BICA stands firm on suspended accountants
Lewanika Timothy | Monday July 31, 2023 06:00
The exact reasons behind the mass suspension are unclear but BICA officials have said the affected accountants were not complying with the requirements of BICA membership.
By law, all accountants operating in the country are required to register with BICA and comply with its standards and compliance protocols.
Speaking here during an International Winter School for Accountants hosted by the Institute of Chartered Accountants Zimbabwe (ICAZ), BICA CEO, Verily Molatedi said that the suspended members were not in good standing with the institute as most of them had not renewed their membership for 2023 through payment of affiliation fees.
She further said that what forced BICA’s hand in the matter was that some companies were raising complaints over some accountants and the institution could not act against the offenders because the accused were not members in good standing.
“We as an institute are charged with public interest protection and it is sometimes sad we receive complaints over the conduct of some members and we cannot act because the accused are not within our register,” she said.
Molatedi further pointed out that the matter is further worsened by the fact that employers do not ensure that their accounting staff is institute-compliant. As a result, she said, there is a tendency for members to not feel the need to comply with set standards.
“It is important for members to know that it is a criminal offence to provide accounting services without being BICA-compliant and affiliated, and the penalties can go up to P500,000,” she said.
The 440 members suspended are the latest in a series of disciplinary actions by BICA. Several years ago, BICA gave unregistered accountants a grace period of up to January 31, 2016, to regularise themselves by signing up with the institute.
However, over the years, accountants have either allowed their memberships to lapse while still operating in the country or committed other irregularities that have resulted in their suspension. BICA has annually suspended hundreds of accountants in a bid to clean up its register and ensure the protection of the profession and members of the public.
Mmegi is informed that the main reason for the failure of members to affiliate involves the exodus of accountants into the Diaspora as more accountants escape the African market into the Western financial systems.
Molatedi said that it is important for members to notify the institute when they are leaving the country to work elsewhere, to avoid suspension.
The suspensions come at a time when the country is fighting to produce citizen accountants, as the profession continues to be dominated by expatriates, particularly accountants from Zimbabwe.