INSTITUTE OF CHARTERED ACCOUNTANTS OF ZIMBABWE
STANDING ORDERS OF COUNCIL
(decisions taken which have ongoing effect or effect as a precedent.)
August 2009 - May 2015
Standing Orders of Council – August 2009 to May 2015
(a)Affiliate Membership (Coun22M - minute 4 - 4.11.99)
firms to have a detailed list of Partners, clearly stating the
qualifications of each partner and the services which they will render
to clients. The difference between the partners should be clearly
(b) Honorary Life Members
agreed in principle that the election of Honorary Life Members should
not be an annual event and that the election should only be recognised
where there was exceptional service to the profession and that the
person deserved meritorious award.
(COUN17M minute 188.8.131.52)
In principle, the election of Honorary Life Membership should not be an
annual event and the election should only be recognised where there was
exceptional service to the profession and that the person deserved
meritorious award. (COUN41M minute 10)
(c)Surcharges (COUN[91-92] 4th mtg minute 5.5.3)
25% surcharge is imposed on any portion of the current subscription
which remains unpaid on 31 July. Payments received are credited first
against any balance brought forward at the beginning of the financial
(d) Subscriptions (COUN19M 6.3.2.)
Members over 60 would pay 12.5% of the normal subscriptions and members over 70 would not be required to pay any subscriptions.
(e) Letters of Good Standing (COUN45M minute 11)
approved the use of the Institute Seal on a letter of good standing to
members signed by the President and the CEO of the Institute and members
will pay for the service.
2.COUNCIL DECISIONS (COUN39M minute 3.1)
Council decisions are binding on all members of Council and the Institute.
3.QUORUM AT COMMITTEE MEETINGS (Coun26M 18/05/2000)
was resolved that 50% or 4 members, whichever is the lesser, would
constitute a quorum at any meeting, and in the case of an uneven number
on the committee, it should be rounded down. Any workings parties or
sub-committees would not be subject to a quorum being present."
4.REPORTS TO COUNCIL (COUN[95-96])
a Council member is unable to attend a meeting when he has been asked
to report upon some matter, he should either send a written report or
appoint a spokesman to speak for him at the meeting.
In the absence of the Chairman of a Committee, the Vice-Chairman should report on his behalf.
a Vice-Chairman is not a member of Council, he should attend for that
part of the Council meeting dealing with the Committeeâ€™s
report.(COUN[96-97] 4th mtg minute 6.5.2)
5.CAPITAL EXPENDITURE BUDGET (COUN[94-95] 6th meeting minute 6.3.2)
In future, a capital budget will be prepared and presented at the same time as the annual budget.
6.CASH DONATIONS (COUN[93-94] 2nd mtg minute 6.3.2)
As a matter of principle, the Institute does not make cash donations to other institutions.
7.CONGRESSES: ATTENDANCE POLICY (COUN[95-96] 8th mtg)
President for the time being is expected to attend IFAC and ECSAFA
Congresses and functions organised by other accountancy bodies in the
region. Invitations to attend conferences other than those mentioned
above should normally be referred to Council.
8.E.C.S.A.F.A.: Representation. (COUN[94-95] 4th mtg minute 6.4.3)
Institute will be represented on the E.C.S.A.F.A. Council by a
representative appointed for a four year period. The current President
will act as alternate. The replacement for the representative will be
appointed one year before the expiry of his term of office.
9.COUNCIL AND OFFICE-BEARERS (COUN[96-97] 1st mtg minute 6.2.3)
(a)All office-bearers (i.e. President, Vice-Presidents and Chairmen of Committees) should be elected members of Council;
(b)Younger members should be elected to Council after serving effectively on committees;
should, in accordance with the by-laws, fill casual vacancies for
elected seats by either co-option or special election;
(d)The Minister should, in future, be invited to nominate as his representatives persons who have been elected to Council;
(e)Appointments to Council by Council should be minimised.
10.AUDIT OF CLIENT TRUST ACCOUNTS (COUN8M 6.6.3)
from discussion of the previous item, it was agreed that the issue of a
practising certificate would, in future, be conditional on the member
undertaking to ensure that it was audited during the period of validity
of the certificate. In the event of failure, the Institute would arrange
11.CLIENT MONIES(COUN[91-92] 6th meeting minute 6.3.1)
practising members of the Institute holding client monies are required
to submit a certificate in the form approved or a letter stating that "
no client trust monies were held and consequently no client trust bank
account was maintained during the twelve months ended 31 March 199X
before the end of June in the same year.
(a)Collection of monthly rentals
monthly rentals are being collected on behalf of a client and there is
any possibility of the service being seen as being provided by a
Chartered Accountant, the rentals collected should be treated as client
(b)Centralised Estates Account (COUN[92-93] 3rd meeting minute 5.3.6)
and liquidation monies are not covered by the definition of "client
monies" and should not be held in client bank accounts but in separate
accounts. However, a centralised estates account in the name of the firm
should be treated in the same way as a client account and should be
12.CONTINUING PROFESSIONAL EDUCATION.
(a)Requirement. 120 hours per three years with a minimum of 20 hours per year.
CPE activities must contribute to the competence of participants either
in professional or general business terms; they should contribute
directly to business or professional competence.
% hours claimable
Accredited courses 100
Professional congresses schools 100
In-house courses 50
Preparation of articles 100
Private study. 100
Council and committee meetings 50
Examination Board etc. 50
Technical reading 25
(c) Annual certificate. See under Practising Certificates.
(Summarised from circulars BLS 151, MG 5/86 and MG 3/88)
13.DISCIPLINARY PROCEDURE (COUN55M-minute 7.1)
shall appoint an Investigation Committee, which shall be tasked with
investigating allegations of misconduct made against a member, an
affiliate member, or a student accountant.
Committee shall consist of three members. The quorum of the meetings of
the Committee shall be two members.
Committee shall remain in office and function until the appointment of
its successor; Provided that if at that date the Committee has before it
a partly heard case, those members who comprise the Committee shall
continue to act as such for the purpose of completing such a case.
shall be the right of every member or any person to bring to the
attention of the Investigation Committee any complaint indicating that a
member, an affiliate member, or a student accountant may have become
liable to disciplinary action.
(v)The Investigation Committee
may, of its own motion, exercise its powers under these rules
notwithstanding the absence of any complaint.
(vi)Save where the
Investigation Committee otherwise decides, a complaint shall be in the
form of an affidavit, detailing the specific acts or failures complained
(vii)The Investigation Committee shall not be obliged to disclose the source of a complaint.
receipt of a complaint the Investigation Committee may, where it is of
the opinion that the complaint does not disclose a prima facie case of
improper conduct or where a complainant has neglected or refused to
comply with the requirements of these Rules, dismiss the complaint and
inform the complainant accordingly.
(ix)Upon receipt of a
complaint the Investigation Committee may, where it is of the opinion
that a prima facie case has been made for improper conduct on the part
of the accused, advise the accused in writing of the particulars of the
complaint and call upon him to furnish his written explanation to the
complaint within 21 days of such notice, and at the same time warn him
that such explanation may be used in evidence against him.
(x)If upon consideration of the complaint and the accusedâ€™ s explanation, the Investigation Committee is satisfied that-
A.the accused has given a reasonable explanation with regard to the conduct imputed to him; or
B.the conduct imputed to the accused does not constitute improper conduct; or
C.there is no reasonable prospect of proving that the accused has been guilty of the conduct imputed to him;
it may decide not to proceed further in the matter and shall advise the complainant and the accused accordingly.
the Investigation Committee is of the opinion that a prima facie case
has been made out against the accused, it shall refer the matter to the
Disciplinary Committee and shall send to such Committee a summary of the
facts together with a copy of any representations made to the
Disciplinary Committee shall consist of the President and the two vice
presidents. The Disciplinary Committee may co-opt two members of Council
to be a tribunal to hear the complaint. The President shall be the
Chairman of the Committee.
(ii)The quorum of the Disciplinary Committee shall be three members.
Disciplinary Committee shall co-opt the Legal Officer and a Senior
Counsel as its advisers. The advisers shall not count as part of the
(iv)On receipt of a referral from the Investigations
Committee, the Disciplinary Committee shall as soon as practicable
notify the accused of the nature of the complaint and the time and place
fixed for the hearing.
(v)The Disciplinary Committee shall give
such accused person a reasonable opportunity of being heard before it
and shall, if he so desires, permit him to be represented before it by a
legal practitioner or by a member of the Institute.
accused does not attend the hearing, then provided that the Disciplinary
Committee is satisfied that the notice of that hearing was served on
the accused the Disciplinary Committee may proceed to hear the complaint
in the absence of the accused.
(vii)The Disciplinary Committee
shall cause to be kept, in a form appropriate to the nature of any
particular hearing or inquiry, a record of the proceedings at such
hearing or inquiry.
(viii)Upon conclusion of the proceedings the
Disciplinary Committee shall deliberate upon the case in camera, and the
finding, and where applicable, the sentence, shall be communicated to
the accused and complainant by the chairman forthwith.
member or affiliate member is struck-off the register the Disciplinary
Committee shall cause a notice of such cancellation of membership to be
published in the Government Gazette.
A.The full details of the
cancellation of such membership shall be given to the media, and shall
be published in the next issue of the Zimbabwe Chartered Accountant or
its successors immediately after publication in the Government Gazette.
all other cases, a summary not incorporating the accusedâ€™s name shall
be published in the Zimbabwe Chartered Accountant or its successors.
14.REHABILITATION OF MEMBERS (Coun22M - minute 7.2)
principle was agreed that "it was natural justice to re-instate a
person who had demonstrated that he had been rehabilitated and that, in
principle, a person who had been struck off the register for
disciplinary maters could be re-admitted, who can show that he has been
rehabilitated and evidenced restitution as well."
15.DISCIPLINARY CASES: PUBLICITY (COUN [96-97]3rd mtg,minute 6.3.3)
the event of a member being struck-off, full details of the reasons
should be given to the media and published in the next issue of the
Zimbabwe Chartered Accountant immediately after the notice cancelling
his registration has appeared in the Government Gazette.
all other cases, a summary not incorporating the membersâ€™ name should
be published in the Zimbabwe Chartered Accountant and copies of the
summary provided to the media.
(a)Conversion [COUN38M - minute 8 Nov.2001]
conversion examinations specified by Council, in terms of section
27(b)(iii) of the Chartered Accountants By-laws will follow the
(i)Review the standing of the professional
body of accountants which prospective member is already a member of. The
Review would include other professional bodies that the Institute had
reciprocal membership agreements with and the qualification that the
prospective member had in respect of other professional bodies.
on the outcome of the review from 1) above, a prospective member would
be required to either write the full qualifying examination or a
conversion examination in taxation and the laws of Zimbabwe. Each
application would be considered by the Board on a case by case basis.
examination in taxation would be the ZCTA exam and the examination in
the laws of Zimbabwe would be and appropriate examination determined by
the Examinations Board.
(iv)Council would ultimately approve membership in accordance with section 27 of the Chartered Accountants By-laws 1997.
(b)Certificates: Training Contract Cancelled (COUN[90-91] 2nd mtg minute 5.8)
the event of a candidate having his training contract cancelled after
being given permission to write the Institute Examination, and him/her
passing the examination, an examination certificate/letter will not be
(c)W.A. Duff Award.
See under Student Prizes.
(d)Honours (COUN[9-96] 9th mtg minute 6.1.2)
will be awarded to candidates achieving more than 70% of the possible
marks in both Parts of the FQE taken at the same sitting
(e)Publication of Results (COUN[95-96] 8th mtg minute 2.2)
(i)Press advertisements are to list the candidates who passed in alphabetical order. One list for each Part.
(ii)Press advertisements should also show separately -
A.the winner of the Duff Award,
B.the names of candidates awarded Honours.
(iii)The article in the "Zimbabwe Chartered Accountant" should show -
A.the winner of the Duff Award,
B.the top ten candidates in each Part,
C.the names of candidates awarded Honours (the remaining candidates should be shown in alphabetical order).
D.an analysis of the F.Q.E. results by educational background
(COUN[96-97] 4th mtg minute 6.1.1)
(f) Bad Failure Rule (COUN[94-95] 5th mtg minute 6.2.1)
who fail badly at two consecutive attempts at either Part I or Part II
of the F.Q. Examination will not be permitted to resit.
(g)Examination Results: Staff Partners (COUN[93-94] 3rd mtg minute 1)
Staff partners should be provided with a copy of the pass/fail list showing the failure grades.
(h)Destruction of Examination Scripts (COUN33M minute 3.3)
The Examination rules should state that the papers would be destroyed one week after the publication of the results.
17.INSTITUTE FLAG (COUN[94-95]5th mtg minute 6.3.1)
Practising firms are permitted to purchase the Institute flag and fly it at their premises during business hours.
18.MONITORING OF FINANCIAL STATEMENTS (COUN30M MINUTE 3.4.2)
(a)The monitoring of company and parastatal financial statements is an important process and should be continued;
(b)the objective of monitoring company financial statements is to improve the standard of reporting;
(c)a company and Institute members drawing up company financial statements have a right to see the Committee's comments;
(d)the Committee must, to avoid possibilities of misunderstanding, confine its comments to technical principles;
(e)the Committee's comments should, in the first place, be forwarded to the auditors;
thereafter, should the comments (modified if necessary in the light of
the auditors' response) be forwarded to the company;
because of unavoidable delays, the financial statements for the
succeeding year have already been published, the Committee should alter
its comments in the light of any changes made;
comments should be sent to the Chairman of the Audit Committee (if one
exists), or the Chief Executive Officer/Managing Director,
meaningful reply from an auditor contacted in accordance with (e) above
is not received within three months, a charge of $5000 per month
should, thereafter, be raised;
(j)delays exceeding one year, and
repeated late responses exceeding three months should be referred to the
disciplinary committee for action.
(COUN[94-95] 6th mtg minute 6.2.2 & COUN[94-95] 7th mtg minute 6.5.3. Modified by COUN[95-96] 2nd meeting minute 6.4.1)
19.PRACTISING CERTIFICATES (Count20M minute 8) 6/99
President and Vice-Presidents were appointed as a Committee to
Interview and approve new applications for practising certificates.
to apply for a practising certificate or its renewal will be despatched
with the annual statements of account each year.
(b)A fee amounting to 10% of the annual subscription is payable for a practising certificate
(b)Employees of public practitioners are not required to hold a practising certificate.
(COUN[91-92] 6th mtg minute 6.5.3)
(d)Practising certificates will only be issued to practising members.
(f)The practising certificate year - 1 July to 30 June.
(COUN[93-94] 5th mtg minute 6.7.1)
was the consensus of council that whether signing on behalf of a firm
or as an individual the rule was that only members with practising
certificates could sign audit reports.
(COUN17M -minute 6.2.1)
20.PRACTICE REVIEWS (Coun41M - minute 6)
Practice Review Committee to report to the President and Vice
Presidents on the findings of the reviews where there were issues which
called for a second review the following year.
21.PRESIDENT (Media comment) (COUN[93-94] 2nd mtg minute 6.1.1)
The President is authorised to speak and respond on behalf of the Institute to the media.
23.PROFESSIONAL INDEMNITY SELF INSURANCE FUND (COUN[91-92] 2nd mtg minute 5.4.1)
in the Fund is obligatory for all practising firms unless they carry
equivalent insurance cover under another policy.
(a)Public Students (COUN32M - minute 9.1)
took a policy decision regarding the use of Institute facilities by
public students i.e. students who either do not have a training contract
registered with an Accredited Training Office (Registered Students) and
are not Exam Candidates.
Council believes that registered
student accountants and examination candidates should have priority in
the use of study facilities over public students and therefore ruled
that the latter should not have access to the currently overcrowded
seminar room and library.
Public students "off the street" should
be allowed to register for courses and would be provided with study
material and expected to attend study schools, the priority in the use
of Institute facilities must be given to persons studying to become
The quotas are based on the formula for a practising firm with more than one partner:
maximum quota equals 20 per auditing partner provided that each partner
has at least 3 auditing managers or seniors to assist with the
supervision and training of student accountants. If the ratio between
audit partners and managers plus seniors is less than 1:3, the quota
reduces as follows (with each partner calculated separately) - 1:2
â€¦â€¦ 16, 1:1 â€¦.12, 1:0 â€¦.8
Sole practitioners with no
managers or seniors have a quota of 6 and the quota increases by 4 per
manager or senior to a maximum of 18.
In the TOPP scheme, the quota equals 5 per Training Officers plus 3 per additional employed Chartered Accountants.
(c)Annual Fees (COUN[92-93] 5th mtg minute 6.5.3)
number of annual fees paid should relate to the length of the training
contract i.e. three year clerks should pay three times and five year
clerks five times.
(d)Student Prizes (COUN29M)
Institute to hold a presentation Day in February each year and the
District Societies hold prize-giving functions in July for Part I
prize-winners and for outstanding students at universities in their
areas. RAD Sagit Award be given for the top student in the Financial
Management (TOPP) Part II Examination and the Institute Award the Duff
Award for the top student in the Auditing specialistion (TIPP). The
aggregate of Part I and Part II marks be used to select the students
receiving the Duff and RAD Sagit Awards. The prizes and certificates
awarded at the Institute Presentation Day be:
B.Compt subject prizes (16) Sponsors
Top Student in B.Compt ($4000) $4000 (ICAZ Foundation)
Subject prizes in ZCTA (4 x $3000) $12000 (ICAZ Foundation)
Top student in ZCTA: $4000 $ 4000 (ICAZ Foundation)
Awarded to those who have done the conversion examination.
Part II QE certificates
Top Ten candidates in Part II QE Honours
Top Auditing Student: $5000 (ICAZ Foundation)
Top Financial Management Student $5000 (ICAZ Foundation)
Duff Award : $10 000 $10 000 (ICAZ Foundation and Duff Trust)
RAD Sagit Award : $10 000 (RAD Sagit)
The total cost to the ICAZ Foundation $35 000.
(e)Prizes For University Accountancy Students.
Details are at EC6M
(f)TOPP Training Offices (COUN30M minute 9.5)
the event of a Training Officer leaving a TOPP Training Office, and
before another CA is employed to replace him or her, a period of six
months be recognised as training hours, but after the six month period
without a Training Officer, the time would not be recognised.
(g)Application for TOPP Training Office (COUN 32M minute 9.2)
training offices may also be accredited to provide TOPP training
provided they comply with all the requirements set out for the training
of TOPP students.
(a) Cancellation for Travel Purposes (COUN[91-92] 2nd mtg minute 5.1.1)
a clerk's training contract is cancelled in order to permit him to
travel to broaden his experience, it may be re-instated, on his return
to Zimbabwe, with any principal willing and able to accept him:
that, the Education Committee, when agreeing to the reinstatement of a
training contract in these circumstances, shall recognise previous
articled service only if it is reasonably recent.
(b)Practical Experience - Foreign Training
Foreign training is not recognised automatically. Individual cases
should be considered on their merits. (COUN[95-96] 9th mtg minute
B. The period of the training contract to be served in
Zimbabwe of a Student Accountant who has served under a training
contract in another country is determined having regard to the length of
service under the previous contract. (COUN[94-95] 3rd mtg minute
(c)Employment before entry into Training (Affirmed COUN[91-92] 4th mtg minute 5.3.4)
an undergraduate is employed during vacations while obtaining his
degree or a prospective clerk works in a practising firm while studying,
part-time, for the necessary qualifications to enter training, one half
of the hours spent on client time may be counted as practical
The transfer of a training contract from a principal in one firm to a
principal in another firm is not normally consistent with the
contractual obligations which a student accepts when he enters into a
training contract. (Affirmed COUN[91-92] 4th mtg minute 5.3.4)
Transfers are approved only in exceptional circumstances and with the
mutual agreement of both parties. The reasons for the transfer must be
provided in writing.
(COUN[94-95] 4th meeting minute 6.1.1)
(e)Registration (COUN[90-91] 7th meeting minute 5.3.4)
wishing to enter training on the basis of "A" level passes will not
have their contract registered until they have produced proof of success
in that examination in the form of a certificate or a result slip.
registration, a contract will be back-dated for a period of not more
than three months to the date of the examination or the date on which
employment with the principal commenced, whichever is the later
(i)No open ended suspension will be approved.
(ii)The period of suspension must be agreed between the principal and the student accountant.
maximum period of suspension shall be five years. On the expiry of that
period, the contract will be deemed to have expired unless an extension
has been applied for and approved.
(COUN[90-91] 4th mtg minute 8.3.3)
(iv)Suspension of contracts will only be approved for educational purposes.
(COUN[91-92] 2nd mtg minute 5.1.1)
(v)All current suspensions are to be reviewed once a year (in December)
(a)Level of Supervision
Training records should show the level of supervision provided.
(COUN[92-93] 2nd mtg minute 6.5.2)
(b)Practical Experience Requirements (COUN17M - minute 6.7.3)
Percentages changed later.
Class of Work Minimum Percentage of
Required Period of Training. (TIPP)
Financial Accounting 10%
Financial Management 10%
Business information systems 2,5%
Financial Accounting 20%
Auditing - Internal
Information systems and management 5%
In addition, at least 2,5% of a student's total time must be hands-on computer.
(c);Timeous Submission (COUN[91-92] 6th mtg minute 6.4.1)
to submit training records timeously is a good reason for an
application to write the Institute Examination to be refused in terms of
section 51 of the Accountants' By-laws. Applications to sit the
Examination will be refused if the applicant's training records have
been outstanding for longer than six months.
27.ZIMBABWE CHARTERED ACCOUNTANT (COUN[94-95] 6th mtg minute 6.6.1)
(a)Thompsons Publications Annual Trophy
â€¢ For the best contribution to the magazine by a member or student accountant during the year June to June.
â€¢ The annual award of $2 000 which accompanies the trophy is financed from the public relations budget.
â€¢ Presentation to take place at the annual dinner.
â€¢ Judging to be done by an independent panel.
2017 ELECTION PAPERS
Memo to all members election
2016 AGM PAPERS
AGM 2016 Notice Agenda
ICAZ AGM Minutes 7 August 2015
PROXY FORM 2016
2015 AGM PAPERS
AGM 2015 Notice Agenda
ICAZ AGM Minutes 24 July 2014
PROXY FORM 2015