Overview: The purpose of this paper was to review the regulation and development of the accounting profession in Namibia and the impact of the accounting scandals are having on the process. Methodology: A review of the policies, laws, regulations and guidance guiding accounting practises in Namibia were reviewed over the last few decades with the aim to determine how the profession has been regulated and how that process is changing in the light of emerging accounting scandals in the region. The proposed bill was also reviewed to determine the motivation that led to its development and find out the driving force behind the move. Findings: The Namibia accounting profession enjoys a high degree of self-regulation for several decades. The accounting scandals taking place in the region particularly in the neighbouring South Africa has attracted government attention and a new bill to regulate the profession is in an advance stage of propagation. The effect of the bill will to reduce self-regulation and increases government control. Conclusion: Internal and external regulation of the accounting profession are both desired and complimentary and based on trust. However, accounting scandals tend to attract attention from the government who respond by increasing the regulatory laws hence shifting the balance more to external regulation.