What we do:
The Public Accountants’ and Auditors’ Board (PAAB) is a statutory board regulating that part of the accountancy profession engaged in public practice (audit work in Namibia) and it functions in terms of the Public Accountants and Auditors Act (No 51 of 1951).
Audit regulation, as with many other forms of regulation, consists of five general elements: the setting of standards, their formal adoption, their implementation in practice, the monitoring of compliance, and enforcement procedures. The regulation of audit is centrally concerned with the issue of ensuring that auditors follow best practice standards in conducting the audit, and are competent and independent; all of this being seen as essential in terms of auditors' capability to detect significant errors/omissions in financial statements and to report faithfully on them.
1. Regulate the registration and minimum requirements of public accountants and auditors through the accreditation of professional bodies;
2. Prescribe an appropriate framework for the education and training of properly qualified public accountants and auditors as well as their on-going competence through monitoring Continuous Professional Development;
3. Support the growth and transformation of the public accounting and auditing profession;
4. Advance the standing and effectiveness of the public accounting and audit profession in Namibia;
5. Protect the public by promoting the integrity of the public accounting and auditing profession in Namibia;
6. Prescribe account and auditing standards which are internationally comparable; and to
7. Conduct our business in an economically efficient and effective manner in accordance with the relevant regulatory framework (PAA Act).
Our Vision and Mission:
To be a respected regulator that promotes growth in the public accounting and auditing profession.
To protect the interest of the public and enhance the investor confidence in Namibia through the provision of regulatory oversight of the public accounting and auditing profession in accordance with internationally recognised standards and processes.
PAAB acknowledged that it would need to achieve its mission by working within an acceptable behaviour framework which is expressed through the PAAB’s six foundational values of: