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GAE 2012 Lesotho
Country Characteristics of Lesotho
Total population (millions)
1.9 (N/A)
GDP per capita (USD)
Business language
Legal system
Economic position
2,000 (2012) (ranked 193 in the world)
English
Mixed
Factor driven
Regional affiliations
Commonwealth, UNCTAD
Accountancy Profession in Lesotho
Lesotho Institute of Accountants (LIA)
IFAC membership
Affiliations
IFAC compliance information
Qualification
Address
Recognition
Full member
Pan African Federation of Accountants (PAFA)
Part I (2006), part II (2006), part III (2013)
General Accountant, Chartered Accountant
5 Orpen Road, Old Europa, Maseru, 0100, Lesotho
Tel: (+266) 22312115, Fax: (+266) 22 320 022
[email protected]; [email protected], www.lia.org.ls (English)
Lesotho has a joint recognition scheme with ACCA
Accountancy Education in Lesotho
To ensure that LIA members are fully conversant with the developments in the profession, LIA provides and
facilitate through workshops and seminars, training to its members and monitors participation of each member
through continuous professional development program. For the membership into the LIA, candidates are
required to pass the professional examinations and have the practical experiences, from a year to three years
depending on the level of membership one is applying for. Working with the ACCA, the LIA employs its best
endeavors to ensure compliance of the accounting syllabus in Lesotho with SMO 2. LIA has Developed a New
Initial Professional Development scheme which will be addressing Public Finance Accountancy Framework
which was launched on April 27th 2012. LIA is currently working hand in hand with the Council on Higher
Education Lesotho to pave way for its implementation.
Characteristics of Accountancy Education
Certification Requirements
Program of professional accountancy education
Practical experience requirement
CPD
Providers of Professional Education
Professional accountancy organization and universities
Responsibility for Education Requirements
Profession
Licensing Requirements for Auditors
Academic study, practical experience and CPD
Compliance with International Education Standards
Level of compliance with IES
Adoption
Implementation
High
Not available
Personal Development
High
Not available
Professional Accountancy Education
High
Not available
Professional Development
High
Not available
Competence for Audit Professional
Sub-Pillar Scores - Lesotho
Personal Development
1,00
0,80
0,60
0,40
Competence for Audit
Professionals
0,20
0,00
Professional
Accountancy Education
Professional
Development
Adoption
Implementation