Windhoek: Finance Minister, Ericah Shafudah, on Tuesday tabled the Accountants and Auditors' Regulatory Authority Bill in Parliament as part of government efforts to strengthen financial accountability. Tabling the legislation in the National Assembly, Shafudah described the Bill as a major reform aimed at aligning Namibia's accounting and auditing professions with international standards.
According to Namibia Press Agency, the legislation seeks to repeal and replace the Public Accountants' and Auditors' Act of 1951, which she said is no longer adequate for a modern economy. 'This Bill marks a significant milestone in our collective efforts to strengthen financial accountability, promote integrity in financial reporting, and align Namibia's accounting and auditing professions with global accounting and auditing standards,' she told Parliament.
The minister highlighted the existing law's outdated nature, noting its inability to encompass the expanded roles of the professions, which now include areas such as forensic accounting, financial data analytics, sustainability reporting, and digital financial reporting.
The Bill proposes the establishment of the Accountants and Auditors Regulatory Authority, which will succeed the Public Accountants' and Auditors' Board. The new authority will regulate auditors, accountants, accounting technicians, and their firms under a single statutory framework.
Other reforms contained in the Bill include direct registration with the authority, mandatory practising certificates for professionals, accreditation and supervision of professional bodies, expanded inspection and disciplinary powers, and the adoption and enforcement of international accounting and auditing standards.
The legislation will also establish a nine-member non-executive board, supported by a chief executive officer and secretariat, while creating an independent appeals board to hear disputes arising from decisions of the authority.
Shafudah said the reforms would benefit a broad range of stakeholders, including professional bodies, regulators, public institutions, private companies, investors, training institutions, and the wider public. The enactment of the Bill, she said, would strengthen Namibia's financial governance and credibility by supporting growth, transformation, and the integrity of the accounting and auditing profession.
Shafudah added that the legislation would reinforce investor confidence, enhance transparency, and ensure the profession remains relevant, competitive, and sustainable in a rapidly evolving global environment.