Section 44,subsection(2) (a) of the Public Accountants and Auditors Amendment Act, 2014 (Act 6 (the “Act”) requires the PAAB to prescribe accounting standards, auditing standards and accountancy reporting standards for use in Zimbabwe, including the application of internationally recognised auditing, accounting and reporting standards.
CFAS is established in terms of section 12 as a committee of the Board. The terms of Reference of CFAS set out the composition of the CFAS and its primary responsibilities. The schedule sets out the “Delegation of Powers and Assignment of Duties to the CFAS” and effectively establishes the Terms of Reference of the CFAS.
The Committee For Auditing Standards (CFAS) will assist the Zimbabwe Accounting Practices Board (ZAPB): –
a) To develop, maintain, adopt, issue or prescribe auditing standards and/or pronouncements;
b) To consider relevant international changes by monitoring development by other auditing standard-setting bodies and sharing information where requested; and
c) To promote and ensure the relevance of auditing pronouncements by – i. considering the needs of users of audit reports;
ii. liaising with other committees of the ZAPB on standards to be maintained by registered auditors and by receiving feedback from such committees on areas where auditing pronouncements are needed;
iii. ensuring the greatest possible consistency between auditing pronouncement and accepted international pronouncements; and
iv. consulting with professional bodies on the direction and appropriateness auditing pronouncements.
The CFAS assists the ZAPB to influence the nature of international auditing pronouncements by-
a) preparing preparing comment on exposure drafts or discussion papers and replies to questionnaires prepared by the International Auditing and Assurance Standards Board or a successor body; and
b) nominating representatives to committees of the International Auditing Assurance Standards Board or a successor body when requested to do so by the ZAPB
The CFAS members act in the common interest of the public at large and the worldwide accountancy profession. This could result in them taking a position on a matter that is not in accordance with current practice in their firm or organisation, nor in accordance with the position taken by those who nominated them for membership of the CFAS. Members should communicate any conflict of interest at the commencement of a CFAS meeting and refrain from voting on a matter on the Agenda of a CFAS meeting that is the subject of that conflict.
|PNA Chartered Accountants
|Michael De Beer
|Office of the Auditor-General
|MNK Chartered Accountants
|Ex- Officio, ZAPB Chairman
|By Invitation: Regulators
|Insurance and Pensions Commission (IPEC)
|Zimbabwe Stock Exchange (ZSE)
|Law Society of Zimbabwe (LSZ)
|Reserve Bank of Zimbabwe (RBZ)
|Securities Exchange Commission (SECZ)