Mauritius Institute of Professional Accountants

Member | Established: 2005 | Associate since 2007

The Mauritius Institute of Professional Accountants (MIPA) was founded in January 2005 to regulate the accountancy profession, promote the highest standards of professional and business conduct, and enhance the quality of accountancy services in Mauritius. MIPA acts as an umbrella professional body for professional and public accountants who are members of professional accountancy institutes and associations specified in or contemplated by the Financial Reporting Act 2004. Membership in MIPA is mandatory for all qualified individuals. MIPA has more than 2,700 registered professional accountants and supports its members with technical, regulatory, and compliance guidance.

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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.

Last updated: 10/2016
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    As the responsibility for conducting quality assurance (QA) reviews lies with the Audit Practice Review Panel of the Financial Report Council (FRC), MIPA’s role in the QA review system involves monitoring the implementation of the system through its two representatives on the FRC’s Board. MIPA indicates that through this representation it works to ensure that the QA review system is aligned with the SMO 1 requirements.

    In order to support its members with the QA review system, MIPA has established a training program to increase members’ understanding of the professional standards and disseminates information on the updates to the standards and international developments in the area through printed materials and its website.

    Additionally, the FRC hosts an annual workshop on issues arising from QA reviews which it conducts in coordination with MIPA. All MIPA members are automatically invited to attend this workshop.

    Current Status: Sustain

  • SMO 2: International Education Standards

    MIPA relies on other institutes for the initial professional development (IPD) of its members but it has developed activities to assist its members with understanding the local regulations as an approved Training Institution of the Mauritius Qualifying Authority, and established its own continuing professional development (CPD) requirements.

    MIPA signed an MoU with the Association of Chartered Certified Accountants (ACCA) in August 2013 to work on incorporating International Education Standards and implement the necessary structure to ensure compliance with new CPD requirements. MIPA reports that its web-based system for declaring CPD is now operational and the full implementation will be applicable for the declaration of CPD in 2017.

    The World Bank ROSC 2011 recommended that applicants complete a local tax paper before being accepted as members. MIPA has established a Committee consisting of representatives from the University of Mauritius, the Mauritius Revenue Authority, and Professional Accountancy bodies (Chartered Institute of Management Accountants, Institute of Chartered Accountants in England and Wales & ACCA) to lead discussions on introducing an online examination on local tax for membership. This initiative is still under discussion and there are no immediate plans to implement a local tax examination as a membership requirement.

    MIPA is encouraged to review the revised IES requirements, effective as of July 2016, and communicate with the foreign institutes to ensure its members continue to fulfill the IPD and CPD requirements. MIPA is also encouraged to progress with the introduction of its online examination on local tax and business law.

    Current Status: Review & Improve

  • SMO 3: International Standards on Auditing

    The Companies Act 2001 requires application of ISA as issued by the IAASB and updates to ISA are automatically promulgated by the Financial Report Council (FRC). The main focus for MIPA is collaborating with the FRC, working on developing measures to provide technical support (implementation guidelines, trainings, etc.), and disseminating information on the updates to the standards through printed materials and its website.

    MIPA is involved in the FRC’s activities in standard-setting through its two representatives on the FRC’s Board. It is also is working together with the FRC to enhance MIPA members’ technical competence in applying ISA. The two entities have signed an MoU to address the training needs of MIPA’s members on ISA.

    Independently, MIPA regularly organizes seminars and workshops that cover the new and revised standards and Exposure Drafts issued by the IAASB and emails all updates to the auditing standards to its members. MIPA also disseminates IAASB’s request for comments on Exposure Drafts to its members to encourage submitting comments. MIPA members can also receive updates on the standards from the FRC and the FRC will send out requests for comments to IAASB-issued Exposure Drafts.

    MIPA is encouraged to raise its members’ and the FRC’s awareness of the new audit reporting standards, effective as of December 2016.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    With direct responsibility for establishing a Code of Ethics, MIPA has adopted the 2014 IESBA Code of Ethics and states it is updating its Code to the 2015 version. MIPA members are required to make an annual declaration that they have followed the IESBA Code of Ethics. MIPA organizes trainings to support the implementation of the Code of Ethics.

    MIPA indicates that it will monitor the activities of the IESBA to ensure that any changes made to the Code are communicated to MIPA members. It intends to do this through its Ethics Committee, which it is set to be finalized by June 30, 2016 and formally launched during MIPA’s Forum of Accountants planned for August 2016.

    MIPA is encouraged to provide an update on the status of adoption of the 2015 IESBA Code during its next Action Plan submission. It is also encouraged to review the non-compliance with laws and regulations (NOCLAR) standard, an international ethics standard for auditors and other professional accountants, which will become effective as of July 2017 and consider means to incorporate the standard into its ethical requirements.

    Current Status: Review & Improve

  • SMO 5: International Public Sector Accounting Standards

    The Government of Mauritius has implemented cash-basis IPSAS for government ministries while parastatal bodies and the government audit office have implemented accrual-IPSAS. MIPA uses its best endeavors to promote the adoption of full IPSAS and provides advice and support to the Government as it is formulating its implementation plan for accrual-IPSAS.

    MIPA monitors pronouncements issued by IPSASB and assists its members in the public sector by providing trainings on the requirements of the IPSAS and disseminating information on the updates of the standards.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    In line with its mandate under the Financial Reporting Act (FRA), MIPA has formulated a set of Disciplinary Regulations Guidelines based on the revised SMO 6 requirements for its members. In October 2015, the MIPA Board approved I&D Regulations which established the Investigation, Disciplinary, and Appeal Committees. MIPA reports that the envisioned framework would operate as follows: the Investigation Committee will consider the complaint; subsequently, based on the information gathered, the Investigation Committee will decide whether to refer the matter to the Disciplinary Committee to conduct a disciplinary hearing. The Disciplinary Committee would then take over the case and make a final decision. Appeals can be made against the decisions of the Disciplinary Committee.

    MIPA signed an MoU with Association of Chartered Certified Accountants and the Institute of Chartered Accountants in England and Wales to draft and set-up its I&D structure which MIPA reports is in line with the revised SMO 6 requirements. The Committees are not yet set-up; however, MIPA organized a Forum in August 2016 to explain the need for these committees and to call for members’ participation with the implementation. MIPA intends to call for expressions of interest from its members in this respect and expects the implementation to be completed in the next year. In particular, next steps include appointing independent professionals.

    In the interim, MIPA’s Board has been responsible for handling disciplinary matters. In 2015–2016, MIPA received 11 complaints against members and all have been resolved by the Board.

    In its next Action Plan submission, MIPA should provide an update on the operational status of the Committees established under its I&D procedures and confirm if its I&D system remains aligned with the SMO 6 requirements. Appendix II of this document may be useful in this regard.

    Current Status: Execute

  • SMO 7: International Financial Reporting Standards

    The Companies Act 2001 requires the application of IFRS as issued by the IASB and the Financial Report Council (FRC) is responsible for approving and disseminating all updates to the standards. MIPA is active in the FRC’s standard-setting activities through its two representatives on the FRC’s Board. MIPA’s representatives use their best endeavors to preserve the alignment with the international standards and ensure application of the standards.

    MIPA’s other activities focused on IFRS are concentrated on providing continuing professional development programs and disseminating information on developments of the international standards to its members and the public. As part of these efforts, MIPA and the PWC IFRS Academy of Mauritius have entered into an agreement to conduct half-day seminars on IFRS once a month.

    Additionally, MIPA itself monitors changes to the IFRS and IFRS for SMEs and will communicate changes to members in addition to providing trainings on the revisions. MIPA also disseminates Exposure Drafts and requests for comments from the IASB to its members. MIPA members can also receive updates on the standards from the FRC and the FRC will send out requests for comments to IASB-issued Exposure Drafts.

    Current Status: Sustain


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.


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