Malawi : ROSC Accounting and Auditing Follow-up/ developing a country action plan

The long-term vision of the Malawi Growth and Development Strategy aims to foster private sector-led growth in the country. With this overarching objective in mind, the Malawian authorities have committed to strengthening corporate financial reporting and improving financial transparency and towards an improved overall business environment. In 2007 the Report on Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review was conducted in Malawi as a first step in the process of strengthening the underpinnings of corporate financial reporting. The ROSC A&A report provided policy recommendations to improve accounting and auditing practices, including strengthening enforcement mechanisms to ensure compliance with accounting and auditing requirements.

FIRST Initiative agreed to finance a technical assistance project to assist the Government of Malawi to develop a Country Action Plan for the implementation of the policy recommendations of the June 2007 ROSC A&A for Malawi, and follow up on previous technical assistance recommendations for improving existing legal framework for accounting and auditing. The project successfully achieved its key outcomes: a detailed Country Action Plan was delivered, and draft of Accounting and Auditing Law was revised – with the involvement and commitment of authorities, high-quality local consultants, and strong involvement of the project Technical Leader.

“The Project initiation and coordination of activities was very good. There was very good and effective leadership from the project team. Procurement of consultants was quick and timely, and the consultants were skillful.” Daniel Dunga, Chief Executive Officer, The Society of Accountants in Malawi