THE Zambia Institute of Chartered Accountants says it will award certificates to students studying the Chartered Accountants (CA) Zambia Professional Qualification for the various levels of the examinations component.
During a media briefing, ZICA secretary and chief executive Bonna Kashinga said in line with the Accountants Act of 2008, ZICA’s mandate is to regulate the education and practice of the accountancy profession in Zambia.
“In this media brief, I will reflect on developments related to the introduction of Multiple Certifications en-route to the CA Zambia Qualification. The CA Zambia is a premier professional accountancy qualification which was designed to meet the Zambian business and economic needs. The qualification has been benchmarked against international accounting best practice aimed at keeping our accounting professionals abreast of local and global accounting trends,” he said.
Kashinga explained the CA Zambia Professional Qualification was a versatile, all-inclusive and fit for purpose qualification that trains talented and the best accounting and business professionals.
He said the qualification was globally respected and equips members with professional expertise needed to succeed in the world of business.
He said since the launch of the CA Zambia programme, the Institute had strived to ensure that the qualification meets the necessary local requirements but most importantly that the qualification is able to compete on the global market.
Kashinga said the CA Zambia qualification shares the same high standards and global business ethics that any global accounting qualification has.
He said the CA Zambia programme equips individuals to think outside the box and enables graduates to serve as business advisors, finance experts, game changers, problem solvers, thought leaders and decision makers in both private and public sectors of the economy.
Kashinga said the rich blend of courses in financial reporting, management accounting, auditing, taxation and financial management guarantees graduates with technical skills to help organisations thrive regionally and globally.
“Graduates of CA Zambia qualification join the leading network of business leaders of today and the future. It is in this vain that I would like to urge you to support our homegrown programme, a local Zambian qualification which guarantees students to graduate with technical skills to help their organisation thrive,” he said.
He said individuals who complete the CA Zambia Professional Qualification would have completed the three years of practical training which is a requirement for admission into the professional ranks of the Institute as prescribed by the International Education Standard (IES) of the International Federation of Accountants (IFAC).
Kashinga said since the launch of the CA Zambia Qualification in August 2017, the Institute was only providing certification at the end of the programme. The CA Zambia Qualification has two components – the Examination and Practical Training Components.
Kashinga said the Examination component was structured into levels namely Knowledge, Application and Advisory and each of those levels were taken to be like a calendar year in a University for which no certification was awarded.
He said the effect of the programme structure was that some students were not able to commence their practical training component as they did not have any certificate to show to the prospective employers.
Kashinga said the Institute received concerns from students and other stakeholders to introduce Certification at various levels of the CA Zambia qualification.
He said the demands from industry and commerce for a degree and sometimes a Master’s degree as get-way qualifications had progressively resulted in the students pursing the CA Zambia programme being considered uncompetitive for some jobs.
“As a result of this demand from industry, a number of students opted to pursue Accountancy degrees first before progressing with the professional accountancy programmes,” he said.
Kashinga said to mitigate the concerns from the students and other stakeholders and hence give students exit qualifications en-route to the prestigious CA Zambia qualification, ZICA announced that the Institute’s application to award certifications at various levels of the examination component was approved by the Zambia Qualifications Authority (ZAQA).
Kashinga named approved certifications as: Knowledge – Certificate in Accounting; Knowledge +Application + One Advisory paper – Bachelor of Science in Accounting; Advisory – Masters of Science in Accountancy.
He said the titles of certificates had been aligned with the Zambia Qualifications Framework (ZQF) to make them easily understood by any human resource practitioner and hence not disadvantage any CA Zambia student.