Strenghtening economic ties between SA and Lesotho

Rethinking borders: Lesotho accountants gain reciprocity status

 

Maseru: Thursday 1st August 2019 – Geographically surrounded entirely by South Africa, Lesotho has an enormous dependency on strong cross border relations with South Africa to ensure a good working and trade relationship. To make professional mobility for chartered accountants easier, the South African Institute of Chartered Accountants (SAICA) has added the Lesotho Institute of Accountants (LIA) to the growing list of countries with which it has mutual recognition agreements (MRAs) in place.

 

Advancing the interests of respective members and positively contributing to the development of the accounting profession in Africa is at the heart of the MRA. It provides a mutual co-operation framework between the two organisations.

 

‘We are indeed elated as LIA to have this special partnership with SAICA. This MRA will go a long way in strengthening our new local qualification (Lesotho Professional Accountancy programme – LePAP) and aid mobility of professionals across the two countries, as well as cementing the already cordial relations between the two accounting bodies, thus contributing to the building of the accounting profession within the SADC region and Africa as a whole’, stated Nthabiseng Shale-Tlhomola, LIA Education and Training Manager.

 

‘SAICA is delighted to have entered into this MRA with LIA. Not only does the MRA assist our members, but we believe it will also enhance the existing good relations and cooperation between the two institutes, so that together we can accelerate the development of the accounting profession on the African continent,’ adds Mandi Olivier, SAICA’s Senior Executive for Professional Development.

According to the terms of SAICA’s MRA with the LIA, it will:

  • facilitate the reciprocal recognition of the South African chartered accountancy designation (CA[SA]) and Lesotho’s local accountancy qualification, thereby ensuring that members of both institutions attain local recognition of their designation;
  • foster strong working relations between the two accounting institutes; and
  • increase the mobility of professionals at either end in order to herald a new dimension for small and medium businesses in both countries.

With the addition of LIA, SAICA now has reciprocity agreements with 13 global institutes, namely:

  • The Institute of Chartered Accountants in England and Wales (ICAEW);
  • Chartered Accountants in Australia and New Zealand (CAANZ);
  • The Chartered Professional Accountants of Canada (CPAC);
  • The Hong Kong Institute of Certified Public Accountants (HKICPA);
  • Chartered Accountants Ireland (CAI);
  • The Institute of Chartered Accountants in Scotland (ICAS);
  • The Institute of Chartered Accountants Zimbabwe (ICAZ);
  • The Institute of Chartered Accountants of Namibia (ICAN);
  • The Chartered Institute of Management Accountants (CIMA);
  • The Institute of Certified Public Accountants of Kenya (ICPAK);
  • The Institute of Chartered Accountants of India (ICAI);
  • The Eswatini Institute of Accountants (EIA); and
  • The Lesotho Institute of Accountants (LIA)

These agreements ensure that the CA(L) qualification is regarded in the same light as SAICA qualification, should LIA CA member wish to work in another jurisdiction. This means LIA CAs are able to use their CA designation in the respective jurisdictions without writing conversion examinations – as long as they retain their CA(L) designation.

Members who have queries about the MRA signed by SAICA with the LIA may contact the CEO at monyaola.mosoloane@lia.org.ls

About LIA

LIA is a body corporate, established by an act of parliament, the Accountants Act of 1977 as amended. It is mandated to; regulate the accounting profession in Lesotho, provide for education and training of aspiring accountants and it is also a membership body for accountants. In pursuit of the education and training mandate and as a trusted advisor and advocate for high quality and relevant accounting education, LIA has developed a new accountancy qualification, the Lesotho Professional Accountancy Programme (LePAP), a unique and sought after programme which allows specialization at CA level, for one to follow either the private or public sector stream. LePAP has been designed to produce competent, qualified accountants of the 21st century who are responsive to the dynamic, fast changing developments of the profession nationally and internationally. With LePAP the accounting profession in Lesotho will never be the same. The programme is currently offered by BOTHO University.

 

LIA Media Contact

Mr. Talima Thaabe

Marketing Officer

Lesotho Institute of Accountants

Orpen Road, Old Europa

Tel: +266 22312115

Email: talima.thaabe@lia.org.ls