THE CHARTERED ACCOUNTANTS BILL, 2009 Memorandum The purpose of the Bill is to recast the Institute of Chartered Accountants Act, 1963 (Act 170) to make it reflect the changes that have taken place in the accountancy profession and international accountancy practice since that Act was enacted some forty-six years ago. Within this period a lot has happened in the area of accountancy practice which requires changes to the Act. To effect these changes by amendments, would require as many as sixteen substantive amendments of the Act. This will change the character of the Act and make the use of the Act difficult because the contents of the Act will be in two separate documents with reference being made from one document to the other. To avoid this situation, the Act has to be recast to make it more reader friendly and to conform to contemporary accountancy practice. It is for this reason that this Bill has been proposed for enactment. The Bill is divided into five subject heading...
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