Accountants Park
Plot No. 2374/a
Thabo Mbeki Road, Lusaka
membership@zica.co.zm
education@zica.co.zm
(+260) 211 374 550-9
(+260) 211 255 355 (Fax)

AUDIT PRACTICE


Definition of Public Practice

All members need to ascertain whether their activities constitute engaging in public practice.


Why is it important?

Members whose activities fall within the scope of the definition of engaging in public practice will usually require a Practicing Certificate and professional indemnity insurance, and fall within the scope of Practice Assurance.


What constitutes Public Practice?

You are engaged in public practice if you are a principal or are held out as a principal in:

a public practitioner; or

the parent of a public practitioner; or

an entity which is a principal of a public practitioner.

You are a principal if you are:

a member in sole practice

a salaried or equity partner of a partnership

a member ‘held out’ as a principal.


All members need to ascertain whether their activities constitute engaging in public practice.


Why is it important?

Members whose activities fall within the scope of the definition of engaging in public practice will usually require a Practicing Certificate and professional indemnity insurance, and fall within the scope of Practice Assurance.


What constitutes Public Practice?

You are engaged in public practice if you are a principal or are held out as a principal in:

a public practitioner; or

the parent of a public practitioner; or

an entity which is a principal of a public practitioner.

You are a principal if you are:

a member in sole practice

a salaried or equity partner of a partnership

a member ‘held out’ as a principal.

The objective of ZiCA is to endeavour to protect the financial interest of the Zambian public and international investors in Zambia through the effective and appropriate regulation work conducted by registered and licensed auditors in accordance with internationally recognised standards and processes. The Standards & Regulatory Board plays a very important role in that it assists ZiCA to develop and maintain auditing pronouncements which are internationally comparable.