The Government has issued a statutory instrument (Accountants [Client Fees] Regulations, 2018 [Statutory Instrument Number 34 of 2018]) to regulate the fees charged by accountants in order to avail accounting services to more citizens and micro, small, medium, and large organisations.
Commenting on the Statutory Instrument that she signed, Minister of Finance Margaret Mwanakatwe expressed hope that the measure will protect clients, protect accountants and above all, ensure the integrity of the accountancy profession.
Mrs. Mwanakatwe stated that “this is a pragmatic step in reducing the cost of accountancy transactions and will result in the growth of accountancy firms and further lead to job creation for many young people entering the accountancy profession.”
The key objectives of the Statutory Instrument are as follows:
1) To prescribe in fee unit, form fees chargeable by practicing accountants, taking into consideration the individual accountants involved in an accountancy assignment;
2) To provide the basis for agreements between the accountant and the client on the fee scale; and,
3) To provide a standardized, fair, and transparent mode of charging accountants fees.
Before Statutory Instrument Number 34 of 2018 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.
Whichever way, the fees chargeable were not an indicator of the cost or the quality of services that were offered. This trend compromised the integrity of the accountancy and auditing professionals and organisations.
“I am happy that this statutory instrument sets a platform for the protection of public interest as it will contribute to improved financial governance in the country,” stated Mrs. Mwanakatwe.
Copies of the (Accountants [Client Fees] Regulations, 2018 [Statutory Instrument Number 34 of 2018]) can be procured from the Government Printer.
FOR MINISTRY OF FINANCE
NOTE: Copies of the (Accountants [Client Fees] Regulations, 2018 [Statutory Instrument Number 34 of 2018]) can be procured from the Government Printer.