The Eswatini Institute of Accountants (ESIA) will begin audit practice reviews for all registered audit firms in Eswatini. This move affirms ESIA’s commitment to upholding integrity and professionalism within the accounting and auditing professions. As part of the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA), ESIA wants to make sure that local practices align with international standards.
Why This Matters
“These reviews are a requirement under the Accountants Act of 1985. But beyond being a legal obligation, they are essential in ensuring that audit firms meet professional standards, stick to ethical guidelines, and comply with regulations,” stated Dr. Ndiphethe Mabila, the Executive Director of ESIA.
Mabila explained that this review process is about much more than compliance—it’s about maintaining the public’s trust in the profession. “These reviews are a chance to check whether audit firms are doing their part in maintaining that trust,” he said.
ZICA Takes the Lead
The Zambia Institute of Chartered Accountants (ZICA), known for its strong track record in audit regulation, will be leading the reviews. This is the second time ZICA has conducted these reviews in Eswatini, highlighting the long-standing partnership between the two organizations.
“We’ve worked with ZICA before, and we’re confident they’ll carry out this review process effectively,” Mabila added.
What to Expect from the Review Process
The review will begin on February 2 and will run for 20 days. This timeframe allows for a thorough and detailed evaluation of each firm’s operations. Mabila emphasized that auditing plays a critical role in the accounting profession, so it’s essential that firms meet global standards.
“We’ll be assessing how well audit firms follow international quality management standards, handle financial statement audits, and manage governance and leadership,” Mabila said. “We’ll also be looking at their overall ethical practices.”
The review is designed to identify areas where firms excel and highlight areas where there’s room for improvement, making it a useful tool for growth.
Building Trust in the Profession
For Mabila, these reviews are not just about ticking boxes—they’re an opportunity to strengthen the auditing profession and build lasting trust with the public and businesses. “We want people to have confidence in the financial reports they rely on,” he explained.
Mabila also pointed out that the reviews play an important part in ensuring that Eswatini’s auditing practices are on par with international standards. “These reviews are a step toward ensuring the profession continues to grow and earn the trust of the public,” he said.
A Chance for Growth
Mabila encourages audit firms to see the reviews as an opportunity for development. “This process will help firms grow, improve their practices, and ultimately boost the quality of audits in Eswatini,” he said.
“By working together, we can strengthen the profession and uphold the core values of integrity and professionalism that define ESIA,” he added.
List of Registered Audit Firms in Eswatini:
- Corporate Business Solution
- David Walker and Co
- FIPS
- Kobla Quashie and Associates
- Kres Chartered Accountants
- PKF Chartered Accountants
- PricewaterhouseCoopers (PMC)
- Proficient Chartered Accountants
- RSM Eswatini (Mbabane and Manzini)
- Sibusiso Motsa Associates
- SNG Grant Thornton Eswatini
- Workspace Corporate