Initial professional and continuing professional development (IPD and CPD respectively) requirements are outlined in the Decree No.92-960 of November 11, 1992 for “Expert comptable et financier” (Chartered Accountants). In accordance with the decree, the Ordre des Experts Comptables et Financiers de Madagascar (OECFM) determines education and practical experience requirements. Universities and the National Institute of Accounting Sciences and Business Administration deliver the IPD programs.
IPD requirements stipulate that candidates for the title of “Expert comptable et financier” (Chartered Accountant) must hold a diploma from an OECFM-accredited higher education institution; complete an entrance exam on accounting, law, taxation, audit, and management; complete three years’ practical experience with an OECFM-member accounting or auditing firm; complete a written final exam on audit; and then present and defend a final thesis and dissertation. Individuals may then register with the OECFM and the institute maintains a list of registered Chartered Accountants and firms as the title is protected by law.
Once a member of OECFM, individuals must fulfill 40 hours of CPD per year (120 over a three-year period), which meet the input-based approach outlined in revised IES 7 and 8.
There are legal constraints in fully aligning national IPD and CPD requirements with the revised 2015 IES, but OECFM has initiated processes to facilitate convergence.
The institute’s Education Board is working to compare national requirements to the IES to identify any changes that might need to be made but face challenges as there is no French translation of the IES.
Current Status: Partially Adopted