By Phiwa Sikhondze
The Eswatini Institute of Accountants (ESIA) has announced the commencement of Audit Practice Reviews for all registered audit firms in Eswatini, reinforcing its commitment to upholding professionalism, integrity, and compliance in the accounting and auditing profession.
The reviews, mandated under the Accountants Act of 1985, aim to evaluate the extent to which audit firms align with professional standards, ethical requirements, and regulatory obligations.
This initiative underscores ESIA’s dedication to ensuring transparency and accountability in the financial reporting sector.
Dr. Ndiphethe Mabila, the Executive Director of ESIA, revealed that the Zambia Institute of Chartered Accountants (ZICA) has been appointed to conduct the reviews.
ZICA, a well-regarded professional body known for its expertise in quality assurance and audit regulation, will commence its work on February 2, 2025, with the review process running for 20 days. This marks the second time ZICA will conduct such assessments in Eswatini, further solidifying its partnership with ESIA.
The Audit Practice Reviews are designed to scrutinize audit firms’ internal systems, procedures, and individual audit engagements. A key focus will be on firms’ adherence to the International Standard on Quality Management, Quality Management for an Audit of Financial Statements, and best practices in governance, leadership, and ethics.
Dr Mabila emphasized the importance of these reviews, stating, “At ESIA, we remain steadfast in our mission to ensure that the accounting and auditing profession operates at the highest level of integrity and transparency. The upcoming Audit Practice Reviews are not just a regulatory requirement but a step toward building a profession that is trusted and respected. We are confident that this process will add significant value to audit firms and reinforce confidence in the financial reporting landscape of Eswatini.”
By evaluating the effectiveness of quality management systems and identifying areas for improvement, the reviews will play a crucial role in enhancing the credibility of Eswatini’s auditing profession. This process is expected to reinforce public and business confidence in the work of local audit firms while ensuring that Eswatini’s auditing practices align with international best practices.
As the statutory body responsible for regulating the accounting and auditing profession in Eswatini, ESIA is urging all registered audit firms to fully engage in the review process. By doing so, firms will gain valuable insights that can help improve their operations and elevate industry standards.
“These reviews are a tangible demonstration of our unwavering commitment to accountability, transparency, and excellence within the industry,” ESIA stated.
The Eswatini Institute of Accountants (ESIA) is the official regulatory body overseeing the accounting and auditing profession in Eswatini. A proud member of the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA), ESIA is committed to promoting professionalism, ethical conduct, and compliance with global standards in financial reporting and auditing.
List of Audit Firms Registered in Eswatini:
- Corporate Business Solutions
- David Walker & Co
- FIPS
- Kobla Quashie & Associates
- Kres Chartered Accountants
- PKF Chartered Accountants
- PricewaterhouseCoopers
- Proficient Chartered Accountants
- RSM Eswatini (Mbabane)
- RSM Eswatini (Manzini)
- Sibusiso Motsa & Associates
- SNG Grant Thornton Eswatini
- Workspace Corporate