Regulation of Accountancy Profession
Professional accountants in Mauritius are subject to the regulation of the Mauritius Institute of Professional Accountants (MIPA) in accordance with the Financial Reporting Act 2004 (FRA 2004). Auditors are then subject to the oversight of the Financial Reporting Council (FRC) in accordance with the FRA 2004.
Responsibilities of MIPA
MIPA was established to regulate the accountancy profession. It’s responsibilities are to: (i) establish, publish, and review a Code of Professional Conduct and Ethics for Professional Accountants which must be consistent with the IESBA Code of Ethics; (ii) establish and maintain a register of Professional Accountants, Public Accountants, and Member Firms; (iii) establish membership requirements; (iv) conduct examinations for registering Professional Accountants; (v) establish and monitor continuing professional development requirements; and (vi) establish and implement investigation and discipline procedures.
Overseas accountancy institutes
The accountancy profession in Mauritius has grown through the inclusion of professional accountants qualified overseas. The FRA 2004 specifies a list of overseas institutes that are recognized for MIPA membership purposes—and consequently the initial professional development requirements for professional accountants in the jurisdiction—and all qualified individuals must register with MIPA to use the title of Professional Accountant (PFA). The recognized overseas accountancy institutes include: (i) The Association of Chartered Certified Accountants (ACCA) (ii) The Chartered Institute of Management Accountants (CIMA) (iii) The Institute of Chartered Accountants in England and Wales (ICAEW) (iv) The Institute of Chartered Accountants of Scotland (ICAS); (v) The Institute of Chartered Accountant of Ireland (vi) The Institute of Chartered Accountant of India; (vii) The South African Institute of Chartered Accountants (SAICA); and (viii) The Association of International Accountants (AIA). The listed organizations require aspiring professional candidates to complete a professional accountancy education program, practical experience requirements, and pass final examinations. Individuals who are members of professional accountancy bodies other than above, but which satisfy requirements relating to qualification in the field of accountancy and have a minimum of three years practical experience may also apply to register as a PFA. PFAs are generally employees and provide services to their employers.