TECHNICAL, ACCOUNTING and AUDITING STANDARDS COMMITTEE

Objectives:

1. Formulation and publication of accounting standards and auditing standards.

2. Formulation and publication of regulations and code of ethics for LIA members.

3. Amendment of Accountants’ Act when need arises.

4. Interpretation of accounting standards and auditing standards.

Specific Terms of Reference:

The Sub Committee is established by the Council of the Lesotho Institute of Accountants, and is chaired by a chairperson selected by same Council. The Sub Committee is a body of Council with the mandate to advise Council and implement strategic plans of Council relating to all technical matters.

1. Develop/adopt accounting, auditing, ethics and any related standards for application in Lesotho.

2. Provide interpretation of standards of accounting and auditing as published by relevant authorities.

3. Ensure that legislation, rules and regulations required to support the accountancy profession are in place and that they are in line with latest trends and developments.

4. Actively participate in the projects of the international standard setting bodies.

5. Provide solutions to problems encountered in the implementation of standards and relevant laws.

6. Advise on the appropriateness, adoption and use of standards.

7. Provide advice to Council on all technical matters.

8. Provide sessions to share experiences, assist one another on technical matters, discuss issues of common interest between members.