The LIA was established in 1977 in accordance with the Accountants Act 1977. Its membership comprises (i) Technician Accountant; (ii) General Accountant; and (iii) Chartered Accountant. Under the Companies Act 2011, all statutory auditors must be LIA members. The institute’s mandate covers: (i) promoting the interest of the profession of accountancy in Lesotho; (ii) setting private and public sector accounting and auditing standards; (iii) determining initial professional development and continuing professional development requirements; (iv) setting ethical standards for members; (v) establishing an investigation and disciplinary system to investigate complaints against its members; (vi) maintaining a publicly available register of auditors and audit firms on its website; and (vii) establishing a quality assurance review system for members. In addition to being a Member of IFAC, LIA is a member of the Pan African Federation of Accountants.