BICA and API sign MOU
Botswana Institute of Chartered Accountants (BICA) has signed an MoU with African Professionalization Initiative (API) in order to strengthen capacity for Public Financial Management Reforms (PFMR).
According to API, there is a severe shortage of public sector professionals across the continent, a failing governments desperately need to address.
Among the many factors contributing to the slow progress in implementing PFMR is a lack of professional accountants and auditors that can provide governments with relevant information for efficient decision-making.
The situation is further affected by the majority of existing public sector accountants and auditors not being subject to regulation by a professional organisation responsible for ensuring continuous up-skilling.
“Through the API, public sector accountants will be trained to get deep understanding of public sector administration and public financial management and reporting. For Botswana, this comes at an opportune time when the country is reforming public financial management to transition from cash accounting to accrual accounting [an accounting method in which payments and expenses are credited and debited when earned or incurred],” said BICA CEO, Verily Molatedi.
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Accountants and auditors serving in the public sector are expected to develop competencies in public financial management, performance management, public sector accounting, reporting and auditing, and raising revenue.
For her part, Acting Auditor General, Keneilwe Senyarelo challenged the relevant government ministries to enroll their accountants into the programme to promote professionalizing the public sector and prepare for the adoption of the International Public Sector Accounting Standards.
“Reform of the current government reporting system is envisioned to enhance accountability and transparency. These outcomes are aligned to the purpose behind every audit. Development of financial reporting therefore has to go hand in hand with audit of the same,” she said.
The programme is expected to significantly improve the number of qualified public sector accountants in the Botswana and lessen reliance on foreign skills while allowing the country to continue tapping into a knowledge-based economy objectives.
