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.

     

    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:

      SENEGAL


    2. Name of member body:

      Or please specify name:



    3. Individual responsible for preparation:
      Mr Abdoulaye DRAME


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

      01 / 1970



    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.):
      FIDEF (INTERNATIONAL FEDERATION OF FRENCH SPEAKING PUBLIC ACCOUNTANTS)



    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: Acte uniforme sur le droit des sociétés commerciales et des GIE (Uniform act on commercial companies legislation)
      b). the Enacting body: OHADA : Organisation pour l'harmonisation du droit des affaires en Afrique (Organisation for the harmonization of business legislation in Africa)
      c). date the Act or Code came into force: 01 / 1988


    25. How can IFAC obtain a copy of the Act or Code?
      Through OHADA website www.ohada.com


    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): State controlled companies
      Private companies   Other (please specify):
      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 Financial reporting requirements are described in Chapter II of the Uniform OHADA Act relating to accounting. A full set of financial statements (balance sheet, income statement, cash flow statement and related notes) must be disclosed at each year end. Accounting standards to be followed are set by the Uniform OHADA Actt relating to accounting
      Private companies Same requirements
      Governmental
      Not-for-profit Same requirements
      Other (please describe) State controlled entities Same requirements
      Other (please describe)


    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 Auditing standards are set out by Uniform OHADA Act on companies and specific local laws on auditing
      Private companies Same requirements for private limited companies. For partnerships limited by shares audit is compulsory over one of 3 thresholds : share capital 10 million XOF, income 250 million XOF, staffcount 50.
      Governmental
      Not-for-profit
      Other (please describe) State controlled entities Specific public sector requirements
      Other (please describe) State controlled entities


    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: 6 Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify): Board of Directors for state controlled entities
      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:
      For publicly quoted entities (equity and debt instruments) and with more than 100 shareholders physical persons


    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

      Obligation to publish audited semestrial accounts (art 849 of Uniform OHADA Act on commercial companies)

    2. the Enacting body(ies)

      OHADA

    3. the latest amendment date?

      None


    35. How can IFAC obtain a copy of the Legal authority?
      Through OHADA 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:


    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: 6 Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:
      See answer to question 32


    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 Uniform OHADA Act on commercial companies : Definition of the mission of the statutory auditor - Decree 88-987 of 19/07/88 Approving audit standards elaborated by ONEEAS (former accountancy body) - Decree 88-1003 of 22/07/88 giving the minimum diligences 07/1988 ONECCA after homologation of Ministry of finance
      Other (please describe) Non listed entities same as for listed entities same ONECCA after homologation of Ministry of finance
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      through ONECCA

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (ONECCA after homologation of Ministry of finance)


    44. For ONECCA after homologation of Ministry of finance, 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

      Professional body. Preparation of audit standards is under the responsibility of the committee of professional standards

      b. Name of standards

      Normes d'audit (audit standards)


    45. How many voting members does the standard-setting body have?
      3 members in the committee


    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:


    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.)?
      best person for the job


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      member body (elected by the annual general meeting)


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


    50. For how many years has the standard-setting body been in existence?
      6 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)

      0

      Please enter the exchange rate used to calculate this number.

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

      519.055



    52. To what entity is the standard-setting body accountable?
      The Commitee is accountable to the council of ONECCA, then to its annual meeting, and finally to the Ministry of finance (after validation by Ministry of justice)


    53. 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)

      Members only

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

      Simple majority

    4. other relevant due process activities

      None


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      4 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 Unifor OHADA Act on commercial companies Art 697 + /Ministerial decree 8249 of 11/10/2001 edicting a Code of professional duties None ONECCA after homologation of Ministry of finance
      Professional Accountants in Business
      Professional Accountants in the Public Sector
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Through ONECCA

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (ONECCA after homologation of Ministry of finance)


    56. For ONECCA after homologation of Ministry of finance, 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

      Professional body. Preparation of ethics standards is under the responsability of the Committee of professional standards

      b. Name of standards

      Code des devoirs professionnels (code of professional duties)


    57. How many voting members does the standard-setting body have?
      3 members in the committee


    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:


    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.)?
      best person for the job


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Member body (elected by the annual meeting)


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


    62. For how many years has the standard-setting body been in existence?
      6 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)

      0

      Please enter the exchange rate used to calculate this number.

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

      519.055



    64. To what entity is the standard-setting body accountable?
      The committee is accountable to the council of ONECCA, then to its annual meeting,and finally to the Ministry of finance (after validation by the Ministry of justice)


    65. 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)

      Members only

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

      Simple majority

    4. other relevant due process activities

      None


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      4 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:
      -Primary education (6 years) : compulsory
      -Secondary education (7 years) : leads to "Baccalaureat"
      -Tertiary education : university level
      .2 years to obtain DEUG
      .+ 2 years to obtain "Maitrise"
      .+ 1 year to obtain DESS or DEA
      .+ 3 years to obtain PhD


    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.

      Law no 2000-05 of 12/04/2005 creating ONECCA
      Decree no 2001-283 of 12/04/2001 homologating the bylaws of ONECCA
      Regulation no 12/2000/CM of UEMOA creating the diploma of DECOFI (Degree of accounting and financial expert)


    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
      DESCOGEF (Bac + 5) necessary to be admitted as trainee or to register as "comptable agree"
      Professional examinations
      Practical experience
      Trainig period of 3 years under the supervision of a professional accountant member of ONECCA
      Final qualifying examination
      DECOFI (once trainig period completed)
      Other (please describe)


    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) A supranational public organization establishes ed


    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.
      CREFECF, Regional commission for the formation of the accounting and financial experts, supranational body homologated by the Economic and Monetary Union of Western Africa (regulation 12/2000 of UEMOA)

    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.

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

      20

    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: Named by the Council of Ministers of UEMOA

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

      6 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)

    72 a. How can IFAC obtain copies of these documents?
      through UEMOA and ONECCA

    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:


    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?
      The law (articles 4 & 5 of the law 2000-05)


    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)
      It is necessary to be a professional accountant holder of a DECOFI diploma and registered with ONECCA for practicing as auditor, either statutory or not


    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):


    80. What entity grants the license?


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



    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 Decree 2003-101 of 13/03/2001 (translation of Guidance06/97/CM of UEMOA on general regulation in public accounting and Decree 2003-162 of 21/03/2003 translated from guidance 05/98/CM of UEMOA on State's chart of accounts 03/2003 UEMOA and MINISTRY OF FINANCE
      Ministry/department
      Statutory authority/agency
      Profit entity owned by government Uniform OHADA Act on companies law 01/1998 OHADA
      State governments
      Local governments
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      through OHADA and ONECCA

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (UEMOA and MINISTRY OF FINANCE)


    83. For UEMOA and MINISTRY OF FINANCE, 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

      UEMOA : Economical and financial union of West Africa

      b. Name of standards

      Plan comptable de l'Etat


    84. How many voting members does the standard-setting body have?
      16


    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:


    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.)?
      Geographical representation


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


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


    89. For how many years has the standard-setting body been in existence?
      10 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)

      0

      Please enter the exchange rate used to calculate this number.

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

      519.055



    91. To what entity is the standard-setting body accountable?
      To the council of Finance ministers of UEMOA


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

      Not applicable
      Review is done by each National committee of UEMOA under the responsibility of national Minister of finance


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

      members only

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

      Majority of members of Council of Ministers of Finance of UEMOA

    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)?
      11 Day(s)


    Section 8B -- Standard-Setting (OHADA)


    83. For OHADA, 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

      Transnational public body (see section 9)

      b. Name of standards

      SYSCOHADA


    84. How many voting members does the standard-setting body have?
      17


    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: mainly public members representing each member state plus some volunteers from national professional bodies


    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.)?
      Geographical, balance between private and public


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


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


    89. For how many years has the standard-setting body been in existence?
      11 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)

      0

      Please enter the exchange rate used to calculate this number.

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

      519.055



    91. To what entity is the standard-setting body accountable?
      Conference of the state presidents of the OHADA zone


    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)

      members only

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

      simple majority

    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)?
      2 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 Uniform OHADA Act on accounting law 01/2001 OHADA
      Other (please describe) Non listed entities Uniform OHADA Act on accounting law 01/2001 OHADA
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      through OHADA Website and through ONECCA

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (OHADA)


    95. For OHADA, 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

      Transnational public body

      b. Name of standards

      SYSCOHADA


    96. How many voting members does the standard-setting body have?
      17


    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: mainly public members representing each member state


    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.)?
      geographical, balance between private and public


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


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


    101. For how many years has the standard-setting body been in existence?
      10 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)

      0

      Please enter the exchange rate used to calculate this number.

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

      519.055



    103. To what entity is the standard-setting body accountable?
      To the Conference of State Presidents of the OHADA zone


    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)

      members only

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

      Simple majority of members

    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)?
      2 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:
      CONSEIL REGIONAL DE L'EPARGNE PUBLIQUE ET DES MARCHES FINANCIERS (Regional council for public savings and financial markets)


    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:
      None


    108. Briefly describe the role of the regulatory authority 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 entities, and monitoring of their compliance with the accounting and disclosure requirements

      None



    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
      BOURSE REGIONALE DES VALEURS MOBILIERES OF ABIDJAN



    Section 10B -- Stock Exchange
    BOURSE REGIONALE DES VALEURS MOBILIERES OF ABIDJAN Details


    110. For BOURSE REGIONALE DES VALEURS MOBILIERES OF ABIDJAN, 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.



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



    3. How enforcement actions are administered.




    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?

      The Conseil permanent de la profession comptable (Permanent council of the accounting profession CPPC) monitors the accounting and audit practice in each UEMOA member state

    2. The number of members on the oversight body

      16

    3. Its powers

      The CPPC publishes advices and recommendations, becoming UEMOA's decisions, binding national institutions

    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 defined. The oversight body will ensure that quality control programs and reviews are set up and conducted at the level of each audit firm by each national profefssional institute

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

      The CPPC can only recommend. National bodies will apply the recommendations

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

      It is accountable to the Commission of the UEMOA


    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:
      Law 90/06 on banking regulation. The law is dedicated to accounting issues, completing the Uniform UEMOA Act for banking issues


    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 control of application of the banking law is performed by the banking commission (Comission Bancaire in Abidjan). The commission bancaire edicts instructions prepared by the central bank giving precisions on the terms of application of the law, especially on the prudential mechanism for provisionning past due debts. The commission bancaire plays also a role of oversight of the statutory auditors of banks


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

      An agreement of Commission bancaire (with possibility of veto) is required prior approval from statutory auditors of banks

    2. accounting and auditing standard-setting

      The Commission bancaire has elaborated a circular 11/2001/CB of 9 January 2001 amended 11 December 2003 relating to the mission of the stautory auditor with banks and financial institutions. A plan comptable bancaire has been published by the central bank

    3. review of financial statements prepared by listed entities

      No

    4. enforcement of accounting, reporting and auditing requirements

      An annual review of the accoubts of the banks is performed by the Commission bancaire. The conclusion of the review are discussed with the statutory auditor



    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.
      Not applicable


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Not applicable


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

      Not applicable

    2. accounting and auditing standard-setting

      Not applicable

    3. review of financial statements prepared by listed entities

      Not applicable

    4. enforcement of accounting, reporting and auditing requirements

      Not applicable



    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.
      CONFERENCE INTERAFRICAINE DES MARCHES D'ASSURANCES (Interafrican conference of insurance markets CIMA) at the regional level, Direction des Assurances of the Ministry of finance at the national level.


    119. What is the source of Legal authority of the regulatory authority(ies)?
      For CIMA : Treaty creating an integrated organization of the insurance industry in the African countries of 10 July 1992 signed by 14 member states and in force since 20 April 1994


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

      No

    2. accounting and auditing standard-setting

      Specific chart of accounts of CIMA

    3. review of financial statements prepared by listed listed entities

      None

    4. enforcement of accounting, reporting and auditing requirements

      COMMISSION REGIONALE DES ASSURANCES depending from CIMA works jointly with the Direction des assurances. It publishes a control report transsmitted to CIMA what can pronounce sanctions (up to withdrawal of agreement)



    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?


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?




    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.
      CHAMBRE DE DISCIPLINE (Discipline Chamber, Commission of ONECCA)


    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?
      3


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe: 2 elected members of ONECCA and a professional judge named by his hierarchy as chairman


    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.)?
      best person for the job


    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      See answer to question 131


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


    135. For how many years has the body been in existence?
      22 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)

      0

      Please enter the exchange rate used to calculate this number.

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

      519.055 (specify currency)



    137. To what entity is the body accountable?
      It is accountable to the Council of ONECCA. Appeal is possible to the court of Appeal


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



     

     

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