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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