THE SOCIETY OF ACCOUNTANTS IN MALAWI

Strategic Objectives

 

Since 2003 there has been a drive to merge SOCAM with the Public Accountants Examination Council of Malawi (PAEC) to create the Institute of Certified Public Accountants (ICPAM). A bill to create ICPAM was drafted and presented to Parliament. A Strategic Plan for ICPAM was developed covering a 3 year period from 2006 to 2008.

 

In view of the delay of the merger, the high prospects of further delay and the need for SOCAM to continue looking ahead, the Council of SOCAM decided to develop an interim 3 year Strategic Plan for SOCAM for 2008 to 2011.

 

The creation of this strategic plan will allow SOCAM to focus on some key strategic objectives that will ensure that SOCAM reinforces its relevance and value to members, the Government and the society in general. The following Strategic Objectives have been identified as key areas to be pursued within this planning time frame:

 

To enhance CPD and other service delivery to Members

To promote transparency and accountability in the Public Sector

To enhance institutional and technical capacity

To enhance Student service delivery

To continuously improve reputation, influence, global recognition, and external relations

To enhance long term financial sustainability

 

 

SOCAM Functions

 

SOCAM is given specific powers and duties under the Public Accountants and Auditors Act (Laws of Malawi Chapter 53:06). The Act provides the functions of the Society as to:

 

Keep its members updated on technical developments in the profession both internationally and internally

Set accounting and auditing standards appropriate to conditions prevailing in Malawi while ensuring that financial statements produced in Malawi are acceptable internationally

Research into matters affecting the profession

Provide continuing professional education for its members

Formulate and monitor professional ethics applicable to its members

Register student members

Prescribe regulations for the protection of client funds held by its members

Discipline its members as well as registered students and trainees

Issue, renew or withdraw practicing certificates to/from its members carrying on public practice

Advise the Malawi Accountants Board (MAB), the Public Accountants Examinations Council, and Malawi College of Accountancy on any matters referred to it

Appoint members to represent it on the boards of MCA, MAB and PAEC as required by the Act

 

Historical Perspectives

 

The Society of Accountants in Malawi (SOCAM) is an accountancy professional body whose main objective is to promote the accountancy profession in Malawi. The Society was established in 1969 as a company limited by guarantee. It was established by a small group of qualified professional accountants resident in Malawi shortly after independence. Prior to its formation professional accountants in Malawi were under the Rhodesia Society of Accountants a situation which was only satisfactory during the federation era.

 

SOCAM was the guiding force behind the introduction of in-country training facilities for Malawians. It provided these training facilities on voluntary basis for several years before promoting the establishment of the Malawi College of Accountancy in 1980. The Society was also instrumental in putting in place the Public Accountants and Auditors Act. (It was SOCAM's members who drafted the Act) and in creating the Malawi Accountants Board and the Public Accountants Examination Council.

 

Sacritariate

 

Evelyn Mwapasa, Chief Executive Officer

 

Sophie Chamba, Operations and Administration Officer

 

Patrick Achitabwino, Senior Membership Services Officer

 

Bertha Magombo, Accounting and Technical Officer

 

Clifton Kaisa, Finance and Administration Assistant

 

Yohane Zibophe, Office Assistant

 

SOCAM Chairmen Since 1969

 

Year                             Name

1969 - 1970                 D J Lee

1970 - 1971                 J Reid

1971 - 1972                 B Thomas

1972 - 1973                 L Mercer

1973 - 1974                 R Vart

1974 - 1975                 R H Martin

1975 - 1976                 V Mullan

1976 - 1977                 V Mullan

1977 - 1978                 B Thomas

1978 - 1979                 D R Kemp

1979 - 1980                 I R M Law

1980 - 1981                 F Sacranie

1981 - 1982                 F Sacranie

1982 - 1983                 R H Martin

1983 - 1984                 J E Smith

1984 - 1985                 R Wrixon

1985 - 1986                 A A Osman

1986 - 1987                 A J Rix

1987 - 1988                 M Mtila

1988 - 1989                 M Mtila

1989 - 1990                 C Mhango

1990 - 1991                 J M O’Neill

1991 - 1992                 M A R Phiri

1992 - 1993                 R H Savjani

1993 - 1994                 R H Savjani

1994 - 1995                 N T Uka

1995 - 1996                 N T Uka

1996 - 1997                 P A E Kankhwende

1997 - 1998                 P A E Kankhwende

1998 - 1999                 A B Sauzande

 

SOCAM Presidents since 1999

 

1999 - 2000                 A B Sauzande

2000 - 2002                 A A Chioko

2002 - 2004                 M Z U Tembo

2004 - 2006                 J K Lipunga

2006 - 2008                 A G Kulugomba

2008 - 2010                 D. Ngwira (Mrs)

2010 -  2012                L Katandula

2012                              W. Matambo

 

Council and Committees (2010/2012)

 

William Matambo - President

Cornwell Banda - Vice President

Lekani Katandula

Vilengo Beza

Chiwemi Chihana

Joel Mwenelupembe

Ranwell Mbene

Yobe Mwanda

Oliver Chilemba

Dorothy Ngwira

Misheck Esau

Ken Mthuzi

Ex-Official Members

Auditor General

Accountant General 

 

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