Accountancy authority tightens oversight of large firms

This followed an announcement that was made by the Authority that all Public Interest Entities (PIE’s) are required to register with BAOA by the September 30 this year, failure of which would result in penalties.

For this purpose, the definition of PIE is any entity that is listed on the Botswana Stock Exchange (BSE), any entity that is supervised by the Bank of Botswana, any entity that is supervised by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), any entity which at the end of the preceding accounting period exceeded at least two of the following thresholds; an annual revenue of P300 million, 200 employees, assets of P200 million or liabilities of P100 million not including shareholders equity.