The Zambia Centre for Accountancy Studies (ZCAS) was incorporated under Act No. 1 of 1989 as a self-financing, non-profit making body with the mandate to train professional accountants, improve the standing of the profession in Zambia and undertake consulting activities. Until 1988 there were no facilities in Zambia for professional accountancy qualifications at a higher level and students had to rely on accountancy colleges abroad to achieve their qualifications. Very few Zambians were getting through the final level of professional examinations. Consequently, the gap between demand and supply continued to widen and the country had to employ a lot of expatriate accountants.

Some prominent members of the profession with the Government and various donor organisations for the establishment of an accountancy training college within Zambia undertook concerted and vigorous lobbying. The whole rationale behind the Centre is that it aims to provide the same or better accounting tuition as would be available in overseas training colleges. It was also expected that it would save considerable foreign exchange and improve the pass rates significantly.

In 1988, the Ministry of Finance and Economic Development (MOFED) and the European Union (EU) addressed the problem and established ZCAS. An interim management committee chaired by Mr George Sokota was set up in September 1988. This Committee consisted of various parties including the EU, Government ministries, parastatals and professional firms. Mr Filoni, the EU delegate, personally represented the Mission as a member of the Committee.