ISSUE NO.

25 FIRST EDITION

1
CONTENTS
Editorial: Accountancy beyond the
4 C R E D ITS
qualification
EDITORIAL COMMITTEE
6 Let’s Talk Financial Management
CHAIRPERSON

8 Career Development : Owning The Gap Vincent Lukonde

MEMBERS
10 Co-Existing of Accountants
Moses Chitoshi
Strategic Capabilities – The Canon of Peggy Sikaale
13 Amon A Phiri
The Hybrid Accountant Yvonne Chapuswike
Sherlyn Musonda Hanene
16 Photo Focus Samuel Olaniyan
Ngosa Chikaka

PUBLISHING EDITOR
Audit Procedures In An Audit Of Financial
18 Statements
Ngosa Chikaka

CONTRIBUTORS
23 Notice For June 2022 Examination
Suzyo Tembo
Harriet C Antoine
25 Examination Time Table Pamela Yuku
James Kashalo
28 List Of Employers Peterson G Mumbuluma

2
3
 EDITORIAL ACCOUNTANCY BEYOND THE
QUALIFICATION

W
elcome to the 1st edition of 2022 in the series of the ZICA
student magazine. As a student builds one’s career in Ac-
countancy it is important to focus on ensuring that var-
ious skills are developed in order to become the much sought after
business and finance leader. This entails having a mixture of essential
knowledge and skills. The Chartered Accountant Zambia qualification
enables one to be professionally qualified in finance and business with
the ability to think outside the box, be a Finance expert, game changer,
problem solver, thought leader and decision makers. This cannot be
overemphasized. Unfortunately attaining maximum effectiveness and
Mrs. Elizabeth Sondashi joining the leading network of business leaders of today and the future
Musukwa requires more than just a qualification.

Director Education and The next generation Accountant requires a perfect blend of arrays of both
Training hard and soft accounting skills. You may have acquired full knowledge to
practice as an Accountant and may have experience working in an account-
ing and finance Department but may still be limited in scope.

Accountancy as a profession has come a long way. Each era presents Ac-
countants with unique challenges and opportunities. To remain relevant as
Accountants in this era where Artificial Intelligence (AI) is rapidly picking
up skills that were once exclusively reserved for Accountants, one has to
match this AI force by picking up skills that AI machines can only dream of.

This demands that one must evolve into a Hybrid Accountant, which is
beyond the acquisition of basic knowledge and skills. It is essential to be
up to date with changes in accounting standards because there are frequent
changes on how things are done. Hybrid Accountants must also embrace
ecommerce and must be street savvy because the requirements of the 21st
century necessitate that one must be resourceful enough to be able to navi-
gate the difficult and highly dynamic landscape. Additionally, a hybrid Ac-
countant must be able to clasp both traditional IT and Financial Technology
(FinTech) and always be on the lookout for any technological trend. You can
never know too much in IT as an Accountant. Furthermore, bankruptcy and
insolvency knowledge is highly important because of the enormous task Ac-
countants have during bankruptcy and insolvency processes and procedures.
All in all a hybrid Accountant is expected to harness people management
skills. A manager works with and through people to attain organizational
goals so people management skills is a must have.

Lastly, it is clear to see that for anyone to survive in the accountancy career,
reinvention is key. During practical training ZICA emphasizes that trainees
master the necessary technical and non-technical skills through the available
mentors. Reposition yourself to be able to network and co-exist with other
Trainees and Chartered Accountants as you set yourself up for a rewarding
career. Expand your horizon as wide as possible and ensure you read ahead
of what even your Mentors may not have emphasized on. The business envi-
ronment is full of dynamism and complexities – only the ready and informed
will survive!

4
5
LET’S TALK FINANCIAL MANAGEMENT
By Suzyo Tembo
B.Sc. Accounting, MPA
M
oney is the pulse of ev-
ery entity because without
money it is impossible to
do any kind of economic transaction
for the entity. As such, it is very crit-
ical that every organization, whether
it is for profit or not, puts in place a
solid financial management system.
If you are running a for profit busi-
ness, you want to see how your mon-
ey is coming in, how much of it is
being spent and whether or not you
are making a profit. Likewise if you
are running a non-profit entity, you
are still using stake-holders money to
run operations. You need to account
for how that money is being spent,
account for how that money is being
spent, account for how that money is
being spent.
WHAT IS FINANCIAL MAN-
AGEMENT
In business, financial management
is the practice that handles an enti-
ty’s finances in a way that allows it
to be successful and compliant with
the regulations; it is the management
of all matters related to an entity’s
finances. It is about planning an in-
vestment, funding it, monitoring ex-
penses against budget and managing
gains from the investment. Effective
Financial Management is vital for the
growth and success of an entity; fail-
ing to plan for the financial manage-
ment of your business entity is plan-
ning to fail your business.
WHY IS FINANCIAL MAN-
AGEMENT IMPORTANT
Solid financial management is im-
portant because it
provides the foundation for three pil-
lars of sound fiscal governance:
Strategizing, or identifying what
needs to happen financially for the
company to achieve its short- and
6
long-term goals.
Decision-making, or helping business
leaders decide the best way to execute
on plans by providing up-to-date fi-
nancial reports and data on relevant
Key performance indicators (quanti-
fiable measures of performance over
time for a specific objective).
Controlling, or ensuring each depart-
ment is contributing to the vision and
operating within budget and in align-
ment with strategy.
WHAT ARE THE OPBJEC-
TIVES OF
FINANCIAL MANAGEMENT
Building on the above pillars, finan-
cial managers help their companies in
a variety of ways, including but not
limited to:
Maximizing profits by providing in-
sights on, for example, rising costs
of raw materials that might trigger an
increase in the cost of goods sold.
Tracking liquidity and cash flow to
ensure the company has enough mon-
ey on hand to meet its obligations.
Ensuring compliance with govern-
ment and industry-specific regula-
tions.
Developing financial scenarios based
on the current state of the business
and forecasts that assume a wide
range of outcomes based on possible
market conditions.
Dealing effectively with investors and
other stake-holders.
The first thing you may want to do
in the financial management of your
entity is to invest in an accounting
system that will process all your fi-
nancial transactions. It must be able
to perform the three basic steps of an
accounting system: input data, pro-
cess it and output in the form of vari-
ous reports. It should be able to do the
following at minimum:
1.) Trackable data entry – you want
to be able to not only enter financial
data but to also track any changes
that were made since that first entry.
You want to a system that will have
a second or even third tier validation
processes for any changes made to fi-
nancial data.
2.) Record keeping – your financial
system must be able to record all
your financial transactions and also
be able to retain all historical data
and process your financial inputs into
meaningful data for the purpose of
generating reports for all stake-hold-
ers.
3.) Effectivity – It should be effective
in that it should be easy to use, it can
process data quickly, its capacity can
be expanded, it is affordable to oper-
ate and it can protect the business.
A financial management system com-
bines several financial functions,
such as accounting, fixed-asset man-
agement, revenue recognition and
payment processing. By integrating
these key components, a financial
management system ensures real-time
visibility into the financial state of a
company while facilitating day-to-
day operations.
Sadly, many SME’s in Zambia do not
value the importance of investing in a
good accounting system. Investing in
one will pay off in the long run.
Secondly every organization must in-
vest in a good financial management
officer who will be accountable not
only to the organization but to the
code of ethics and conduct of the lo-
cal finance and accounting regulatory
body. In Zambia it is highly recom-
mended that your finance officer is a
member of good standing with ZICA.
Another aspect of good financial
management aspect is putting In-
ternal Controls at every level of the
movement of your money in your
entity. Internal controls are series of
policies and procedures or techni-
cal protections that are put in place
to prevent problems and protect the
assets of your entity. If for example
you are running a hotel, what inter-
nal controls have you put in place to
avert stealing in cash transactions?
It would be prudent to have an au-
tomated hospitality industry system
that integrates with your financial ac-
counting system. A good hospitality
industry system will track your guest
from the time they contact your ho-
tel to make a reservation. There are
three main types of Internal Con-
trols:
• Preventive – These include sep-
aration of duties, pre-approval of
actions and transactions, access con-
trols and physical controls over as-
sets (i.e. locks on doors or a safe for
cash and checks)
• Detective – These include weekly/
monthly reconciliations of transac-
tions, review of organizational per-
formance (i.e. budget to actual com-
parison to look for any unexpected
differences) and physical audits
(such as hand-counting money and
physical inventory counts).
• Corrective – These controls are im-
plemented after the internal detective
controls discover a problem. They
could include disciplinary action,
report filing, software modifications
and implementation of new policies.
They are usually put into place af-
ter a root cause investigation. Im-
plementing a quality improvement
team can be a great way to address
ongoing problems and to correct pro-
cesses.
The best way to demonstrate the im-
portance of good financial manage-
ment is to describe some of the tasks
it involves:
a.) Taking care not to over-invest in
fixed assets
b.) Balancing cash outflow with cash
in-flows
c.) Ensuring sufficient levels of
short-term working capital
d.) Setting sales revenue targets that
will deliver growth
e.) Increasing gross profit by setting
the correct pricing for products and
services
f.) Controlling levels of administra-
tive and general expenses by finding
more cost efficient ways of running
the day-to-day business operations,
and
g.) Tax planning that will minimize
the taxes the entity has to pay
The scope of financial Manage-
ment includes decisions and con-
siderations regarding the size of in-
vestments, funding sources and the
range of capital use. To maintain its
profitability, liquidity, efficiency and
stability, an entity must consider the
following elements of financial man-
agement:
• Planning – The initial step which is
required to be taken before further-
ing any other business procedures.
Many entities hire professional fi-
nancial planners to set up effective
financial plans for their target and
objective achievement. Thereafter,
this planning aspect of financial
management continues in making
projections on how much money
the company will need in order to
maintain positive cash flow, allocate
funds to grow or add new products
or services and cope with unexpected
events, and shares that information
with the stake-holders.
• Controlling – Controlling and ad-
ministering how the entity’s resourc-
es are being utilized helps improve
its business operations. Proper re-
cords for all financial transactions
related to the entity should be well
maintained.
• Budgeting - allocating the entity’s
available funds to meet costs, such as
mortgages or rents, salaries, raw ma-
terials and other obligations. Ideally
there will be some left to put aside
for emergencies and to fund new
business opportunities.
• Managing and assessing risk – as-
sessing risk and providing compen-
sating controls for a variety of risks.
• Procedures – setting procedures
regarding how the finance team will
process and distribute financial data,
like invoices, payments and reports,
with security and accuracy. These
written procedures also outline who
is responsible for making financial
decisions at the company and who
signs off on those decisions.
• Organizing and Directing – It is
important to organize and have reg-
ular meetings where financial mat-
ters are addressed, and the financial
decisions are made and were expert
directions are given for the appropri-
ate allocation and utilization of the
entity’s resources.
• Decision Making – Stake-holders
must make decisions on the direction
of the entity’s funds. Once the finan-
cial decisions are finalized, they are
circulated as financial documents,
and economic activities occur ac-
cording to those decisions.
In summary, the importance of Fi-
nancial Management cannot be
over-emphasized. It is the key to
the success of every business entity.
Without the proper management of
your finances, your entity will never
reach its full potential of growth and
success.
Money is to an entity, what oil is to
an engine!
References:
Strutner, S., (October 2, 2020). Fi-
nancial Management Explained. Re-
trieved from
https://www.netsuite.com/portal/
resource/articles/financial-manage-
ment/financial-management.shtml
Types of Internal Controls (July 31,
2021) Retrieved from
https://www.fa.ufl.edu/directives/
types-of-internal-controls/
What are the 6 A’s of financial man-
agement. Retrieved from
https://www.quora.com/What-are-
the-6-A%E2%80%99s-of-financial-
management
7
CAREER DEVELOPMENT: OWNING THE GAP
By Harriet C Antoine
O
ne of the characteristics of
career development is that
it is on-going; and one of
the definitions of the word ‘Gap’
given by the Oxford Dictionary is:
a break in continuity. The ‘gap’
referenced in this article is the
gap in the curriculum vitae where
someone is unemployed, hence ‘a
break’ so to speak in one’s career
path. Therefore, the article focuses
on how to bridge the gap between
8
career development and unem- in.
ployment – on-going vs break in Being unemployed, as tough as it
continuity. may be financially and emotional-
From the onset, you need to identi- ly, still gives you a valuable asset
fy career growth as having a series not to be overlooked. Not changing
of activities which may include set- your attitude will help you identi-
ting goals, acquiring skills, gaining fy the asset on hand –time. This is
experience, taking up higher job now an opportunity to invest this
responsibilities, changing jobs, time wisely. Alongside looking for
learning new skills or improving a job or other worthwhile activi-
skills etc. However, the human ties someone may be engaged in,
tendency is to seek an easier way self-development is key. Use this
out and being in employment cre- time for reskilling and recalibrat-
ates an easy avenue of mapping ing.
a career path. Most of the Normally, reskilling and upskilling
people in employment are attached to work environments
use the organograms where an organisation is expect-
or job descriptions ed to invest in its employees as a
as a support tool for talent management process. The
career growth. Off goal being creating better work
course, this is not a culture and efficiency, and also for
bad idea, howev- the purpose of setting employees
er, over-reliance up for job changes or promotions.
on this may put However, it is very much possible
a stop to career and doable on an individual basis
growth once for personal growth, after all it’s an
someone is out individual’s career path which you
of employment. yourself needs to take charge of.
The COVID-19
pandemic has An article by CompareHero.
brought with my entitled “#DigitalCareers: 10
it macroeco- Ways To Upskill and Reskill Amid
nomic pressure COVID-19”, suggests ways in
resulting in job which someone can take the initia-
losses and re- tive to upskill themselves. Below
dundancies. Re- are some of the ways relevant to
ality therefore the topic. The detail below each
is that someone segment provides a basic concept
is likely to be behind each suggestion:
impacted neg-
atively. Change Brush up your
is inevitable but technical skills
you should never Being a Chartered Accountant, a
change your at- number of hard skills are required.
titude. The goal Why not continue polishing up on
should be to devel- or being conversant with new pro-
op oneself regard- fessional terminologies, changes,
less of the circum- and happenings in your surround-
stances you may be ings and all across the globe, par-
ticularly the commercial realm?
Be aware of the factors that affect
businesses.
There are a number of free on-line
courses (e.g. Udemy) that can also
help someone to upskill in their
area of expertise.
Make time to improve soft
skills
Soft skills are interpersonal attri-
butes required to succeed in every-
day life, be it at home or the work-
place, e.g. communication skills,
teamwork, problem solving, public
speaking, professional writing, etc.
This can be an opportunity to im-
prove, for example, presentation
skills. Someone may pick on an
analysis of financial statements
and the comments attached, and
practice presenting them fluently
and professionally.
Learn to be more
digitally-savvy
This goes beyond knowledge
about different applications and
software that are utilised by most
organisations but being familiar
with the technology. Activities
like e-commerce, inventory man-
agement, data accumulation and
interpretation, data analysis, credit
risk management, etc. all depend
on technology.
Pick up a new language
There are a number of languages
that have now become common-
place as the world gets smaller
technologically and commercially.
Picking up languages like Manda-
rin, Arabic and French can be an
added advantage to career growth.
Free on-line language learning
applications are readily available,
e.g. Duolingo.
Build your LinkedIn
network
LinkedIn can teach someone how
to be more visible, informed and
attuned to the latest trends within
one’s field. Building up the Linke-
dIn profile takes real skills, and it’s
these skills that you can acquire
that should be used often and stra-
tegically. You can also sharpen
your storytelling skills and pick up
social media management when
planning your own content to pres-
ent or write up on.
With the foregoing in mind, once
you are confronted with an unex-
pected change, like loss of em-
ployment, this should not be the
time to lose your sense of purpose
and passion for your career path
but an opportunity to recalibrate
your personal operating system.
Bear in mind that recalibration is
not fixing something that is broken
per se but it’s a focus on improv-
ing and realigning oneself.
Note some of the ways that make
recalibration useful as brought out
in an article – “Recalibration for
continued career success” by Vito-
ria Walsh. The explanation below
each category is tailored to fit the
article.
Clarity on your career
path
When you recalibrate, you take
time to explore exactly what ex-
cites you, your skills, strengths
and passions.
Re-energize
When you recalibrate, you connect
with doing more of what you love,
aligning yourself once more with
your values and start to focus on
using more of the skills, strengths
and personal strategies that will
make things easier. You
thus achieve a natural boost.
Kill off negative whispers
When you recalibrate, you take
time to spot the helpful personal
stories, those that can help you
build empowering beliefs to spur
you on. It also helps take notice
and challenge the stories in your
head which may be holding you
back – e.g. the thought that one’s
career path has come to a dead-end
because of loss of employment.
All things considered, what you
need is - CAREER COMMITMENT.
Develop the power and desire to
exert effort to enhance your career.
Keep working on the career role
that you have chosen and are un-
dertaking. Be career resilient, gain
career insight and evolve your ca-
reer identity.
In conclusion, when you are asked
by be it an interviewer, a recruiter
or a friend/acquaintance why you
have a gap/gaps in your CV, DO
NOT look at it as a negative point
of failure in your career growth but
as an opportunity to OWN THE
GAP. Showcase the knowledge
and skill you have acquired and
how you may have already imple-
mented it and/or how you intend to
apply and harness the knowledge
and skill given an opportunity to.
The Author
Harriet C An-
toine (FZICA,
FCCA) is a
Chartered Ac-
countant with
7+ years’ ex-
perience, serv-
ing in various
finance and related functions. Her
core strength is data analytics and
insights, market intelligence, and
consumer insights.
9
 als, with their specialisation, help in
guiding accountants on how to ap-
Co-Existing of ply certain accounting standards and
other aspects that are related to the
Accountants standards in the industry, regardless
of whether one is in public, private
sectors, government or a Non-Gov-
ernmental Organisation (NGO).
By Pamela Yuku On one hand the International Ac-
counting Standards Board (IASB)
also depends on the information com-
orandum of Understanding with the
Zambia Institute of Human Resource
Management (ZIHRM) which took
place at the ZICA head office in Lusa-
ka on the 4th February 2022. This step
also reinforces that need for co-exis-
tence among accountants in Zambia.
Through ZIHRM, employers will be
sensitised about how accounting is
the same regardless of the qualifica-
tion one has be it a degree, ACCA, CA
(Zambia) or CIMA.

A
ccounting in Zambia has a
calibre of accountants who
hold different accounting
qualifications i.e. Degree in account-
ing and finance, ACCA, CIMA and
CA Zambia (formally ZICA). All of
these accountants are regulated by the
ZICA which is the mother body of all
accountants in Zambia. ZICA ensures
that all accountants, whether student
or professionals in industry, are in line
with the code of conduct and are do-
ing the correct things.
Why Should Accountants in Zambia
Co-Exist
First of all let me define what co-exis-
tence according to Merriam-Webster.
com, to co-exist is to “1: to exist to-
gether or at the same time. Or: to live
in peace with each other especially as
a matter of policy.”
The work accountants do is also reg-
ulated by Zambia Revenue Author-
ity, the Bank of Zambia through the
Banking and Financial Services Act
and PACRA through the company’s
Act which fosters co-existence be-
cause of the complexity and diversity
of the industry. It is dis-heartening to
see certain accounting job adverts that
kind of divide accountants because of
“certain preferred” qualifications. My
observation is that such adverts have
brought about uncertainty, some in-
tellectual division and bashing yet we
are all one and accounting is one and
the same thing regardless of which
qualification one has. As the indus-
try is diverse so is the accounting
profession and we are linked to each
other. A good example I can give are
the accountants who are specialised
in International Financial Reporting
Standards (IFRS). These profession-
ing from the industry to amend or
formulate new standards. The world REFERENCES
is constantly changing and so is the https://www.merriam-webster.com/
way of doing business. In the year dictionary/coexist
2020, we saw how the world was hit
by the COVID-19 pandemic. We all
never saw it coming but it happened
and it brought about new ways of do-
ing things like no hand shaking and
sanitising. Similarly, new ways of do-
ing business evolved and also new ac-
counting standards in the accounting
world like the COVID Rent Conces-
sion Standard. Because of the constant
changes that are there in the business
environment, it should be a solid
point for accountants to co-exist with
one another and also to leverage on
each other’s experience and expertise.
There is also need to pass on special-
ism and knowledge to new entrants in
accounting regardless of which qual-
ification one has in accounting, with-
out which it will be very difficult to
grow and gain continuous profession-
al development.
In conclusion, co-existing among ac-
countants in Zambia is very
important, regardless of their ac-
counting qualifications because at the
end of the day all fall under the same
accounting regulator - ZICA. No ac-
countant is less or better than the oth-
er. We should learn to embrace and
pull each other up. Accountants play a
very vital role in providing solutions
to improve companies, NGOs and
the Government, ultimately
improving and pushing the
economy forward.
L a s t l y, I t h a n k
ZICA for sign-
ing a Mem-

10
11
12
 STRATEGIC
CAPABILITY– THE
CANON OF THE
HYBRID
ACCOUNTANT
By James Kashalo
T
he Bi-Dimensional Ap-
proach to a Successful
Professional Accounting
Career.
The evolution of the accountancy
profession over the past few decades
has seen the generation of two
major questions for today’s account-
ing professionals. Although not
explicitly limited to providing
solutions to these two major ques-
tions, the
enhancement of strategic capabilities
through this bi-dimensional approach
can just be a starting point to a
successful professional accounting
career. The bi-dimensional approach
seeks to evaluate the strategic rele-
vance of the professional accountant
by considering two main phases of the
lifecycle of the professional
accountant, thereby projecting the
long-term stature of the accountant in
practice.
I have had the opportunity to con-
verse with accountants working for
different organisations as well as stu-
dent accountants. Of all my effective
conversations, 70% of the working
accountants had the view that the em-
ployer must do more. Being experts in
finance and
accounting, the employed
accountants could peep through the fi-
nancial figures, assess profitability and
conclude that they
deserved more than what they were
earning. On the other hand, 70% of
the student accountants that I had a
privilege of engaging in conversation
were of the view that finding employ-
ment in the accounting
environment was not an easy task.
Of course, that may be true, until one
logged into some major job floatation
sites and came alive to the fact that a
new accounting job is floated every 48
hours on average.
The bi-dimensional approach seeks to
provide suggested solutions to ques-
tions that appear at two different times
of the accountant’s career. The
question is how the professional
accountant proves strategically
relevant at:
- The Introductory and Growth Phase
of their career
- The growth and Maturity Phase of
their career
The Introductory and Growth Phase
If you have noticed, our approach
seeks to address the questions that
combine a growth component with
each phase. This highlights the fact
that growth is a critical component of
the accountant’s career. This phase is
very critical, and many young accoun-
tants today have found it difficult to
walk past this phase. Just like a long
path through the woods, a path long
enough not to remember, with simi-
lar branches, confusing as to whether
which one goes to the promised land,
such is the nature of the introductory
phase. This phase requires investment
by the professional both in time and
money. This is the phase within which
the professional accountant must be
more confused with many anxious
questions, an open mind. The intro-
ductory phase extends through to the
end of the practical training period of
the accountant’s lifecycle.
The Growth and Maturity Phase
This period normally begins as the ac-
countant begins to settle successfully
within the competitive professional
space. However, in spite this settle-
ment, the accountant should not cease
to grow. If we look at the example of
a long path through the woods, during
this phase of the professional journey,
the accountant would have reduced
the number of normal accounting
questions. The rate at which efficiency
is improved as more similar tasks are
performed slows down (See Learning
Curve Theory) and the accountant is
more than capable of superior perfor-
mance in basic and routine tasks.
Strategic Capability
Strategic capability is an internal fea-
ture; a quality that may be possessed
by individuals, communities, corpora-
tions or even nations. Well, to cement
our discussion, it will be critical to
13
understand the key components of and Hamel as they put forth their ar- long-term. It goes beyond threshold
strategic capability. These can be gument on resource-based strategies. capabilities that guarantee existence
termed ingredients or recipes of Stra- in the profession, but additional ca-
tegic capability and are: “Some professionals can simply be pabilities that guarantee competitive
more foresightful than others, these existence within a competitive pro-
Strategy are able to imagine solutions to un- fession.
seen problems, dynamic changes as
This is the course of action including well as develop questions aimed at Strategic Capability at the Growth
the specification of the resources re- addressing future problems. Such And Maturity Phase
quired to achieve a clear set of long- professionals will have few problems Well, what about the accountant that
term goals. in positioning themselves in the exist- knows the routine accounting work?
ing competitive professional space.” What about the accounting expert in
practice? Is there a climax within the
Capability There are several recommendations accounting profession?
available to the accountant at the
Capability depends on two critical
growth/introductory phase. Remem- Well having met Byrnes and Scapens
components - resources which sim-
ber, interviews are only successful if with their accounting Change project,
ply refer to the things you have and
you can distinguish yourself from the my outlook on the modern accounting
competences, which refer to how you
crowd. For me, it is critical for this space experienced a complete turn-
use the things you have.
accountant to: around. They enforced the need of not
Having a clear understanding of stra-
only an ordinary accountant, but also
tegic capability and investing in ac-
- Develop an extensive understanding a Hybrid Accountant - an accountant
tions aimed at strengthening the stra-
of Accounting and Financial Report- that is fully capable of retaining rele-
tegic position within the accountancy
ing Standards. Accountants are ever vance within this rigorously dynamic
profession will not only guarantee
learning professionals and hence business environment.
competitive advantage both during
every day without learning is a step Once the accountant reaches this
the Growth/Introductory and the
back within the competitive space. stage of their professional life, their
Growth/Maturity phases but also act
Knowledge of accounting standards focus needs to change, not that they
as the necessary gunpowder required
will position you way ahead of com- are abandoning the skills that they
to shoot the accountant through stra-
petition. have mastered throughout their pro-
tegic opportunities beyond account-
fessional life but in response to a
ing.
renewed call to providing extensive
Strategic Capability at The Introduc-
- Establish an understanding of the business solutions. They are no lon-
tory and Growth Phase
application of accounting standards. ger just providing information about
This can be done through reading of financial performance, but also pro-
“Distinguish yourself from the crowd.
published financial reports for all list- viding solutions aimed at improving
Not just an accountant, but a char-
ed entities, and these are available to performance.
tered accountant.” This became a
the general public.
phrase worth considering soon after
At the growth/maturity phase the ac-
the CA Zambia professional qualifi-
- Make networking the heart of your countant must consistently work on
cation was introduced. It looked like
social and professional life. This their leadership skills as their position
a longer path, with no certification all
helps you improve your confidence as grows within the profession. Their
the way until the completion of the
well as enhance your communication growth puts them in a position that re-
compulsory 3 years supervised prac-
skills in successfully convincing key quires them to not only be responsible
tical training (as that was the case
decision makers. for their actions but also the actions
when the programme was initially
of the organisation. One long-stand-
introduced). My motivation was that
- Practice your modelling through ing accounting professional told me
“If this journey appears too long, then
imagining and applying theoretical that:
it should also be true that one who in-
ideas in Microsoft or other relevant
tends to travel far must take such a
accounting tools. Therefore, IT com- “The most dispensable person within
long journey.”
prehension is a critical recipe. the organisation is the Finance Man-
ager or Chief Financial Officer. He is
Developing strategic capabilities at
- Keep learning generally. responsible for advising the organisa-
this phase requires an investment in
It is important to consistently remind tion as a whole and if things are not
knowledge. Of course, there will be
oneself of those strategic capabil- moving well consistently, this may
no experiences at the initial phases
ities that are not just aimed at pro- just be the first right person to dis-
due to the lack of exposure to prac-
viding current competitive strength, pose-of for not providing good advice
tical working life. However, allow
but competitive capabilities over the to the company.”
me to borrow the words of Prahalad
14

If this statement is true then the ac-
counting professional must be always
more foresightful through thinking of
possible problems that may arise and
finding long-term solutions aimed at
ensuring that the strategic capabilities
of their organisation is enhanced.
The Accountants Value
Chain
Porters Value Chain is a well-known
analysis tool that aims to explain the
key driver for profits. By mapping
costs to activities that can be split into
primary and secondary activities and
selling the end products at a margin,
the firm does more for its customers
than just incurring costs. Porter justi-
fies the margin as value addition.
Porters Value Chain is as useful to
accounting professionals as it is to
business entities. Developing strate-
gic capabilities within the accounting
profession at all phases is not all cost
free. It requires an investment in time,
dedication and real costs. The role of
the accounting professional here is to
identify those activities that add value
to their professional lives as those are
what intensify their ability to retaining
relevance in this dynamic economic
environment. At the introductory/
growth phase, it is more likely that
the margin (i.e., difference between
costs and earnings) will be slightly
lower. This is because the product
(professional) is still being introduced
to the market. However, with invest-
ment across the various sections of
the value chain and as the quality of
the value-added increases, margins for
the professional are achieved. Howev-
er, improvements to the professional
accountant’s value chain must contin-
ue throughout the life of their career,
otherwise, the dynamic environment
and competition will outrun the pro-
fessional and decline the capabilities
of their value chain.
The Canon of the Hybrid Accountant
The bi-dimensional approach seeks to
address the professional accountant’s
requirements in developing long-term
capabilities in the modern account-
ing space. Take note of the critical
component throughout our analysis
(i.e., Continuous Professional Devel-
opment). However, it must be noted
that all these tools that are aimed at
developing strategic capabilities are
of no effect without strict adherence
and compliance with ethical consider-
ations. Ethical issues have led to the
collapse of some of the largest firms;
the same can happen to the profes- James Kashalo
sional accountant. Accounts Assistant
BDO
The canon of the hybrid accountant is ZAMBIA LIMITED
therefore the development of key and +260096893841
unique competences relevant to pro- jameskashalo@gmail.com
viding them with enhanced compet- jameskashalo@yahoo.com
itive advantages at all phases, while
ensuring strict compliance with the
ethical code. Knowledge of relevant
legislation such as the Companies
Act, The Financial Intelligence Centre
Act etc. will aid the accountant fortify
their position in this dynamic econom-
ic environment.
Leading requires going an extra mile,
taking a step further. Go for it, retain-
ing relevance in the modern account-
ing space while seeking solutions for
possible future problems, the canon of
the Hybrid Accountant.
REFERENCES
• Conceptualizing Management Ac-
counting Change: an institutional
framework (John Burns and Robert
W. Scapens)
• http://www.idealibrary.com
• Porter’s value chain (kaplan.co.uk)
• Prahalad, C.K. and Hamel, G.
(1990) The Core Competence of the
Corporation. Harvard Business Re-
view, 68, 79-91.
• Product Life Cycle - Overview, Four
Stages in the Product Life Cycle (cor-
poratefinanceinstitute.com)
• The Accounting Change Project
(Burns and Scapens)
15
 PHOTO
FOCUS
CA Zambia audit trainees recruited to undertake their practical training by BDO

Graduate School of Business Student Executive with A pupil pre The ZICA Secretary and Chief Executive
registering for the CA Zambia after a Career’s talk. Mr. Anthony Bwembya and the ZCAS Executive Director
Dr. Egret Lengwe during the ZICA/ZCAS MoU signing ceremony.

Graduate School of Business Student Executive with ZICA staff at the FZWA Vice National Coordinator Ms. Hellen Kalumbi presents finan-
first years student orientation. cial donation of K5,000 for women empowerment to the Mayor of
Kafue Honourable Dr. Buumba Malambo

Business Development and Corporate Services Manager Mr. Moses Chitoshi

during a Career talk at Mkushi Secondary School

16
17

AUDIT
PROCEDURES IN
AN AUDIT OF
FINANCIAL
STATEMENTS
By Peterson G Mumbuluma
Introduction
T
his article is aimed at help-
ing students studying ac-
countancy and preparing
to sit auditing examinations. This
article is relevant to students tak-
ing the DA 11 Principles of Au-
diting, CA 2.3 Auditing Principles
and Practice and CA 3.2 Advanced
Auditing and Practice of the Zam-
bia Institute of Chartered Accoun-
tants (ZiCA) programme.
In my over 10 years of offering tuition
to students studying auditing with the
Zambia Institute of Chartered Ac-
countants (ZiCA), I have observed,
with disappointment, that many have
difficulties understanding the topic of
audit procedures and are in a majority
of cases unable to suggest suitable au-
dit procedures for given figures con-
tained in the financial statements.
Background
The above observation prompted me
to carry out a review of the past ex-
amination papers and examiners’ re-
ports for papers DA 11 Principles of
Auditing, CA 2.3 Auditing Principles
and Practice and CA 3.2 Advanced
Audit and Assurance for the past five
years, which revealed a number of in-
teresting points.
Observations from review of past ex-
amination papers:
1.) The compulsory questions in each
of the two CA papers comprise large-
ly questions on the same topics. As
a result, it is possible for candidates
taking these papers to almost predict
what topics will be examined in the
scenario 40 marks questions. The
topics commonly covered in the com-
pulsory questions are risk and profes-
sional ethics.
18
2.) The performance in these two
The same observation was made papers over the last five years has
with regards the Diploma paper, DA always been far below 50% pass,
11 Auditing Principles and Practice, signifying a poor performance
with questions in the two compulso- by candidates who take this
ry questions comprising same topics
over the five-year period. The main
paper. For the Diploma
paper, the pass rate
topics covered in the compulsory has been well below
questions at this level include Internal 20% in a majority
Controls, Risk and Ethics. of examination
2.) As a result of the above, it has sittings.
been possible for students to selec- 3.) Almost
tively cover the syllabi and concen- all the
trate on topics likely to feature in the exam-
compulsory question hoping to score in-
high marks and only require marginal
marks in the Optional section B of the
paper and still obtain an overall pass.
3.) Arising from the above two
points, it is likely that students
can study selectively and con-
centrate on the topics tradi-
tionally examined in the
compulsory question
to the exclusion of
the rest of the
syllabus and
still pass
the exam-
ination.
This
means that
students may
pass these pa-
pers and qualify
and still not possess
the necessary skills and
competences required to
perform audit procedures on
figures contained in financial
statements of client companies.
4.) Audit procedures have largely
been examined in Section B of both
examination papers, implying that
candidates can choose not to attempt
the questions on audit procedures. ers’
reports
Observations from a review of the ex- reviewed
aminers’ reports: showed that
1.) Candidates perform well and score candidates per-
high marks in the compulsory ques- form poorly on
tion and score poorly in the option- questions requiring
al section of the examination. Even candidates to describe
candidates who fail the examination audit procedures that
papers will have scored more marks must be performed in the
in the compulsory question compared audit of specific areas in the
to the optional questions. financial statements.
4.) It was observed students did not
popularly attempt questions on audit
procedures.
A review of the syllabi for these two
examination papers does not indicate
or suggest that there are topics that
will be examined in the compulsory
question at each and every examina-
tion. This means that topics that have
previously been examined in Section
B could feature in the compulsory
question and this could be a challenge
to candidates who selectively study.
It is from the above background that
I have decided to write two articles
relating to the topic of audit proce-
dures in order to help students deal
with questions on this topic. This is
the first of the two articles on audit
procedures.
The following areas shall be looked
into:
1.) Meaning of audit procedures:
Auditors perform substantive audit
procedures on the figures contained in
the financial statements and form an
opinion on the results of the audit pro-
cedures performed.
The audit procedures are performed
for all material amounts with regards
transactions contained in the State-
ment of Profit or Loss Account and
Other Comprehensive Income and the
balances in the Statement of Financial
Position.
The objective of performing substan-
tive audit procedures on the transac-
tions and balances contained in the
financial statements is to test for any
material misstatements in the fig-
ures which could cause the financial
statements to be materially misstat-
ed. Based on the results of the audit
procedures, the auditors will decide
whether to issue an unmodified opin-
ion or to modify the audit opinion.
For all material amounts in the finan-
cial statements, the auditors should
perform specific audit procedures.
Audit procedures comprise the work
that the auditors perform on the fig-
ures. Ordinarily, for each of the fig-
ures contained in the Profit or Loss
Account and the statement of finan-
cial position, there is a lead schedule
prepared showing the amount for the
year under review and the previous
year figure for comparison purposes. Observations made:
See schedule 10/3
Among information contained in
the lead schedule is the audit proce- Conclusion:
dures carried out and the conclusions The receivables balances are not ma-
reached. terially misstated.
A draft lead schedule contains the fol-
lowing information: 2.) Financial statement assertions:
The financial statements that are pre-
Ref: 10/1 pared by management before the au-
Client name: Limpopo Ltd dit are commonly referred to as draft
Period: Y/E 31/12/2020 financial statements. This is because
Subject: Trade Receivables they are subject to changes as the au-
dit progresses and are only final when
Prepared by: AS Date: 21/01/21 the audit is over.
Reviewed by: SA Date: 25/01/21
In order for the auditors to conclude
that the financial statements show a
Approach & sample selection: true and fair view, they consider the
A sample of items for testing was ex- following matters:
tracted from the schedule of receiv-
ables provided by the client. Details of (i) That the financial reporting
the sample and the results of the audit framework used is relevant to the
tests are contained in Schedule 10/2. client company being audited.
Audit procedures performed: (ii) That the financial
statements have been
(i) Obtain an understanding of how prepared in accor-
the report is extracted to confirm com- dance with applica-
pleteness and accuracy of the report. ble laws and regula-
(Also known as testing the informa- tions.
tion produced by the entity (IPE)) and
also obtained a schedule of accounts (iii) That the financial state-
receivables and cast the schedule for ments have been prepared in ac-
arithmetical accuracy. cordance with the International Fi-
nancial Reporting Standards (IFRSs).
(ii) Confirmed that the balance of
the schedule of accounts receivables (iv) That the financial statements
agrees with the balance in the receiv- agree with the underlying financial
ables control account. records of the client company.
The above implies that if financial
(iii) Selected a sample of receivables statements do not, to a material ex-
balances and performed a receivables tent, comply with the above, the audi-
confirmation - see schedule 10/1 tors will consider modifying the audit
opinion.
(iv) Reviewed the receivables aged
analysis and confirmed that the al- Financial statement assertions are
lowances for receivables have been claims made by management on the
computed in line with the provisions figures contained in the financial state-
of IFRS 9. ments. Management make certain
claims about the figures and disclo-
vi) For each ageing category obtained sures contained in the draft financial
a list of invoices that are making the statements in addition to claiming
balance in the age analysis for a se- that the above four matters have been
lected sample, From the invoices Se- complied with. Statutory auditors per-
lected for testing verify whether the form audit procedures to confirm that
Invoices are Correctly Aged. the assertions made by management
hold true.
19

Financial statement assertions are in
three categories as follows:
(i) Assertions about classes of trans-
actions. These are transactions con-
tained in the Statement of Profit or
Loss Account and Other Compre-
hensive Income and relate to cumu-
lative figures contained in there. An
example of transactions contained in
the Profit or Loss Account is revenue
and all other transactions contained in
the Profit or Loss Account.
Two examples of financial statement
assertions related to the figure of rev-
enue are as follows:
Accuracy – that the figure of revenue
has been determined accurately.
Completeness – that the figure of
revenue includes all revenue
that has been earned during
the year under review.
(ii) Assertions about
account balances
which are balances
contained in the State-
ment of Financial Posi-
tion at the period end. An
example of assertions about
balances could be the figure of
inventory at the period end.
Two examples of assertions relat-
ing to the figure of inventory in the
statement of financial position are as
follows:
Existence – that the inventory rep-
resented by the figure of inventory
represents inventory that existed at
the period end. If not the figure of in-
ventory may be materially misstated.
Valuation – that the inventory at the
period end included in the statement
of financial position has been valued
appropriately in accordance with the
provisions of IAS 2 Inventory at the
lower cost and net realisable value.
(iii) Assertions about presentation
and disclosures relating to the vari-
ous disclosure and presentation re-
quirements by various accounting
standards.
20
should know the financial state-
Examples of assertions relating to ments assertions relating to the
presentation could be for example the figures. Students are, therefore,
presentation of assets held for sale in reminded to study and understand
accordance with the requirements of the assertions as explained in para-
IFRS 5 Non-current Assets for Sale
graph 2 above.
and Discontinued Operations which
requires that assets held for sale
should be presented separately in the Further, students are expected to
financial statements. know the provisions of relevant
International Financial Reporting
The assertions relating to disclosure Standards (IFRSs) to be able to
with regards disclosure requirements design suitable audit procedures.
is for example the requirement of IAS This is the reason why students
24 Related Party Disclosures requir- taking auditing examinations are
ing the disclosure of related parties required to have taken a financial
and related party balances transac- reporting examination before. In
tions in the financial statements.
the event that due to passage of
time between taking the financial
3.) Relationship between financial
reporting paper and the auditing
statement assertions and audit pro-
paper students have forgotten the
cedures
relevant accounting knowledge,
In order for the auditors to con-
they are expected to revise these
clude on the financial statements
when taking the auditing paper
and issue an appropriate audit
otherwise they are likely to face
opinion, they require to perform
challenges in designing audit pro-
audit procedures. The objective of
cedures.
the audit procedures that are per-
formed is to obtain evidence that
5.) Audit procedures and the ex-
the relevant financial statement
aminations:
assertions hold true. It should be
Audit procedures are expected
clear, therefore, that when design-
to feature in future examination
ing audit procedures to perform,
papers like they have been in the
the auditors would have specific
past. Each of the three syllabuses
assertions in mind.
specifies the specific accounting
areas that students need to learn
For example, the relevant audit
and examination questions are
procedure for the auditor to per-
most likely to cover these speci-
form to test the assertion of exis-
fied accounting areas. In the event
tence of year-end inventory would
that the compulsory questions con-
be attendance of the year-end
tain questions on audit procedures,
inventory count by the auditor.
students with little knowledge of
Through this, the auditor will ob-
audit procedures would face chal-
serve how the inventory count is
lenges in answering such ques-
conducted by the client company
tions.
and also physically inspect the in-
ventory which forms the basis of
Audit procedures have been ex-
the inventory value in the financial
amined in the following manner
statements.
in the past:
4.) Knowledge required to design
(i) Students required to describe
appropriate audit procedures:
the audit procedures that should be
In order for the student to design
performed to test specific financial
suitable and relevant audit pro-
statement assertions.
cedures in the examination, they
(ii) Students required to describe a prescribed number of audit procedures without any assertions hav-
ing been specified.

(iii) Students required to evaluate the appropriateness of suggested audit procedures to

test specific financial statements assertions.
(iv) Students required to explain the meaning of financial statement assertions
giving suitable examples.

Conclusion

In the second and last article on this topic, I will go through

audit procedures for specific financial statement areas
in the relevant syllabuses and illustrate how candi-
dates can suggest suitable audit procedures.
Students are encouraged to study and fully
understand the topic on audit evidence
and audit procedures. Practice with
past examination questions and
answers will improve their
chances of performing
better in answering
questions on audit
procedures.

References:

1.Examiner’s comments on the

ZiCA website.

2.ZiCA past examination papers for the past

five (5) years for papers DA 11 Principles of
Auditing, CA 2.3 Auditing Principles and Prac-
tice and CA

3.2 Advanced Audit and Assurance.

3.The official ZiCA student handbook.

21
22
 5.) Temperature Check
Body temperature shall be checked before candidates are
admitted into the examination room.

6.) Arrival time at the Examination Venue

Candidates are urged to arrive at the examination centre
by 08:20 for the 09:00 hours Session and 13:20 hours for

NOTICE FOR the 14:00 hours Session. No candidate shall be allowed

into the examination room after 45 minutes from the time
reading time is given. Note that 15 minutes reading time

JUNE 2022
shall commence at 08:45 hours for the morning session and
13:45 hours for the afternoon session.

EXAMINATION
7.) Writing at an Examination Centre Different from one
showing on the docket
No candidate shall be admitted into an examination room
at a centre that is different from the information appearing
on the examination docket. Invigilators shall turn away any
candidate that shows up to write at a wrong examination
centre.

8.) Accepted Identification documents

A candidate should present the examination docket togeth-
er with the following:

D
ear candidate, as you embark on writing your a.) Valid ZICA student Identity Card.
June 2022 Examinations, you are instructed b.) National Registration Card (NRC).
to observe the following: c.) Valid Passport
d.) Valid Drivers’ license.
1.) Physical Distancing
Physical distancing of not less than one meter must be ob- NOTE
served. Close contact among candidates should be avoided
at all times. i.) No candidate shall be admitted into the examination
room if the candidate’s docket does not have a passport
2.) Wearing of Face Masks size photo or if they do not have any of the identification
As guided by the health authorities, wearing of masks is documents indicated above.
mandatory. Candidates shall not be allowed into the ex- ii.) Candidates admitted on the basis of a police report and
amination without face masks. Candidates who shall not photocopy of a lost ID must submit the police report and
be admitted into the examination room(s) for failure to ob- photocopy of ID after writing the last paper.
serve this rule shall be personally responsible.
9.) Unauthorised Material
3.) Sanitizing and washing of hands No material other than an authorised calculator, pens, pen-
Before being admitted into the examination room, can- cil and rulers are to be taken into the examination room.
didates MUST sanitize their hands. Hand sanitizing and Phones are not allowed into the examination room whether
washing points shall be provided at all examination centres on or off. Invigilators shall confiscate any unauthorised ma-
by ZICA. terial (phones included) found on a candidate in the exam-
ination room and sent to ZICA as evidence. Unauthorised
4.) Attendance Registers materials such as phones shall only be given back to erring
Examination attendance registers shall be used for contact students after their case has been heard by the ZICA Dis-
tracing purposes. Candidates MUST ensure that they sign ciplinary Committee.
the register during each session they attend.
23

10.) Subject Colour Codes
It is the responsibility of the candidate to ensure that they
write the correct subject. Note that colours for each pro-
gramme and level are as indicated below:
(a)) Illness: applications for deferment are only autho-
rised where illness is supported by a certificate issued by
a registered medical practitioner. Such deferments shall
attract a charge of 30% of the applicable examination fee
per subject for the following examination session.

a.) White – Diploma in Accountancy level 1.
b.) Pink - Diploma in Accountancy level 2.
c.) Blue – CA Certificate in Accountancy.
d.) Yellow – CA Application Advanced Diploma in Ac-
countancy.
e.) Green – CA Advisory Professional in
Accountancy.
Note: Any candidate who writes a wrong subject shall
be deemed as absent in the subject they were originally
supposed to write.
11.) Leaving the Examination Room
Please take note that a candidate is not allowed to leave
the examination room during the first 30 minutes and the
last 30 minutes.
12.) Signing in the Registers
Candidates MUST ensure that they sign the register for
every subject they write at the end of the session. Candi-
dates MUST request the Invigilator to avail the register
so that they can sign in the event that the register is not
availed to them.
(b) Nursing an ill immediate family member: applications
are only authorised if the person who is ill is a spouse,
child, biological parent or legal guardian of the candidate.
The application must be supported by a certificate of ill-
ness issued by a registered medical practitioner. A charge
of 30% of the applicable examination fee per subject for
the following examination session shall be levied on such
deferments.
(c) Loss of an immediate family member – applications
are only authorised if the person who died is a spouse,
child, biological parent or legal guardian of the candidate.
The application must be supported by the death certificate
and burial permit for the immediate family member who
has died. Such deferments shall NOT attract any charge.
(d) Legal grounds – applications for deferment are al-
lowed for persons who are required to attend court ses-
sions or to give evidence in courts of law at the same
time as they are expected to sit an examination. Such de-
ferments shall attract a charge of 30% of the applicable
examination fee per subject for the following examina-
tion session.

13.) Submission of a Signed Copy of the Malpractice The table below gives a summary of the conditions, the
Declaration. charge and the due date for deferment of the June 2022
If a candidate is writing one paper or a final paper during examinations.
a particular session, they MUST submit their signed ex-
amination malpractice declaration form to the Invigilator Item No. Conditions Charge Due Date
upon completing the examination. 1. ) Illness 30% 25th June
2022
14.) Submission of Examination Dockets
If a candidate is writing one paper or final paper during a
2. ) Nursing an 30% 25th June
particular session, they MUST submit their signed exam-
ill immedi- 2022
ination docket to the Invigilator upon finishing writing.
ate family
.
member
15.) 15 Minutes reading Time
Candidates have 15 minutes during which they can go 3. ) Loss of an NIL 25th June
through the paper and make their plans for answering the immedi- 2022
questions. Candidates are permitted to note down any- ate family
thing that can aid them in the examination using a pencil member
on the question paper but NOT in the answer booklet.
During this period, candidates must ensure that they have 4. ) Legal 30% 25th June
been given the correct examination question paper. Note grounds 2022
that 15 minutes reading time shall commence at 08:45
hours for the morning session and 13:45 hours for the
afternoon session. Issued by:
Anthony Bwembya
16.) Deferment of Examinations Secretary and Chief Executive
Candidate applications for deferment will only be Zambia Institute of Chartered Accountants
approved based on the following grounds: Accountants Park, 2374/A Thabo Mbeki Road
P O Box 32005

24
 JUNE 2022 EXAMINATION TIMETABLE

ZAMBIA INSTITUTE OF CHARTERED ACCOUNTANTS

CA ZAMBIA PROGRAMME
13TH TO 17TH JUNE 2022

Date Morning (09:00 – 12:00) Afternoon (14:00 – 17:00)

CA1.1 – Financial Accounting CA1.5– Management Theory
Monday CA2.1 – Financial Reporting and Practice
13th June 2022 CA3.1 – Advanced Financial Report-
ing
Tuesday CA2.2– Management Accounting CA1.3 – Business Economics
14th June 2022 CA3.5 – Advanced Management
Accounting

Wednesday CA1.2 – Business Statistics CA1.6 – Business

15th June 2022 CA2.6 – Strategic Business Analysis Communication

Thursday CA2.3 – Auditing Principles and CA2.4 – Taxation

16th June 2022 Practice CA3.4 – Advanced Taxation
CA3.2 – Advanced Audit & Assurance

Friday CA2.5 –Financial Management CA1.4 – Commercial and

17th June 2022 CA3.6 –Advanced Financial Manage- Corporate Law
ment
CA3.8 – Public Sector Financial Man-
CA3.7 – Public Sector Audits
agement and Assurance

ZAMBIA INSTITUTE OF CHARTERED ACCOUNTANTS

DIPLOMA IN ACCOUNTANCY PROGRAMME
13TH TO 17TH JUNE 2022

Date Morning (09:00 – 12:00) Afternoon (14:00 – 17:00)

DA1 – Financial Accounting DA7 – Principles
Monday of Management
DA8 – Financial Reporting
13th June 2022

Tuesday DA5 – Cost Accounting DA3 – Business Economics

14th June 2022
DA9 – Management Accounting

Wednesday DA2- Quantitative Analysis DA4 - Information Technology

15th June 2022 and Communication

Thursday DA11 – Principles of Auditing DA10 – Taxation

16th June 2022

Friday DA6 – Business Law

17th June 2022
DA12 – Governance and
Corporate Law
25
 JUNE 2022 EXAMINATION TIMETABLE

ZAMBIA INSTITUTE OF CHARTERED ACCOUNTANTS

TAXATION PROGRAMME
13TH TO 17TH JUNE 2022

Date Morning (09:00 – 12:00) Afternoon (14:00 – 17:00)

C3 – Accounting for Tax Practitioners C1 – Business Management
Monday
13th June 2022 D6 – Tax Audit and
Investigations
Tuesday D4 – Personal Taxation C4 – Direct Taxes
14th June 2022

Wednesday C2 – Economics and Financial Math- D1- Business Information

15th June 2022 ematics Management
D3- Business Taxation
Thursday C5 – Indirect Taxes
16th June 2022 D5 – International Taxation

Friday D2 – Financial management C6 – Law for Tax Practitioners

17th June 2022

ZAMBIA INSTITUTE OF CHARTERED ACCOUNTANTS

DIPLOMA PUBLIC SECTOR FINANCIAL MANAGEMENT
13TH TO 17TH JUNE 2022

Date Morning (09:00 – 12:00) Afternoon (14:00 – 17:00)

PFM1 – Public Sector Accounting
Monday PFM6 – Financial Reporting Frame-
work for Public Sector Entities
13th June 2022

Tuesday PFM3 – Governance and Man-

14th June 2022 agement in the Public Sector

Wednesday
15th June 2022

Thursday PFM5 – Public Sector Audits

16th June 2022

Friday PFM4 – Public Sector Financial PFM2 – Legal Aspects of Public

17th June 2022 Management Sector Finance and Administra-
tion

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 58 Evelyn Hone College No YES

BLUEWOOD
CHARTERED ACCOUNTANTS
59 BlueWood Charetered Acccountants No YES Audit. Tax. Advisory

60 Harrison & Associates Chartered No YES

Accountants and Business Advisors

60 Ministry of Finance No YES

LIST OF APPROVED MENTORS:

https://www.zica.co.zm/wp-content/uploads/2022/05/List_of_Approved_Mentors.
pdf

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