Who are we
The Lesotho Institute of Accountants (L.I.A.) was established by the Accountants Act of 1977, which gives the Institute the mandate of regulating the Accountancy practice in Lesotho. Our mission is to develop, enhance and effectively regulate the accounting profession in Lesotho through: Provision of internationally recognized education and training programs, as well as ensuring compliance.
Legal Background and Raison D’tre
The Lesotho Institute of Accountants (L.I.A.) was established by the Accountants Act of 1977, which gives the Institute the mandate of regulating the Accountancy practice in Lesotho. This responsibility can further be broken down into the following functions:
To determine the qualifications of persons for admission as members:
To provide for training, educational and examination by the Institute or any other body of persons practicing or intending to practice the profession of accountancy:
To set the standards and rules governing the practice and ensure that compliance with these is maintained.
The operations and funds of the Institute are managed by the Council that is elected by the Annual General Meeting. In terms of the Act the composition of the Council is as follows:
The Accountant General (GOL) – ex-officio
The Auditor General (GOL) – ex-officio
The Director (CAS) – ex-officio
Eight Chartered Accountants – elected on a three-year rotational basis.
Four General Accountants – elected on a three-year rotational basis.
Two Technician Accountants – non-voting members
Council elects two key officers on an annual basis, namely, President and Vice-President.
The Chief Executive Officer is a full-time officer of the Institute who is responsible for its day-to-day administration.