The main objective of quality reviews is to confirm that all registered accountants and auditors in public practice are maintaining an appropriate level of professional standards in the performance of the attest function.
The attest function is reserved to the accountancy profession by the Accountants Act no. 9 of 1977 (as amended). The intention was not to give advantage to the members of the profession, but to protect the public. For this reason, this function should only be carried out by persons with the requisite education, training, professional standards and discipline.
There are a number of instances where complaints have been received from the business community, the chamber of commerce, the banks and the Lesotho Revenue Authority regarding poor and sub-standard attest work performed by practitioners. In other countries, business failures have occurred and the blame has been directed at the practitioners.
The professions image and that of the practitioners is tarnished by these complaints from the public and the business failures. Whilst a profession has certain rights and privileges, it also has obligations to the society which gives it those rights and hence the need to protect the society.
This programme will have many advantages, among which are the following:
The Lesotho Institute of Accountants