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Economic Crisis and Professions: Chartered Accountants in Zimbabwe

Author

Listed:
  • Farai Maunganidze
  • Debby Bonnin
  • Shaun Ruggunan

Abstract

This study examined the effects of a declining economy on the profession of chartered accountants (CAs) in Zimbabwe. The study adopted a qualitative approach using a pragmatic grounded theory design. Primary data were obtained through in-depth interviews with five purposively sampled CAs and two key informants drawn from the professional body and an institution that trains CAs. Furthermore, secondary data were drawn from the professional body’s archives and from newspapers. Data from interviews and documents were analyzed through thematic analysis and content analysis, respectively. The study has revealed that the profession of CAs has been changing in response to the declining economy and the changes include losing its status and autonomy, increased competition from other accounting fields and compromised professional standards. It also emerged that professionals themselves engage in both negative and positive activities that enable them to survive the effects of a declining economy. Recommendations are provided for the professionals and the professional body in dealing with the impact of a precarious economy.

Suggested Citation

  • Farai Maunganidze & Debby Bonnin & Shaun Ruggunan, 2021. "Economic Crisis and Professions: Chartered Accountants in Zimbabwe," SAGE Open, , vol. 11(1), pages 21582440219, February.
    • Handle: RePEc:sae:sagope:v:11:y:2021:i:1:p:2158244021994802
    DOI: 10.1177/2158244021994802
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    References listed on IDEAS

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    1. Bekezela Moyo & Edinah Moyo, 2017. "SMEs Management Practices in a Hostile Business Environment in Zimbabwe," Journal of Entrepreneurship and Business Innovation, Macrothink Institute, Journal of Entrepreneurship and Business Innovation, vol. 4(1), pages 1324-1324, December.
    2. Makochekanwa, Albert, 2016. "Zimbabwe to introduce Zimbabwe Bond Notes: reactions and perceptions of economic agents within the first seven days after the announcement," MPRA Paper 71695, University Library of Munich, Germany.
    3. Esinath Ndiweni, 2011. "The impotence of auditing practices in a corrupt environment: some evidence from Zimbabwe," International Journal of Critical Accounting, Inderscience Enterprises Ltd, vol. 3(2/3), pages 204-219.
    4. Packard, Mark D., 2017. "Where did interpretivism go in the theory of entrepreneurship?," Journal of Business Venturing, Elsevier, vol. 32(5), pages 536-549.
    5. Daniel Makina, 2010. "Historical Perspective on Zimbabwe’s Economic Performance," Journal of Developing Societies, , vol. 26(1), pages 99-123, March.
    6. Hammond, Theresa & Clayton, Bruce M. & Arnold, Patricia J., 2009. "South Africa's transition from apartheid: The role of professional closure in the experiences of black chartered accountants," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 705-721, August.
    7. Terrence Kairiza, 2009. "Unbundling Zimbabwe’s journey to hyperinflation and official dollarization," GRIPS Discussion Papers 09-12, National Graduate Institute for Policy Studies.
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