Ordem dos Contabilistas e Auditores de Moçambique

The Ordem dos Contabilistas e Auditores de Moçambique (OCAM) maintains an operational quality assurance review system that applies to all audit firms in the jurisdiction and is aligned with the requirements of Statement of Membership Obligation 1. In 2014, OCAM established regulations adopting quality control standards, quality assurance review procedures, and a dedicated Quality Assurance Committee.

To strengthen implementation capacity, OCAM entered into a Memorandum of Understanding in 2017 with the Public Accountants and Auditors Board of Zimbabwe to support the operationalization of the quality assurance system and the development of local reviewer capacity. Quality assurance reviews commenced in 2018, with OCAM reviewers participating directly in the review process and benefiting from ongoing technical support and training. Since then, the review system has become fully operational and continues to function on both a risk-based and cycle-based approach, including more frequent reviews for firms serving public interest entities.

OCAM continues to support implementation through the publication of guidance materials, dissemination of common findings and deficiencies, and the integration of quality assurance review outcomes into continuing professional development activities. The association also shares implementation resources relevant to small- and medium-sized practices and continues to build member awareness of quality requirements.

Following the replacement of International Standard on Quality Control 1 by International Standard on Quality Management 1 and International Standard on Quality Management 2, OCAM is expected to continue supporting firms in the transition to the updated quality management standards and maintaining the effectiveness of its quality assurance framework through ongoing review and enhancement.

Current Status: Sustain

Law No. 8/2012 establishes the general entry and educational requirements for professional accountants in Mozambique and authorizes the Ordem dos Contabilistas e Auditores de Moçambique (OCAM) to establish more specific initial professional development and continuing professional development requirements. OCAM reports that it has adopted the requirements of the 2019 International Education Standards and has taken significant steps to strengthen the implementation of national education requirements leading to the designations of certified accountant and certified auditor.

In September 2016, OCAM’s General Council approved revised regulations governing admission, examinations, and practical experience, aligning entry requirements with the International Education Standards. To strengthen the quality of academic preparation, OCAM has worked with the national higher education accreditation body within the Ministry of Education to support curriculum design, university accreditation, and the alignment of accounting education programs with international benchmarks.

OCAM maintains a mandatory three-year practical experience requirement for each professional designation, which is assessed following the successful completion of written and oral final examinations. The association continues to administer annual examinations and has strengthened delivery through partnerships with the Ordem dos Contabilistas Certificados and the Ordem dos Revisores Oficiais de Contas of Portugal, as well as through collaboration with local universities and online learning platforms.

OCAM also maintains mandatory continuing professional development requirements of 120 hours over a three-year period, supported by an annual continuing professional development calendar, an online registry for recording compliance, and active monitoring and disciplinary follow-up where required. To enhance accessibility, the association offers free training opportunities and recognizes relevant e-learning provided by other IFAC member organizations.

Through these established education, assessment, practical experience, and continuing professional development processes, OCAM maintains well-established ongoing arrangements to fulfill its obligations under Statement of Membership Obligation 2 and continues to review and enhance its education framework.

Current Status: Sustain

The Ordem dos Contabilistas e Auditores de Moçambique (OCAM) is authorized by Law No. 8/2012 to define auditing standards taking into consideration international best practices. OCAM reports that it has adopted the International Standards on Auditing as issued by the International Auditing and Assurance Standards Board for application in the jurisdiction.

To support implementation, OCAM continues to address the practical challenges associated with the timely translation and dissemination of standards in Portuguese. The association has partnered with the Instituto dos Auditores Independentes do Brasil to provide members with access to an online platform for continuing professional education, which includes translated International Standards on Auditing and related implementation resources. The 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements remains the latest version available in Portuguese and has been republished by OCAM in accordance with IFAC’s Permission Policy.

OCAM incorporates the International Standards on Auditing into its initial professional development and continuing professional development programs and regularly disseminates technical updates and standard-related guidance through its newsletter and professional education activities. The association has also invited experts from the International Auditing and Assurance Standards Board and the Independent Regulatory Board for Auditors of South Africa to deliver seminars on auditing standards and related developments.

In addition, OCAM participates in the Technical Forum of the Pan African Federation of Accountants, through which it contributes comments on international exposure drafts and supports regional engagement in the standard-setting process.

Through these established implementation, translation, training, and consultation processes, OCAM maintains well-established ongoing arrangements to fulfill its obligations under Statement of Membership Obligation 3 and continues to support members in the application of revised and new auditing standards.

Current Status: Sustain

As the entity responsible for establishing ethical requirements, the Ordem dos Contabilistas e Auditores de Moçambique (OCAM) issued Resolution 5/GB/2014, which adopted the International Code of Ethics for Professional Accountants as issued by the International Ethics Standards Board for Accountants in its entirety as OCAM’s Code of Ethics.

To support implementation, OCAM has taken steps to facilitate the translation and dissemination of ethical standards and related guidance in Portuguese, including the internal translation of the 2018 International Code of Ethics in response to member demand. The association continues to monitor developments and revisions issued by the International Ethics Standards Board for Accountants and disseminates updates to members through its newsletter and other technical communications.

OCAM has also strengthened its institutional capacity in this area by supporting specialized ethics training for staff, including certification as an ethics practitioner, to support the work of its Ethics Committee. In addition, the Code is incorporated into professional examinations and continuing professional development activities delivered to members, board members, and regional delegates throughout the country. Ethical matters and emerging challenges are also addressed through regular member communications and professional education activities.

OCAM also participates in the Technical Forum of the Pan African Federation of Accountants, through which it contributes comments on international exposure drafts and remains engaged in the ongoing development of ethical standards.

Through these established adoption, translation, education, and monitoring processes, OCAM maintains well-established ongoing arrangements to fulfill its obligations under Statement of Membership Obligation 4 and continues to support members in the application of revised and new ethical requirements.

Current Status: Sustain

In Mozambique, the Government is responsible for adopting public sector accounting standards and public sector financial reporting continues to be based on national cash-basis accounting standards. While the Ordem dos Contabilistas e Auditores de Moçambique (OCAM) does not have direct authority to adopt public sector standards, the association continues to play an active advocacy and technical support role in promoting the adoption and implementation of International Public Sector Accounting Standards.

OCAM has engaged with senior government officials, including the Ministry of Finance, to support public financial management reform and the progression toward International Public Sector Accounting Standards adoption. A joint taskforce comprising representatives from the public sector and OCAM has been established to support the development of a roadmap toward adoption, together with the development of public sector education and qualification pathways.

The association has supported the Government through the sharing of Portuguese-language International Public Sector Accounting Standards materials, participation in international standard-setting and implementation forums, and technical benchmarking visits, including collaboration with the National Board of Accountants and Auditors in Tanzania as part of knowledge-sharing on implementation approaches. OCAM also reports that International Public Sector Accounting Standards topics are incorporated into its examinations and continuing professional development activities, and that it disseminates updates through member communications and training activities.

OCAM further supports this area through collaboration with the Pan African Federation of Accountants and African Organisation of English-speaking Supreme Audit Institutions and by participating in technical forums and consultation processes on international public sector reporting developments.

Through these sustained advocacy, education, and stakeholder engagement activities, OCAM maintains well-established ongoing processes to fulfill its obligations under Statement of Membership Obligation 5 within the scope of its mandate.

Current Status: Sustain

The Ordem dos Contabilistas e Auditores de Moçambique (OCAM) is empowered by Law No. 8/2012 to establish an investigative and disciplinary system for professional accountants. Resolution No. 8/GB/2014 establishes the procedures governing the system, which is overseen by the Judicial Council of the association. The Judicial Council comprises separate divisions responsible for investigation, discipline, representation of rights, and adjudication, with committee membership including both members and non-members, such as retired practitioners and legal professionals. An administrative court is available to hear appeals.

OCAM reports that the system is fully operational and incorporates the requirements of Statement of Membership Obligation 6. Following the commencement of quality assurance reviews in 2018, quality assurance findings may result in disciplinary consequences where appropriate, strengthening the link between quality assurance and disciplinary processes. The association also conducts annual reviews of the effectiveness of the investigative and disciplinary system.

To strengthen case management and transparency, OCAM operates an online platform for recordkeeping and case tracking. The association also publishes information on suspended members and regularly communicates common case themes and disciplinary outcomes through its newsletter and annual reporting processes.

OCAM continues to process cases on an ongoing basis, including matters initiated by members, clients, employers, and publicly available information. The association also works closely with the Attorney General’s Office and the Central Office of Anti-Corruption in matters involving more serious offences.

Through these established investigative, disciplinary, appeals, and transparency processes, OCAM maintains well-established ongoing arrangements to fulfill its obligations under Statement of Membership Obligation 6 and continues to review and enhance the effectiveness of the system.

Current Status: Sustain

Accounting requirements in Mozambique are established by Decree No. 70/2009 and continue to be based on International Financial Reporting Standards as published in November 2008 for large and medium-sized entities. The decree explicitly states that institutions and companies in the banking and insurance sectors are subject to separate requirements established by the Bank of Mozambique and the Ministry of Finance. OCAM reports that, in practice, these regulators require entities under their supervision to apply International Financial Reporting Standards as issued by the International Accounting Standards Board.

Decree No. 70/2009 also envisages the creation of an accounting standards board under the Ministry of Finance to review, update, interpret, and maintain the Sistema de Contabilidade para o Sector Empresarial. This body has not yet been established. In the interim, the Ordem dos Contabilistas e Auditores de Moçambique (OCAM), with support from the Pan African Federation of Accountants, has continued to advance proposals for the establishment of an independent standard-setting committee and has engaged relevant stakeholders, including the Ministry of Finance, the Bank of Mozambique, and other regulatory bodies.

OCAM has also taken significant steps to improve access to updated International Financial Reporting Standards in Portuguese through engagement with the IFRS Foundation and by incorporating the most recent available standards into pre-qualification programs, examinations, and continuing professional development activities. The association further promotes implementation through technical communications and participation in regional consultation processes through the Technical Forum of the Pan African Federation of Accountants.

OCAM has undertaken several positive initiatives to support the progression toward continuous International Financial Reporting Standards adoption. The association should continue to prioritize engagement with the Ministry of Finance and relevant stakeholders to support the establishment and operationalization of the accounting standard-setting board, which will be critical to maintaining a timely and continuous process for adoption of updated standards.

Current Status: Review & Improve