Use tags for relevant frequently asked questions.

Which directors must sign off on financial statements?

The current directors at the date of approval of the financial statements need to sign the financials. Previous directors cannot sign the financials. The Companies Act requires 2 directors to sign unless there is only one director.

In addition, the auditor cannot date the audit opinion earlier than the date that management, those charged with governance have asserted that they have taken responsibility for the financial statements.

  • NAC001 is still a relevant financial reporting framework in Namibia.
  • The requirements to apply NAC001 are stricter than for IFRS for SMEs.
  • See Circular 2019/01 for guidance on the use of NAC001.
  • The NAC001 financial reporting framework can be found under “Circulars” on the ICAN Website.
  • NAC001 is not appropriate for Public Interest entities.
  • The thresholds for revenue and total assets in the guide to NAC001 provide guidance as to which categories/sizes of entities could consider applying NAC001. Those charged with Governance may exercise their judgement in this regard. If the entity can evidence that the entity does not have public accountability despite its revenue and/or total assets exceeding the thresholds, the NAC001 may still be applied, assuming all other requirements in NAC001 are met.
  • Consolidation is not required in NAC001 but the Companies Act requirements with regards to group accounts still need to be complied with – See Circular 2019/12.
  • Where principles in NAC001 are not considered sufficient to specific transactions, management should use its judgment in developing and applying an accounting policy. Ordinarily the first point of departure for developing guidance can be found in IFRS for SMEs or alternatively full IFRS.

Note: NAC001 still requires the user to apply the IASB Framework on preparation and presentation of financial statements. Accordingly you cannot apply an accounting policy that is not in line with the framework. As an example: An engineering firm cannot choose an accounting policy to recognise Revenue when they issue the invoice if the project has significant pre-payments or other stage of completion terms (payment due on completion of the project). In these cases the entity needs to recognise work-in-progress since the entity has an asset / liability at year-end. In addition, NAC001 must be a “fair presentation framework”.

Our understanding of IFRS for SMEs and IFRS is that all property plant and equipment carried at cost, with the exception of land, should be depreciated to its residual value. Relevant extracts from IFRS:

  • IAS 16 par 58 says ” Buildings have a limited useful life and are therefore depreciable assets. An increase in the value of the land on which the building stands does not affect the determination of the depreciable amount of the building.”
  • IAS 16 par 52 “Depreciation is recognised even if the fair value of the asset exceeds its carrying amount, as long as the asset’s residual value does not exceed its carrying amount. Repair and maintenance of an asset do not negate the need to depreciate it.”
  • IAS 16 par 54 “The residual value of an asset may increase to an amount equal to or greater than the carrying amount. If it does, the depreciation charge is zero unless and until the residual value subsequently decreases to an amount below the assets carrying amount.”

The affairs of the Institute are managed by a Council consisting of 7 elected members with Council having the power to co-opt non-voting members as necessary.

  • Anyone employed by an audit firm can sign off on an audit report on behalf of the firm if the firm’s internal policies allow for this, a designated partner has authorised this in writing and the person is a registered accountant and auditor in public practice (RAA) with the PAAB. (Note that the signing should include the individual’s name and that the various IESBA requirements also need to be complied with).
  • Someone who is not a partner/non-partner employees of an audit firm cannot sign an audit report on behalf of the audit firm.
  • An audit firm can be operated through a partnership or sole proprietorship.
  • You need to be registered with the Public Accountants and Auditors Board (“PAAB”) to perform an audit for a Namibian company.

To be registered with the PAAB, you need to be resident in Namibia, but the Act allows registration of non-resident partners, provided the applicant :

  • is not less than twenty-one years of age and is not ordinarily resident in Namibia;
  • is a member of an accredited body of accountants and auditors recognised by the board;
  • is a partner of a registered accountant and auditor ordinarily resident in and engaged in public practice in Namibia, or has furnished the board with a written undertaking approved by the board that upon or after registration he will be admitted into partnership with a registered accountant and auditor ordinarily resident in and engaged in public practice in Namibia.

There is no limit to how many practices that a registered auditor can be a partner in. As a partner you have an unlimited liability / risk profile and it is unlikely that multiple partnerships will accept the added risks.

Members are required to uphold prescribed standards of professional and ethical behaviour in their professional and business dealings. Any person, who has reason to believe that a member’s conduct is improper is entitled and encouraged to lodge a complaint with the PAAB regarding any alleged misconduct by a member of the PAAB, such as:

  • Breach of professional confidentiality
  • Unethical conduct
  • Conflict of interest or improper relationships
  • Criminal convictions
  • Unprofessional conduct
  • Holding out as a RAA whilst not being registered by the PAAB
  • Failure to uphold professional competence and due care in the performance of professional’s duties
  • Unauthorised advertising
  • Non-adherance to PAAB regulations done under the PAAB Act ( # 51 of 1951 as amended).
  • Non-adherance to any provision of the code of professional conduct or disciplinary rules as adopted by the PAAB .
  • Being professionally incompetent by demonstrating a lack of knowledge, skill or judgment or a disregard for the welfare of a client or the public; or
  • Engaging in the conduct that is harmful to the best interests of a client or the public or to the integrity of the accounting or auditing professions.

This list is not exhaustive but is an indication of some of the alleged offences that can be reported to PAAB.

Any member of the public, an association or an organisation may lodge a complaint against an auditor who is registered with the Public Accountants’ and Auditors’ Board (PAAB) if they feel that the auditor is guilty of improper conduct.

In terms of good practice, a complaint must be a formal complaint in the form of an affidavit.

Should you wish to lodge a complaint against a Registered Auditor, please contact the PAAB investigations department on : or log on to our website at: for additional information on how to lodge a complaint.

All complaints received are handled in strict confidence.

The Public Accountants’ and Auditors’ Board administers training regulations (“Regulations”) pertaining to the training of trainee accountants, registration of training officers and administration of training contracts.

Training administration also includes the set of requirements with which an organisation has to comply before it can be accredited or re-accredited as a training office. These Regulations are interpreted in a manner that is consistent with the PAA Act 51 of 1951 (as amended), By-laws, Code of Professional Conduct and any other applicable legislation of the Republic of Namibia.

In order to ensure that the PAAB qualification retains its status and credibility, PAAB has to fulfill certain responsibilities in relation to its training programme and ensure that prospective PAAB members are equipped with the skills required to perform a wide variety of roles and activities.

Further details regarding training to be become a Chartered Accountant and related Accreditation and Membership questions may be directed to:

The Membership and Training Officer Monica Kaisi-Festus Public Accountants’ and Auditors’ Board PO Box 11913, 123 Robert Mugabe Avenue, Windhoek Office +264 61 285 8424 Email:

Provision of audit services to the public is regulated by the Public Accountants’ and Auditors’ Act and persons who wish to offer such services must be registered with the PAAB.

Once you have successfully completed your training contract and passed the ITC and APC professional exams, you may register with ICAN to use the CA(NAM) designation.

The first stage of becoming a CA starts at university. The second stage takes place after you’ve graduated from university. This part of the journey entails three things.

Chartered Accountants are world-class business professionals whose careers are packed with great possibilities, travel opportunities and excellent financial prospects.

Many children are not certain what they want to become when they are in Matric, let alone in grade 10. Mathematics and English are required. Enrolling for a degree that puts you in the pound seats and keeps your options open is the smart choice.

Teenagers, and even young adults growing into their twenties, think that they know everything about the world, about themselves and, more often than not, what they want to do with their lives.

However, the importance of making decisions about your education that leave you with as many options as possible, so that when you do eventually reach the point of having a more informed idea of what sort of career you want to go into, you still have as many options as possible.

We encouraged you to keep your options as wide open as possible. You need to educate yourselves about the requirements and subject choices if you want to study further to be able to choose something that you really like. You are only really good at what you love in life. Many subject choices unwittingly cause children to limit their options.

While at school, it is highly recommended that you persevere with Mathematics. Although not the easiest subject, having a matric with Mathematics provides school leavers with a variety of choices when it comes to studying further and gaining qualifications towards a successful career. And when it comes to this stage of decision making – deciding on what path to take into tertiary education, there are similar decisions that can be made that would allow you to have broad opportunities to establish a successful career in the field of your choice. If you are not completely sure about a career, it’s just as well to study something that allows you to choose your industry later.

One such path to follow is that of the Chartered Accountant qualification. Long gone are the days where CAs were destined to be number crunchers. Over the years, the scope of a career as a CA has expanded considerably, to the point where qualified CAs are now found in almost all successful organisations. Business leaders, strategists and highly regarded entrepreneurs – across all industries – are often found to have a CA qualification in their background.

For any young person, it is the one career that allows you to do a range of things. The CA qualification provides an in-depth insight into how business works, no matter what the context. This breadth of understanding means that a qualified CA can find their way into any industry – from finance to medicine, media, sport, science and many others.

Studying towards a particular profession is not necessarily a negative decision but in the modern economy, you will most likely move through several careers in your lifetime, having a qualification that creates high value as both an employee or business owner, as well as creating broad horizons in terms of what direction you would like your career to take, is a smart choice indeed.

Members should apply their professional judgement in choosing the most appropriate activity to address an identified need in knowledge or experience.

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