Ordre National des Experts Comptables et Comptables Agréés du Sénégal
Member | Established: 1996 | Member since 2013
The Ordre National des Experts-Comptables et Comptables Agréés du Sénégal (ONECCA-Senegal) was established by law in January 2000 regulate the accountancy profession at the national level. Its membership brings together Certified Accountants and Chartered Accountants. In addition to supporting its members and contributing to the development of the national accountancy profession, ONECCA-Senegal is also providing capacity building assistance to the accountancy profession within the West African region.
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
In the absence of a regional quality assurance (QA) system, ONECCA-Senegal has been proactive in the adoption of quality control standards and establishing a QA review system. The institute has adopted ISCQ 1 and ISA 220 in addition to establishing a QA review system for its members with assistance from French professional accountancy organizations. As part of the 2016 SMO Action Plan update process, the institute conducted a review of its QA system against the revised SMO 1 requirements and it indicates that its system meets the majority of the SMO 1 requirements. However, the QA review system is not yet linked to its investigative and disciplinary (I&D) system given the voluntary nature of the QA reviews at the time of the assessment. ONECCA-Senegal indicates that it will be implementing a number of activities to further comply with the SMO 1 requirements.
ONECCA-Senegal has established a QA Committee which is working to prepare the institute’s members for mandatory QA reviews for all audits effective 2017 by informing members on SMO 1 requirements and merits of a QA review system. Upon revisions of SMO 1 requirements, ONECCA-Senegal published an explanatory article in order to build awareness of changes amongst members.
To support members with QA implementation, the Order has created and shared a QA Manual for QA reviewers and provides the standards and related handbooks in French. Before QA reviews, the Order provides its members with questionnaires to prepare them for a review and is organizing workshops and training for members to on how to use QA and quality control tools. Furthermore, once the QA reviews are complete, ONECCA-Senegal publishes a report on the main issues found during reviews and conducts trainings for members on the most significant and frequent issues found to enhance improvements.
Based on the results of its review of its QA review system against the SMO 1 requirements, the institute is encouraged to begin planning actions it will carry out to link its QA system to its I&D system. ONECCA-Senegal is also encouraged to include the activities it will be carrying out in the upcoming year in its Action Plan. The Order is also encouraged to provide an update in its next Action Plan submission on the status of the establishment of the regional QA review system and implementation of quality control standards.
- SMO 2: International Education Standards
With initial professional development (IPD) requirements established at the regional level by the West African Economic and Monetary Union (WAEMU), ONECCA-Senegal has worked to strengthen IPD requirements by requiring that candidates’ three-year internship must be with a Chartered Accountant licensed by ONECCA-Senegal and demonstrate appropriate knowledge of Senegal’s business and legal environment. The institute has established an SMO 2 Committee which is responsible for identifying the areas that candidates for ONECCA-Senegal membership must demonstrate sufficient knowledge of. The committee is also in charge of developing and maintaining the institute’s continuing professional development (CPD) system. The institute indicates that the CPD catalogue is updated regularly and available for members to view on its website.
ONECCA-Senegal states that it is committed to working with the Conseil Permanent de la Profession Comptable and Regional Commission for the Formation of the Accounting and Financial Experts to improve and maintain the regional educational requirements in accordance with revised IES and provides updates to WAEMU so that curricula and examinations are in line with IES 6. The institute also encourages the Conseil Comptable Ouest Africain to review new and revised IES requirements and to participate in the international standard setting process by commenting on Exposure Drafts issued by the IAESB.
ONECCA-Senegal is encouraged to review the revised IES, effective as of July 2016, and indicate if its education and training requirements are line with the revised standards. The institute is also encouraged to share the revised IES with entities involved in the development of accountancy education programs.
- SMO 3: International Standards on Auditing
ONECCA-Senegal is committed to the adoption of ISA at the national level despite delays in auditing standard-setting at the regional level. As such, it has adopted the Auditing Standards (SAS), which are based on the Clarified ISA without modifications, as a self-regulatory requirement for their members. The Order subsequently proposed legislation to the government to adopt the SAS as the auditing standards for Senegal and in February 2016, the Ministry of Finance approved the SAS as the national auditing standards.
As part of promoting the SAS to the government, ONECCA-Senegal established a Standards Approval Committee which is comprised of representatives from the Ministry of Finance and Justice and other stakeholders. Having obtained the Ministry of Finance’s approval of the SAS, the Committee will continue to advise the Ministry on the SAS and promote the incorporation of revisions to the standards.
ONECCA-Senegal also established an SMO 3 Committee which is responsible for reviewing the standards. With the assistance of International Federation of Francophone Accountants and French Professional Accountancy Organizations, ONECCA-Senegal works to translate all IAASB pronouncements for its members. The institute trains members on the standards and provided one-week training seminars for all members. It continuingly updates members and trainees on new and revised auditing standards on a regular basis.
- SMO 4: Code of Ethics for Professional Accountants
Since no regional Code of Ethics is in place, ONECCA-Senegal established an SMO 4 Committee which has adopted the 2013 IESBA Code of Ethics without modifications. In February 2016, the Ministry of Finance approved the Code of Ethics and the institute indicates that it will continue to incorporate revisions to its Code on an ongoing basis.
The institute organizes seminars and trainings on the Code of Ethics for its members and sends the Code to all members. After the 2013 Code of Ethics was issued, the institute published an explanatory article to make members aware of the revisions and trained members on new requirements. It has also included courses on the revised Code in pre-qualification and continuing professional development programs.
ONECCA-Senegal is encouraged to provide an update on the status of adoption of the regional Code of Ethics being developed by the Conseil Permanent de la Profession Comptable and/or Organization for the Harmonization of Business Law in Africa.
- SMO 5: International Public Sector Accounting Standards
ONECCA-Senegal has no direct responsibility for the adoption of public sector accounting standards but plays a key role in promoting the adoption and implementation of IPSAS and is undertaking several activities to achieve this objective. As part of its strategy to promote IPSAS, the institute established an SMO 5 Committee which promotes the adoption of IPSAS to various public sector stakeholders.
The institute made the 2005 IPSAS available in French to the Ministry Finance and its SMO 5 Committee, and is continuingly working on a survey of the actions taken toward the adoption of IPSAS by the Senegalese government. ONECCA-Senegal indicates that the Ministry of Finance is revising the public sector accounting standards in order to be aligned with the West African Economic and Monetary Union’s directive requiring accrual-basis standards. The institute estimates that this will be completed before the end of 2016.
Additionally, the institute has established both an internal working group to conduct a comparison study of the public sector accounting standards in use in Senegal and the IPSAS, and a Joint Committee with representatives from the Treasury and ONECCA-Senegal’s SMO 5 Committee. The Joint Committee is responsible for proposing a plan for the adoption and implementation of IPSAS for public entities.
In 2015, ONECCA-Senegal, in collaboration with IFAC, the Pan African Federation of Accountants, and the International Federation of Francophone Accountants, organized a two-day event on Public Finance Management in order to promote accrual IPSAS. The institute reports this event is now an annual occurrence for the Francophone African professional accountant community. The institute also organizes workshops for members to increase their understanding of IPSAS.
In its next Action Plan update, ONECCA-Senegal is encouraged to update its Action Plan to indicate the progress of adopting the new public sector accounting standards. ONECCA-Senegal is also encouraged to describe if it is collaborating with other entities to share translations of a more recent version of IPSAS with the Ministry of Finance.
- SMO 6: Investigation and Discipline
ONECCA-Senegal has direct responsibility for establishing an investigative and disciplinary (I&D) system for its members and has established a Disciplinary Committee. To establish its I&D system, representatives visited the French Association of Chartered Accountants in 2010 for a reference study prior to establishing their I&D system and worked with the Ministry of Justice to appoint a judge for the Disciplinary Committee.
As part of the 2016 SMO Action Plan update process, ONECCA-Senegal conducted a review of its existing I&D system against the revised SMO 6 requirements. Results of the review indicate that its I&D system is partially in line with the SMO 6 requirements and requires improvements in the disciplinary process, certain administrative procedures, public interest considerations, and liaising with outside entities.
ONECCA-Senegal established an SMO 6 Committee which is responsible for monitoring its system’s alignment with the SMO 6 requirements. The institute reports that additional professional standards were approved in February 2016 by the Ministry of Finance and after the final approbation, its SMO 6 Committee will meet to review and update the I&D mechanisms.
To raise their members’ and the public’s awareness of the I&D system, the institute disseminates information kits on its I&D mechanisms to members, audit firms, and the Chamber of Commerce and prepared a communication strategy to promote the I&D system to the public. The institute also plans to prepare and publish an explanatory article on the revised SMO 6 requirements for its members by December 2016.
Based on the results of its review of its I&D system against the SMO 6 requirements, ONECCA-Senegal is encouraged to strategically plan the actions it will carry out in order to address the areas that require improvements. It should then identify these actions in its Action Plan and report on any progress made as part of its 2017 SMO Action Plan update. The institute is also encouraged to clarify the professional standards approved in February 2016 by the Ministry of Finance that affect the institute’s I&D system.
- SMO 7: International Financial Reporting Standards
ONECCA-Senegal, with no direct responsibility for the adoption of accounting standards, reports it is using its best endeavors to advocate for the convergence of the Organization for the Harmonization of Business Law in Africa (OHADA) and the West African Economic and Monetary Union (WAEMU) accounting standards with IFRS and supports its members’ implementation of the applicable OHADA accounting standards.
ONECCA-Senegal has actively participated in processes to converge the regional standards with IFRS. It has established an SMO 7 Committee which has been responsible for identifying differences between the standards and proposing recommendations to both WAEMU and OHADA. The institute promotes updating the qualification curricula to include IFRS to WAEMU. ONECCA-Senegal also works to implement revisions that are made to the standards.
In addition to supporting regional stakeholders, the institute supports its members by providing training and conducting workshops on IFRS and the OHADA standards. ONECCA-Senegal provides an application guide for members and includes courses on the OHADA standards in its continuing professional development programs.
ONECCA-Senegal is encouraged to provide an update on the status of the regional project to converge the OHADA standards with IFRS in its Action Plan and clarify if it has established mechanisms to disseminate the new and revised OHADA standards to its members.
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