Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Mauritius Institute of Professional Accountants

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      Mauritius


    2. Name of member body:

      Or please specify name:
      Mauritius Institute of Professional Accountants



    3. Individual responsible for preparation:
      Khemraj REETUN


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      01 / 2005



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      ECSAFA



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: Financial Reporting Act 2004
      b). the Enacting body: Ministry of Finance
      c). date the Act or Code came into force: 01 / 2005


    25. How can IFAC obtain a copy of the Act or Code?
      Available on MIPA website ie http://www.mipa-mauritius.org


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify): Parastatal Bodies
      Private companies   Other (please specify): Local Authorities
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities IRFS
      Private companies IFRS
      Governmental Modified cash basis
      Not-for-profit Modified cash basis
      Other (please describe) Parastatal Bodies IFRS wef 30 June 2007
      Other (please describe) Local Authorities Local Auhorities accounting


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities Companies Act
      Private companies Companies Act
      Governmental Finance and Audit Act
      Not-for-profit
      Other (please describe) Parastatal Bodies Statutory Bodies a/cs and audit act
      Other (please describe) Parastatal Bodies Local authorities act


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify): Their respective Acts
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:
      Nobe


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      The State Law Office

    2. the Enacting body(ies)

      Ministry of Finance

    3. the latest amendment date?

      None


    35. How can IFAC obtain a copy of the Legal authority?
      The Financial reporting Act 2004 on MIPA's website


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:
      Listing Rules


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity Ministry of Financial Services/Finance 01/2005 Financial Reporting Council
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Website of MIPA (http://www.mipa-mauritius.org

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (Financial Reporting Council)


    44. For Financial Reporting Council, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      A government agency

      b. Name of standards

      Auditing standards
      Accounting standards


    45. How many voting members does the standard-setting body have?
      Seven


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: A nominal to attend board is paid.


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The Financial reporting Act requires representatives of the following organisation to be board members of the FRC namely:
      The chairman (a legal person), The Registrar of Companies, The Chairman of MIPA and one of its elected members, the Deputy Managing Bank of the Central Bank, one academic in the accountancy field, a representative of the business- economic chamber, and the Managing of the Financial Services Commission.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Chairman is apponted by the Minister of Finance, the other members are appointed by the Minister as per the Act.


    49. What is the term of appointment for members?
      3 Year(s)


    50. For how many years has the standard-setting body been in existence?
      2 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      166,666

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      30.0001



    52. To what entity is the standard-setting body accountable?
      The Minister of Finance


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      None at the moment. It does not have a CEO at the moment and is still growing despite financial constraint.

    2. accessibility of meetings (i.e., public or private)

      None at the moment

    3. approval process for final standards (i.e., majority required to approve final standards)

      None at the moment

    4. other relevant due process activities

      None at the moment


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice Minister of Finance Mauritius Institute of Professional Accountants
      Professional Accountants in Business Minister of Finance Mauritius Institute of Professional Accountants
      Professional Accountants in the Public Sector Minister of Finance Mauritius Institute of Professional Accountants
      Other (please describe) Audit licensing Minister of Finance Financial Reporting Council

      a. How can IFAC obtain copies of these documents?

      The Financial reportin Act in the website of MIPA www.mipa-mauritius.org

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Mauritius Institute of Professional Accountants)


    56. For Mauritius Institute of Professional Accountants, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      MIPA has been established by the Govt via the Financial reporting Act in Jan 2005. We got very minimal financial support in the first two years totalling US$ 23000 for both years. We are independant. So it is more fitted to be an agency of govt.

      b. Name of standards

      Only code of ethics
      CPD standards


    57. How many voting members does the standard-setting body have?
      All the seven members in the Board have a voting right and me as the Chairman, one additional vote. All the 1100 professional accountants registered todate have a voting rights in general assembly meetings.


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: Totally voluntary


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      They are elected by the General Assembly.Each accountancy body( like ACCA, ICAEW, CIMA, SAICA, etc), as defined in section of the Act, shall have a maximum of two of its members on the board of MIPA. Election is done only for vacant posts.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The general assembly of members (professional accountants)


    61. What is the term of appointment for members?
      3 Year(s)


    62. For how many years has the standard-setting body been in existence?
      2 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      25,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      30.0001



    64. To what entity is the standard-setting body accountable?
      Independent but we have to give a copy of our annual report to the Financial Reporting Council.


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      None at the moment. But will be made available of the website

    2. accessibility of meetings (i.e., public or private)

      Private i,e only for its members

    3. approval process for final standards (i.e., majority required to approve final standards)

      Approval in general assembly by its members

    4. other relevant due process activities

      If an the Financial reporting Act is to amended, then it shall go to the Parliament (Cabinet) through the Ministry of Finance and the State Law Office after recommendation by the MIPA.


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)


    Section 6B -- Standard-Setting (Financial Reporting Council)


    56. For Financial Reporting Council, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      An agency appointed by government

      b. Name of standards

      None


    57. How many voting members does the standard-setting body have?
      Seven


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: Just a board fee is paid


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The criteria is defined in the Financial Reporting Act- It requires representatives of the Bank of Mauritius, Financial services Commission, the business chamber of Mauritius, the Chairman and an elected member of MIPA, the Registrar of Companies and an academic.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Has to be approved by the Minister of Finance Govt as is required by the Act.


    61. What is the term of appointment for members?
      3 Year(s)


    62. For how many years has the standard-setting body been in existence?
      2 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      166,666

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      30.0001



    64. To what entity is the standard-setting body accountable?
      The Minister of finance


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      None at the moment

    2. accessibility of meetings (i.e., public or private)

      None at the moment

    3. approval process for final standards (i.e., majority required to approve final standards)

      None at the moment

    4. other relevant due process activities

      None at the moment


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      4-6 years : Preprimary education
      6-11 years: Primary education
      11-18 years: Secondary education
      18-22 years: University and professional education


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      MIPA


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      Higher school certificate age 18-19 years old
      Professional examinations
      Final examinations of professional accountancy bodies like ACCA, ICAEW, etc
      Practical experience
      2 Years
      Final qualifying examination
      None
      Other (please describe)
      None


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      Also the Tertiary Education Commission and till recently the MIPA.

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      Just equivalence of qualifications

    2. How many voting members does the relevant body(ies) have

      Nine

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: Part tme Board Members

    4. For how many years has the body been in existence?

      25 Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe) Just part of their activities but they consult MIPA for accountancy related fields.

    72 a. How can IFAC obtain copies of these documents?
      None

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:
      Most study for ACCA qualifications and others for ICAEW, CIMA, SAICA, etc


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      Financial reporting Council and the section 33 of the Act.


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)
      Professional indemnity experience, credentials and evidence of statutory audit experience, should be a member of MIPA with a practising certificate


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify): members should also be in good standing


    80. What entity grants the license?
      The Financial reporting Council


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      None at the moment



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government The Constitution of Mauritius The Auditor General
      Ministry/department The Constitution of Mauritius The Auditor General
      Statutory authority/agency Statutory Bodies Accounts and Audit Act The Auditor General
      Profit entity owned by government The Agency's own act The Financial reporting Act
      State governments The Constitution of Mauritius The Auditor General
      Local governments Local Govt Act The Auditor General
      Other (please describe) Special Funds The Finance and Audit Act The Auditor General
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      The Constitution of Mauritius, the website of the Govt of Mauritius> http:www.mail.gov.mu in the section Ministry of Finance and also other bodies the National Audit Office

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (The Auditor General)


    83. For The Auditor General, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      A Govt Department established by the Constitution of mauritius

      b. Name of standards

      INTOSAI Standards
      International standards of Auditing


    84. How many voting members does the standard-setting body have?
      150


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: They are staff employed by the Govt of Mauritius.


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      By the Public service Commission. Should be a member of a professional accountancy body with relevant qualification and experience.


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Public Service Commission


    88. What is the term of appointment for members?
      20 Year(s)


    89. For how many years has the standard-setting body been in existence?
      75 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      1,700,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      30.0001



    91. To what entity is the standard-setting body accountable?
      Parliament


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      None

    2. accessibility of meetings (i.e., public or private)

      None

    3. approval process for final standards (i.e., majority required to approve final standards)

      None

    4. other relevant due process activities

      None


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)


    Section 8B -- Standard-Setting (The Financial reporting Act)


    83. For The Financial reporting Act, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Govt Dept

      b. Name of standards

      INTOSAI Standards


    84. How many voting members does the standard-setting body have?
      None


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: Public servants


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Public service


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Public service commission


    88. What is the term of appointment for members?
      20 Year(s)


    89. For how many years has the standard-setting body been in existence?
      75 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      1,700,000

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      30.0001



    91. To what entity is the standard-setting body accountable?
      Parliament


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      None

    2. accessibility of meetings (i.e., public or private)

      None

    3. approval process for final standards (i.e., majority required to approve final standards)

      None

    4. other relevant due process activities

      None


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity Financial Reporting Act 01/2005 Financial reporting Council
      Other (please describe)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Website MIPA www.mipa-mauritius.org

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (Financial reporting Council)


    95. For Financial reporting Council, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      An agency appointed by government

      b. Name of standards

      Accounting and auditing standards


    96. How many voting members does the standard-setting body have?
      Seven


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: Board fees only


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Defined by the Financial reporting Act


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Minister of Finance as per the Finacial reporting Act


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      2 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      166,666

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      3.0001



    103. To what entity is the standard-setting body accountable?
      The Minister of Finance


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      None

    2. accessibility of meetings (i.e., public or private)

      None

    3. approval process for final standards (i.e., majority required to approve final standards)

      None

    4. other relevant due process activities

      None


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      1 Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      The Financial Services commission and the Stock Exchange commission of Mauritius


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      The Stock exchange Act


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      The auditors must have an audit licence

    2. accounting and auditing standard-setting

      IFRS and International standards of auditing

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      Yes



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      The State Bank of Mauritius
      The Mauritius Commercial Bank
      The Rogers Group
      Beachcomber group



    Section 10B -- Stock Exchange
    The State Bank of Mauritius Details


    110. For The State Bank of Mauritius, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Not known

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      Not known at the moment

    3. How enforcement actions are administered.

      Not known at the moment


    Section 10B -- Stock Exchange
    The Mauritius Commercial Bank Details


    110. For The Mauritius Commercial Bank, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Not known at the moment

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      Not known at the moment

    3. How enforcement actions are administered.

      Not known at the moment


    Section 10B -- Stock Exchange
    The Rogers Group Details


    110. For The Rogers Group, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Not known at the moment

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      Not known at the moment

    3. How enforcement actions are administered.

      Not known at the moment


    Section 10B -- Stock Exchange
    Beachcomber group Details


    110. For Beachcomber group, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      Not known at the moment

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      Not known at the moment

    3. How enforcement actions are administered.

      Not known at the moment



    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?

      To set accounting and auditing standards and to do audit monitoring and financial statements monitoring.

    2. The number of members on the oversight body

      Seven

    3. Its powers

      The Financial reporting Act and Financial Reporting Council

    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

      Not yet

    5. The sanctions the oversight body may impose in the event of non-compliance

      Not yet

    6. How the oversight body is accountable to any public institution or body

      Minister of Finance


    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      Financial services commission, the bank of Mauritius


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      The Bank of Mauritius effects supervisory controls. The Financial reporting Council has to set standards for auditing and accounting and do the monitoring exerecise. They need to file their accounts at the Registrar of Companies where they check for sufficiency of accounting disclosures.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      Not known at the moment

    2. accounting and auditing standard-setting

      Not known at the moment

    3. review of financial statements prepared by listed entities

      Not known at the moment

    4. enforcement of accounting, reporting and auditing requirements

      Not known at the moment



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      The registrar of Companies and the FRC


    116. What is the source of Legal authority of the regulatory authority(ies)?
      A Govt department


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      Not known at the moment. It is the legal role of the Financial reporting Council which is still a young organisation.

    2. accounting and auditing standard-setting

      Not known at the moment

    3. review of financial statements prepared by listed entities

      Not known at the moment

    4. enforcement of accounting, reporting and auditing requirements

      Not known at the moment



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      Financial Services Commission


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Financial sservices act


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      No known at the moment

    2. accounting and auditing standard-setting

      No known at the moment

    3. review of financial statements prepared by listed listed entities

      No known at the moment

    4. enforcement of accounting, reporting and auditing requirements

      No known at the moment



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      None


    122. What is the source of Legal authority of each regulatory authority?
      None


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed listed entities

      None

    4. enforcement of accounting, reporting and auditing requirements

      None



    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.



    125. Under what authority does the organization conduct the program of quality assurance review?
      None


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
      The big four have their own quality assurance review process.



    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.



    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?



    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    134. What is the term of appointment for members?
      Year(s)


    135. For how many years has the body been in existence?
      Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      (specify currency)



    137. To what entity is the body accountable?



    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      Day(s)



     

     

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