In a significant move aimed at enhancing the quality of the accounting profession in Malawi, the National Council for Higher Education (NCHE) and the Malawi Accountants Board (MAB), have entered into a Memorandum of Understanding (MOU), to collaborate in regulating Accounting Training Institutions (ATIs) and their programmes.

The MOU, signed recently in Lilongwe, is an important step towards ensuring excellence in the accounting industry.

Dr. Ambumulire Phiri, Chief Executive Officer of NCHE, emphasised the organisation's commitment to championing quality education.

She expressed optimism that the collaboration with MAB would further strengthen their efforts, particularly in enhancing the standards within the accounting profession.

"This partnership celebrates the synergy between NCHE, the regulator of higher education in Malawi, and MABU, the regulator of the accounting profession. By bridging the gap between higher education and professional qualifications, we are equipping our students with the practical skills and competencies needed for success in the dynamic field of accounting and finance," Dr. Phiri said.

Ms. Innocensia Ulemu Fiwa, Acting Chief Executive Officer of MAB, reiterated Dr. Phiri’s sentiments, highlighting the MOU's significance in aligning the two institutions’ mandates and approaches towards regulating ATIs and the accounting profession.

"This MOU will allow us to work together with the larger objective of improving the quality of education in ATIs and the overall delivery of quality education in higher learning institutions in Malawi.

“This is, therefore a momentous occasion in our common history because this MOU heralds a new way of doing things for the two organisations toward the improvement of tertiary education in the country," Ms. Fiwa said.

Among others, under the terms of the agreement, NCHE will take the pioneering step of registering Accountancy Training Institutions (ATIs) to offer an accountancy programme, prior to the joint accreditation assessment to be conducted by the two institutions.

On the other hand, NCHE will rely on MAB’s expertise in the assessment of the syllabus, lecturers, reference materials and examination processes in the ATIs.

The MOU is slated to run for three years, subject to renewal upon mutual agreement between the two regulatory bodies.