NIPA keen to restore trust in the industry

PHILLEPUS UUSIKUEarlier this month, newly elected Mayor of the City of Windhoek (CoW) Job Amupanda wrote to the Public Accountants’ and Auditors’ Board (PAAB) requesting to investigate PwC's audit files on the defence ministry's commercial arm, August 26 Holding Company.It is alleged that defence minister Peter Vilho transferred N$200 million from the ministry to August 26 without treasury’s approval.PAAB has sets itself an objective of protecting the public by promoting the integrity of the public accounting and auditing profession in Namibia.“It has come to my attention that the audit firm PwC is the one that audited August 26. As auditors, they surely must have come across various irregularities in this public entity and the unlawful transfer of N$ 200 million in particular,” Amupanda said.The Namibia Institute of Professional Accountants (NIPA) have welcomed proposed amendments to the Public Accountants’ and Auditors’ Board (PAAB) Act, saying it will improve accountability and trust in the industry. Under the amendments, all persons in the accounting industry who render services for a fee to the public must be registered at a Professional Accredited Organization (PAO) which will then allow accreditation at the regulatory body. This will extend existing rules which previously only applied to auditors and accountants and bookkeepers across the industry.RoleNIPA’s CEO, Essie Herbst says that the Institute recognises that the role of professional accountants and auditors is often misunderstood by the public.“Our main role is to protect public interest and to restore the trust stakeholders require in the financial information they are given. The value of accountants and auditors is also undermined by the number of unregistered persons working in the industry, possibly providing low quality services combined with pricing below market rates,” Herbst adds.NIPA also warned that persons working in the accounting, taxation and bookkeeping industries should register promptly with a Professional Accountancy Organisation (PAO). “The business community should be aware that any private person working for their own account as part of their financial obligations must be registered with an PAO and AARA,” Herbst continues.Professionals within the industry play a vital role in defending the quality of financial reporting, contributing to the overall stability of society and aiding progress towards a brighter future. By producing accurate data and analysis, bookkeepers, accountants and auditors help to maintain data and information that are crucial to maintain public trust in Namibian’s businesses and other financial institutions. EthicsThey perform varied roles as independent accountants, tax practitioners, internal auditors and a vast array of other roles, rigorously examining the reliability of financial reporting.Noting the invaluable role accounting institutions play in providing consultancy services to the public, Herbst states that professional accountants and auditors understand the challenges of balancing the demands of the real world with upholding the values of their sector. These are especially important in difficult times where poor behaviour could otherwise become the norm,” Herbst states.Globally, professional accounting bodies represent, promote and enhance the global accountancy profession. On a national level, member organisations for professional accountants serve as the voice for professional accountants, both in practices and in businesses. “It is imperative that member organisations representing accounting and auditing firms continue to amplify the importance of accountancy in Namibia along with helping professionals to uphold the required standards and values,” Herbst states.Herbst further advised individuals working at any level within the accounting profession to affiliate themselves to member organisations, stating that this will ensure all professionals working in the sector have access to the same high-quality education and career enhancement opportunities.

NIPA keen to restore trust in the industry

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Republikein 2025-05-01

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