Institute of Chartered Accountants of Cameroon
Member | Established: 1985 | Member since 1998
The Ordre National des Experts-Comptables du Cameroon (ONECCA-Cameroon) was established in 1985 to regulate the accountancy profession at the national level. It is responsible for ensuring its members adhere to professional standards to provide high-quality and credible services. ONECCA-Cameroon’s membership brings together Chartered Accountants and Accounting Technicians. The institute is also involved in efforts to develop by the accountancy profession at a regional level by being a member of the Association of Accountancy Bodies in West Africa, the Pan African Federation of Accounting, and the International Federation of Francophone Accountants.
Statements of Membership Obligation (SMO)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
SMO 1: Quality Assurance
The Economic and Monetary Community of Central Africa has delegated responsibility for the development and implementation of a quality assurance (QA) system and quality control standards to ONECCA-Cameroon. ONECCA-Cameroon has adopted ISQC 1 but, as of 2016, no mandatory QA review system is operational. However, ONECCA-Cameroon reports that it intends to begin QA reviews in 2018 and is working with the International Cooperation of the French Accountancy Profession (DDPI) to establish a partnership for this initiative.
In partnership with the World Bank and the DDPI, ONECCA-Cameroon continues to train its members and provide trainings for trainers on the implementation of ISQC 1. ONECCA-Cameroon also publishes an annual quality control report.
In in its next Action Plan update, ONECCA-Cameroon is encouraged to provide an update on the status of the implementation of its QA review system and ensure that the SMO 1 requirements are incorporated into the established system. Additionally, the institute is encouraged to provide an update, if possible, on the status of the development of the Organization for the Harmonization of Business Law in Africa’s QA review system and could consider sharing the SMO 1 requirements with relevant entities responsible for the design and establishment of the regional system.
SMO 2: International Education Standards
ONECCA-Cameroon shares responsibility for the education and training of professional accountants in Cameroon with the Economic and Monetary Community of Central Africa (CEMAC). CEMAC establishes the minimum entry requirements for individuals entering the profession. ONECCA-Cameroon is responsible for implementing these requirements and has established an entrance examination on Cameroonian business regulation for individuals with foreign qualifications.
The institute is also authorized to set and monitor compliance with continuing professional development (CPD) requirements. In line with this responsibility, the institute revised the CPD requirements in order to be in line with IES 7 and monitors member compliance with CPD activities. ONECCA-Cameroon provides a calendar of CPD activities for its members on its website.
In 2013, in partnership with International Cooperation of the French Accountancy Profession and the World Bank, ONECCA-Cameroon carried out a study on the accountancy training and syllabus. Based on the study, ONECCA-Cameroon is now drafting a reform on the national accounting training system to present to CEMAC.
ONECCA-Cameroon is encouraged to review its system for accountancy education against the revised IES requirements (effective as of July 2016) and indicate if ONECCA-Cameroon’s requirements align with the IES in its next Action Plan update. The institute is also encouraged to provide more details in its Action Plan on the status of the draft reform on the accounting training system. The institute could also consider to participating in international standard-setting process by providing comments on Exposure Drafts and other pronouncements issued by the IAESB.
SMO 3: International Standards on Auditing
In the absence of legal adoption of auditing standards at the regional level ONECCA-Cameroon adopted the French translation of Clarified ISA as a self-regulatory requirement for its members in 2015 and has submitted the standards to the Ministry of Finance in order to secure legal backing. ONECCA-Cameroon also states in its SMO Action Plan that it is developing a process to adopt IAASB pronouncements on an ongoing basis although this process has yet to be established.
With the assistance of the World Bank, ONECCA-Cameroon drafted an implementation guide and auditing tools to help train their members on the application of ISA. The institute also provided a training for trainers. ONECCA-Cameroon monitors its members’ application of ISA and produces a report evaluating compliance with the standards.
ONECCA-Cameroon is encouraged to clarify if translation of the adopted standards has been performed in line with IFAC’s Translation Policy. The institute is also encouraged to describe in its Action Plan how it disseminates information and the standards to members. Additionally, in its next Action Plan update cycle, ONECCA-Cameroon should state whether the standards have been approved by the Ministry of Finance and if it has established procedures to update the standards to incorporate revisions issued by the IAASB.
SMO 4: Code of Ethics for Professional Accountants
ONECCA-Cameroon has direct responsibility for setting ethical requirements for the accountancy profession and accordingly, has adopted ethical requirements based on the 2009 IESBA Code of Ethics. The institute is still awaiting the Ministry of Finance’s approval in order for the Code to be legally binding. In the meantime, ONECCA-Cameroon is preparing questionnaires to evaluate and monitor members’ application and compliance with the Code.
ONECCA-Cameroon provides annual trainings on the Code of Ethics and guidance on the implementation process for its members. The institute is drafting a procedures manual as part of the guidance support. In addition, the institute produces an annual report on the state of ethics in the accountancy profession in Cameroon.
The institute is encouraged to confirm in the SMO Action Plan if there is a process to incorporate revisions to the Code as they are issued by the IESBA. ONECCA-Cameroon is encouraged to describe ways it disseminates the Code of Ethics to members, and if the Code is available for members in French. Additionally, in its next Action Plan update cycle, ONECCA-Cameroon should provide an update on whether its Code of Ethics has been approved by the Ministry of Finance.
SMO 5: International Public Sector Accounting Standards
With no direct responsibility for the adoption of public sector accounting standards, ONECCA-Cameroon states that it engages in several activities to promote the adoption of IPSAS in Cameroon. In June 2015, ONECCA-Cameroon organized a three-day congress on the quality of financial information in Cameroon and the standardization of public accounting and is planning to work with the Cameroonian government to establish a task force responsible for developing an action plan for adopting IPSAS. ONECCA-Cameroon states that it is continuously looking for new opportunities to encourage public authorities to adopt IPSAS.
In addition to collaborating with public stakeholders, ONECCA-Cameroon holds trainings for its members on IPSAS and has integrated IPSAS into its continuing professional development programming with a scheduled training session on IPSAS in July 2016. ONECCA-Cameroon has also partnered with the Institute of Chartered Accountants Nigeria (ICAN) and the Association of Chartered Certified Accountants to provide training for trainers on IPSAS. The institute is organizing a training of trainers on the IPSAS held by ICAN in 2018.
SMO 6: Investigation and Discipline
ONECCA-Cameroon has direct responsibility for establishing an I&D system for its members and has established two bodies responsible for the I&D of its members: an Investigation and Disciplinary Committee and a Trial and Appeals Chamber.
ONECCA-Cameroon has appointed an Appeals Court President and has written a guide for members on its investigations and sanctions procedures; however, the guide is still in the process of being approved by the institute’s general assembly. Once the guide is issued, ONECCA-Cameroon will provide training to persons appointed to the Investigation and Disciplinary Committee. The institute continues to work on identifying non-professionals to sit on the Committee. As part of the 2016 SMO Action Plan update process, the institute identified several areas that require improvement in order to be aligned with the SMO 6 requirements, including the independence of the Committee.
As part implementing its I&D mechanisms, ONECCA-Cameroon provides trainings to its members and its staff, and informs the public about disciplinary decisions. The Institute also produces an annual report on disciplinary procedures and sanctions.
Following ONECCA-Cameroon’s review of its existing I&D system against the revised requirements of SMO 6, it is encouraged to begin strategically planning its approach to address the areas that require improvement. Actions to address these gaps should be added to its SMO Action Plan.
SMO 7: International Financial Reporting Standards
With no direct responsibility for the adoption of accounting standards, ONECCA-Cameroon monitors the implementation of applicable standards by its members and supports the Organization for the Harmonization of Business Law in Africa (OHADA) in its strategic plan for the convergence of OHADA’s accounting system with IFRS. As part of this strategy, the institute is drafting a terms of reference to submit to the CNC–OHADA, the body responsible for drafting an action plan for the adoption of IFRS once the convergence process is complete. It indicates that the draft terms of reference should be completed and presented by October 2017.
To support its members, ONECCA-Cameroon has established a mechanism to disseminate information on revisions to the OHADA standards and ONECCA-Cameroon is conducting trainings for trainers and members, and working with universities to provide IFRS training.
ONECCA-Cameroon is encouraged to indicate in its Action Plan if it provides trainings for members on the applicable OHADA accounting standards. It is also encouraged to provide an update in its Action Plan on the status of the convergence of OHADA’s accounting standards with IFRS. ONECCA-Cameroon should also consider including courses in its continuing professional development programming on both the applicable OHADA accounting standards and the IFRS. The institute could also consider participating in the international standard-setting process by providing comments on Exposure Drafts published by the IASB.
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