Zambia Institute of Chartered Accountants
Encyclopedia
Zambia Institute of Chartered Accountants (ZICA) is the only professional accountancy
body in Zambia
. It is the sole organization in Zambia with the right to award the Chartered Accountant
designation. According to the Accountants Act of 2008, all accountants must be registered with ZICA to practice accountancy in Zambia.
Established under the Accountants Act of 1982 (CAP) 390, ZICA is managed by a Council consisting of 12 members of which 10 are elected by members at the AGM and 2 are nominated by the Minister of Finance and National Planning.
Following the Annual General Meeting (AGM) held on Saturday, 24th April 2010 the following is the current composition of ZICA Council members:
Mr C.Y. Mulendama President
Mr F. M. Banda Vice President
Mr M D Macheleta
Mr V. Nyasulu
Mrs C. Zimba
Mr E. Chabu
Mrs B. N Muyenga
Mr J. Muke
Mr K Musonda
Mr K Naik
Mr E. Masumbu
ZICA is a member of the International Federation of Accountants
(IFAC).
ZICA made an agreement with ACCA that every student in Zambia must write the local ZICA Tax (L3) and Law (L7) instead of F4 and F6 in order to be an Accountant in Zambia. It is now an Parliament Act so it's a Law!
ZICA was a charter members of the Pan African Federation of Accountants
, which was inaugurated on 5 May 2011.
ZICA has Three (3) Levels Technician,Licentiate and Professional.
Papers for Technician Level:
T1 Financial Accounting.
T2 Cost Accounting.
T3 Business Mathematics & Statistics.
T4 Economics.
T5 Taxation (To be written by CAT Students in Zambia).
T6 Management.
T7 Information Technology & Communication.
Papers for Licentiate Level:
L1 Financial Reporting.
L2 Management Accounting.
L3 Advanced Taxation (To be written by ACCA Students in Zambians).
L4 Auditing.
L5 Decision Making Techniques.
L6 Corporate Financial Management.
L7 Business and Company Law (To be written by ACCA Students in Zambians).
L8 Management Information Systems.
Papers for Professional Level:
P1 Advanced Financial Accounting and Reporting.
P2 Advanced Management Accounting.
P3 Strategic Financial Management.
P4 Advanced Audit & Assurance Services.
P5 Strategic Management.
Examination Rules and Regulations
- No candidate shall be allowed to sit for more than four (4) subjects at any one sitting.
- A candidate with more than two (2) arrears at any level, shall NOT be allowed to attempt any subjects at the next stage.
- A candidate shall not be allowed to attempt a subject at a high level if s/he has not passed the foundation subject at a lower level.
- A candidate registered through the Mature Age Entry Route (MAER) will only be allowed to attempt two subjects only i.e. Financial Accounting and Mathematics and Statistics at any one sitting at the ZICA Technician Level.
- Credit shall be given for any subject passed with a grade of 50% and above.
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
body in Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. It is the sole organization in Zambia with the right to award the Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
designation. According to the Accountants Act of 2008, all accountants must be registered with ZICA to practice accountancy in Zambia.
Established under the Accountants Act of 1982 (CAP) 390, ZICA is managed by a Council consisting of 12 members of which 10 are elected by members at the AGM and 2 are nominated by the Minister of Finance and National Planning.
Following the Annual General Meeting (AGM) held on Saturday, 24th April 2010 the following is the current composition of ZICA Council members:
Mr C.Y. Mulendama President
Mr F. M. Banda Vice President
Mr M D Macheleta
Mr V. Nyasulu
Mrs C. Zimba
Mr E. Chabu
Mrs B. N Muyenga
Mr J. Muke
Mr K Musonda
Mr K Naik
Mr E. Masumbu
ZICA is a member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC).
ZICA made an agreement with ACCA that every student in Zambia must write the local ZICA Tax (L3) and Law (L7) instead of F4 and F6 in order to be an Accountant in Zambia. It is now an Parliament Act so it's a Law!
ZICA was a charter members of the Pan African Federation of Accountants
Pan African Federation of Accountants
The Pan African Federation of Accountants is the regional body that is aimed to represent African professional accountants with one and louder voice, particularly in relating with International Federation of Accountants...
, which was inaugurated on 5 May 2011.
ZICA has Three (3) Levels Technician,Licentiate and Professional.
Papers for Technician Level:
T1 Financial Accounting.
T2 Cost Accounting.
T3 Business Mathematics & Statistics.
T4 Economics.
T5 Taxation (To be written by CAT Students in Zambia).
T6 Management.
T7 Information Technology & Communication.
Papers for Licentiate Level:
L1 Financial Reporting.
L2 Management Accounting.
L3 Advanced Taxation (To be written by ACCA Students in Zambians).
L4 Auditing.
L5 Decision Making Techniques.
L6 Corporate Financial Management.
L7 Business and Company Law (To be written by ACCA Students in Zambians).
L8 Management Information Systems.
Papers for Professional Level:
P1 Advanced Financial Accounting and Reporting.
P2 Advanced Management Accounting.
P3 Strategic Financial Management.
P4 Advanced Audit & Assurance Services.
P5 Strategic Management.
Examination Rules and Regulations
- No candidate shall be allowed to sit for more than four (4) subjects at any one sitting.
- A candidate with more than two (2) arrears at any level, shall NOT be allowed to attempt any subjects at the next stage.
- A candidate shall not be allowed to attempt a subject at a high level if s/he has not passed the foundation subject at a lower level.
- A candidate registered through the Mature Age Entry Route (MAER) will only be allowed to attempt two subjects only i.e. Financial Accounting and Mathematics and Statistics at any one sitting at the ZICA Technician Level.
- Credit shall be given for any subject passed with a grade of 50% and above.