hefty fines of up to P500 000 or 10 years in prison or both, for offenses such as failure to register with the Institute or holding out as a professional Accountant when one is not registered with BICA.  It is expected that these penalties will address the up till now great concern about the quality of the services offered by the so called “fly by night accountants.” The Act strengthens the institutional capacity of the new professional body by creating two new senior positions at director level and also comes up with a robust disciplinary process to promote transparency and also protect members’ rights under this highly regulated environment.

The new Act establishes the Botswana Professional Accountancy Qualification which is benchmarked against the Institute of Chartered Accountants in England and Wales (ICAEW), one of the best professional accountancy bodies in the world. This qualification, which will be Botswana’s own professional accountancy qualification will be launched at the end of April 2011, with its first intake of students in July 2011.

The members of the public and employer organizations are hereby requested to only use members of the Botswana Institute of Chartered Accountants (BICA) for the provision of professional accountancy and related services as these are the only people who are legally allowed to offer such services.

 For any further clarification please contact Duncan Majinda at the Botswana Institute of Chartered Accountants on 3972992.