Institute of Certified Public Accountants of Rwanda

ICPAR supports the effective operation of the quality assurance (QA) review system for statutory audits in Rwanda in line with the requirements of SMO 1. Since becoming an IFAC Associate, the Institute has progressively established and maintained the policies, procedures, and institutional arrangements necessary to support the ongoing operation of QA reviews across the audit profession.

ICPAR launched an Audit Quality Assurance (AQA) review program covering all licensed audit firms, providing a comprehensive baseline assessment of audit quality in the jurisdiction. Building on this foundation, the Institute has strengthened its internal capacity through the recruitment of dedicated professional staff responsible for coordinating QA activities and follow-up actions.

QA reviews have been conducted for all audit firms, including a review cycle covering 50 firms for the period from 2018 to 2021. The results of QA reviews are used to inform regulatory decisions, including the renewal of practicing certificates and firm registration, and to identify areas where firms require follow-up actions or enhanced oversight.

To support its members, ICPAR develops and disseminates guidance related to quality control and quality management and incorporates QA-related topics into its continuing professional development program. The Institute also undertakes awareness-raising activities to promote understanding of quality management requirements and to support firms in maintaining effective systems of quality management.

Through these activities, ICPAR demonstrates sustained fulfillment of its responsibilities under SMO 1 by supporting the continued operation, monitoring, and maintenance of the QA review system and by assisting members in meeting applicable quality management requirements.

Current Status: Sustain

ICPAR actively supports the adoption and implementation of the International Education Standards (IES) through its role in establishing professional education, examination, practical experience, and continuing professional development requirements for the Certified Public Accountant (CPA) and Certified Accounting Technician (CAT) qualifications.

The Institute has developed and implemented a competency-based curriculum for the CAT qualification that is aligned with the IES requirements, including defined learning outcomes, assessment processes, and practical experience requirements. ICPAR works with tuition providers and examination centers through an accreditation framework to promote consistency in the delivery of education and assessment, and engages with stakeholders to ensure the qualification reflects market and public sector needs.

ICPAR has also undertaken a comprehensive review and update of the CPA qualification framework, including the development of a competency framework, curriculum, syllabus, assessment strategy, and transition arrangements. This work is intended to strengthen alignment with the IES across initial professional development, including technical competence, professional skills, and professional values, ethics, and attitudes.

With respect to practical experience, ICPAR has established requirements for both CPA and CAT candidates and has taken steps to strengthen supervision and monitoring arrangements. The Institute also maintains mandatory continuing professional development (CPD) requirements for its members, which are designed to support ongoing professional competence and are monitored through annual reporting and compliance processes.

Through these activities, ICPAR demonstrates ongoing execution of its responsibilities under SMO 2 by strengthening professional education pathways, engaging education providers and stakeholders, and supporting the progressive alignment of national qualification requirements with the IES.

To progress toward full fulfillment of SMO 2, ICPAR should continue to finalize and operationalize the revised CPA qualification, including assessments and learning materials, and further strengthen the monitoring and documentation of practical experience requirements to ensure full alignment with the IES across all components of initial and continuing professional development.

Current Status: Execute

ICPAR supports the ongoing adoption, implementation, and maintenance of International Standards on Auditing (ISA) and other pronouncements issued by the IAASB. Since its establishment, the Institute has maintained the adoption of ISA without modification and supports their consistent application across statutory audits in Rwanda.

ICPAR works with relevant regulators, including the Capital Market Authority and the National Bank of Rwanda, to support the effective implementation of auditing standards, including enhanced auditor reporting requirements applicable to public interest entities. The Institute has issued guidance to clarify the scope of application of relevant ISA requirements and to promote consistent application by auditors.

To support its members, ICPAR disseminates updates on new and revised auditing standards and integrates ISA-related content into its continuing professional development program and pre-qualification education. Technical support on auditing standards is provided through the Institute’s technical committees, which respond to member queries and support consistent interpretation and application of ISA.

ICPAR also facilitates member engagement with the IAASB’s standard-setting activities by sharing information on exposure drafts and coordinating feedback, where appropriate. Through these ongoing activities, ICPAR demonstrates sustained fulfillment of its responsibilities under SMO 3 by supporting the continuous adoption, understanding, and application of ISA and related IAASB pronouncements.

Current Status: Sustain

ICPAR supports the adoption, implementation, and ongoing maintenance of ethical requirements consistent with the International Code of Ethics for Professional Accountants issued by the IESBA. The Institute is legally authorized to issue ethical requirements and has maintained alignment with the IESBA Code since its establishment as an IFAC Member.

ICPAR has established processes to ensure that revisions to the IESBA Code are adopted and communicated to members on a timely basis. Updates to ethical requirements are disseminated through member communications and are incorporated into the Institute’s continuing professional development program to promote awareness and understanding of changes to the Code.

Ethical requirements are embedded within ICPAR’s professional education and examination framework, ensuring that aspiring professional accountants are introduced to the principles of ethics, independence, and professional conduct from the outset of their training. For professional accountants, ICPAR integrates ethics-related topics into CPD programming, including practical application of the threats-and-safeguards framework and matters relating to independence, conflicts of interest, and professional behavior.

ICPAR also supports ongoing awareness and dialogue on ethical issues through its publications, conferences, and technical events. Through these sustained activities, the Institute demonstrates fulfillment of its responsibilities under SMO 4 by supporting the consistent adoption, understanding, and application of the IESBA Code of Ethics among its members.

Current Status: Sustain

The adoption and implementation of International Public Sector Accounting Standards (IPSAS) in Rwanda is subject to shared regulatory responsibility between the government and the professional accountancy organization. While the government retains authority for setting public sector accounting requirements, ICPAR plays an advisory and capacity-building role in support of IPSAS adoption and implementation.

Within this context, ICPAR supports public sector accounting reform by providing technical input and professional support to government stakeholders. The Institute collaborates with the Ministry of Finance and Economic Planning (MINECOFIN) and other public sector bodies through formal cooperation arrangements to support the development and application of public sector accounting standards and public financial management practices.

ICPAR contributes to the strengthening of public sector accounting capacity by integrating public sector competencies and public financial management content into its professional education pathways, including its accounting technician and professional qualifications. The Institute also supports ongoing professional competence by offering continuing professional development activities related to IPSAS and public sector financial management for members and public sector accountants.

In addition, ICPAR engages in awareness-raising and knowledge-sharing activities related to IPSAS through publications, technical events, and stakeholder engagement, supporting broader understanding of public sector accounting developments among professionals and public sector entities.

Through these activities, ICPAR demonstrates engagement with its responsibilities under SMO 5; however, given the shared nature of authority for IPSAS adoption and the evolving status of accrual-based public sector accounting in the jurisdiction, further coordination and consolidation of efforts remain necessary.

To strengthen fulfillment of SMO 5, ICPAR should continue to work closely with government stakeholders to support the consistent application of IPSAS, further formalize its advisory role in public sector accounting reforms, and expand targeted professional development and guidance for members involved in public sector financial reporting.

Current Status: Review & Improve

ICPAR operates an investigation and discipline (I&D) system for its members in accordance with the Law on the Institute of Certified Public Accountants (ICPAR) No. 11 of 2008. The Institute has established formal procedures for investigating allegations of professional misconduct and for imposing disciplinary measures, supported by defined governance structures and due process safeguards.

The I&D system is administered through designated bodies within ICPAR, including an Inspection Commission responsible for conducting investigations and a Disciplinary Commission responsible for reviewing cases and determining sanctions. Individuals subject to disciplinary action are afforded the right to appeal decisions in accordance with established procedures, supporting fairness and transparency in the process.

ICPAR has taken steps to strengthen the independence and objectivity of its disciplinary processes, including the involvement of legal expertise in disciplinary deliberations. The Institute also links outcomes from its quality assurance review system to its I&D framework, enabling matters identified through QA reviews to be addressed, where appropriate, through disciplinary action.

To promote transparency and public confidence, ICPAR publishes information on disciplinary outcomes and sanctions imposed on firms and practitioners, including matters related to professional misconduct and non-compliance with applicable requirements. The Institute also undertakes awareness-raising activities to inform members, stakeholders, and the public about its I&D processes and the role they play in protecting the public interest.

Through these ongoing activities, ICPAR demonstrates sustained fulfillment of its responsibilities under SMO 6 by operating an effective, transparent, and enforceable investigation and discipline system for professional accountants.

Current Status: Sustain

ICPAR supports the adoption, implementation, and ongoing application of International Financial Reporting Standards (IFRS) and IFRS for Small and Medium-sized Entities (SMEs) in Rwanda, in line with its responsibilities under SMO 7. The Institute operates within a legal framework that requires private sector accounting standards to be consistent with IFRS and supports their continued application across the profession.

To support effective implementation, ICPAR has established institutional arrangements to address financial reporting matters, including a Professional Standards Committee that advises the Council on accounting and financial reporting standards and monitors developments related to IFRS and related pronouncements. Through this structure, ICPAR engages with standard-setting developments and promotes awareness of new and revised requirements.

IFRS are embedded within ICPAR’s professional education and examination pathways, including the Certified Accounting Technician (CAT) and Certified Public Accountant (CPA) qualifications. The Institute also engages with education providers to promote alignment of accountancy curricula with IFRS requirements.

For professional accountants, ICPAR supports ongoing competence in financial reporting through regular continuing professional development activities focused on IFRS and IFRS for SMEs. The Institute also provides technical support mechanisms to address IFRS-related application issues and to promote consistent interpretation and application of standards by its members.

Through these sustained activities, ICPAR demonstrates fulfillment of its responsibilities under SMO 7 by supporting the consistent application, understanding, and maintenance of IFRS among professional accountants in Rwanda.

Current Status: Sustain