Ordre National des Experts-Comptables et des Comptables Agréés du Burkina Faso
Associate | Established: 1996 | Associate since 2015
The ONECCA-BF was originally founded in 1996 and subsequently, reestablished in 2005 as the regulator of the accountancy profession in Burkina Faso. Membership of ONECCA-BF is mandatory and the institute brings together Certified and Chartered Accountants as well as accounting firms. ONECCA-BF is dedicated to supporting its members, ensuring the independence of the accountancy profession, and representing the matters of the profession to the government.
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
Regional regulation issued by the Organization for the Harmonization of Business Law in Africa (OHADA) in June 2017 stipulates that professional accountancy organizations within OHADA member states are to develop and implement quality assurance (QA) review systems.
Prior to the 2017 regulation, however, the ONECCA-BF had been proactive in the adoption of quality control standards and developing plans to establish a QA review system. The ONECCA-BF states it has adopted ISQC 1, with an effective implementation date of January 2016, and established a QA Committee in 2015. Since 2015, the institute has been working to prepare and train QA reviewers in order to commence QA reviews by July 2018. The institute reports that it has aligned its QA review procedures with SMO 1 requirements so that once operational, its system will adhere to best practices.
The institute indicates that QA reviewers have received training and draft guides on quality assurance from OHADA in June 2016 and received final versions of necessary QA material in December 2017. Further training is expected from the Pan African Federation of Accountants in April 2018 as well.
Additionally, ONECCA-BF states that it is assisting firms and individual practitioners in the implementation of ISQC1 by providing training, tools, and guidance on the standards. For example, it has disseminated to members a French translation of ISQC 1 provided by the Compagnie Nationale des Commissaires aux Comptes and l’Institut des Reviseurs d’Entreprises, a French PAO and Belgian PAO, respectively.
As ONECCA-BF commences and progresses with the execution of QA reviews, it is encouraged to ensure that implementation support it is offering to its members and QA reviewers. As part of regular assessments of the system, the institute is encouraged to review the SMO 1 requirements to ensure the system maintains alignment.
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), the role of the ONECCA-BF is to enforce the IPD requirements and establish continuing professional development (CPD) requirements for its members.
As part of the IPD requirements to obtain a Chartered Accountant qualification, candidates must complete a three-year internship verified by a professionally qualified accountant. ONECCA-BF reports that it has analyzed initial education training programs against the 2014 IES and affirms that Regional Commission for Accounting and Financial Experts (CREFECF)’s curricula and examination requirements for the two regional qualifications fulfill the 2014 IES requirements. The institute notes that it will need to establish plans to assess the CREFCEF’s requirements against the revised 2015 IES and support plans to incorporate those requirements into regional and national educational requirements.
In regards to CPD, after planning throughout 2015 and reviewing the 2010 IES requirements and the American Institute of Certified Public Accountants (AICPA)’s CPD policy, in July 2016, ONECCA-BF reports it adopted a CPD requirement whereby all members must complete and record 120 hours of CPD over a three year period. The institute has distributed copies of the new CPD requirements to all members. It indicates it is signing an agreement with the Compagnie Nationale des Commissaires aux Comptes to support training offerings and has developed an annual CPD calendar to share among and inform members.
Additionally, ONECCA-BF has been supporting the accreditation of Joseph Ki Zerbo University by the WAEMU. The accreditation would verify that the university offers the same courses and syllabi of the regional Higher Education Degree in Accounting and Financial Management (DESCOGEF—for Certified Accountants) and Degree in Accounting and Finance Expertise (DECOFI—for Chartered Accountants) training that is necessary to pass the qualifications’ exam and practice within any of the West African Economic and Monetary Union (WAEMU) member states. The accreditation of a local university would significantly decrease the costs of studying accountancy as candidates could complete their training and sit for examinations within Burkina Faso instead of having to travel to Senegal and Cote d’Ivoire—the only two WAEMU member countries where the DESCOGEF/DECOFI qualification educational programming is currently offered. ONECCA-BF indicates that the final memorandum was agreed upon in December 2017 and the accreditation application has been submitted.
Over the course of 2018–2019, the institute has outlined plans to develop a resource library for members and explore the possibility of including an assessment of local business and tax regulations as part of IPD. ONECCA-BF also organizes an integration session for all candidates who passed their examinations in non-WAEMU countries.
Furthermore, ONECCA-BF indicates it is active on a regional level in regards to educational matters. For example, in July 2017, the institute contributed to a Pan Africa Federation of Accountants (PAFA) workshop that included initiatives such as commenting on the revised IES 7 exposure draft, establishing an educational committee within PAFA, and setting the framework of a common contents project for accountancy education.
As part of its next Action Plan submission, ONECCA-BF is encouraged to update its SMO Action Plan with information and details around how it may support a regional review of IPD requirements against the 2015 revised IES requirements. Similarly, the institute should consider how it might review its recently adopted CPD requirements and programming to make adaptations to align with the revised IES. ONECCA-BF may consider reviewing the AICPA’s latest CPD policies as it did to formulate its current CPD obligations. Additionally, it is recommended that the institute provide any updates regarding its initiative to include an assessment on local and business legislation as part of IPD.
SMO 3: International Standards on Auditing
The Organization for the Harmonization of Business Law in Africa (OHADA) has been revising regional regulation in order to harmonize auditing standards with international best practice. In June 2017, OHADA issued regulation stating that all member states must adopt ISA as issued by the IAASB beginning in January 2018.
ONECCA-BF has been committed to the adoption of ISA at the national level prior to the OHADA’s adoption of the standards. In June 2015, the institute adopted ISA as issued by the IAASB without modifications, including the effective date. ONECCA-BF has adopted the English version of the standards so that all revisions to standards are adopted on an ongoing basis and become effective when issued by the IAASB in order to avoid a lag due to translations. Furthermore, the institute reports that auditors of public interest entities (PIEs) were early adopters of the 2016 ISA and the new auditor’s report.
To support its members’ implementation of the standards, ONECCA-BF states that it promptly shares new and revised standards via its website and training. For example, the OHADA offered a training on ISA based on the new OHADA regulation in December 2017 at which ONECCA-BF members were present. Furthermore, ONECCA-BF reports that it held three ISA trainings led by the Fédération Internationale des Experts Comptables et Commissaires aux Comptes Francophones prior to the effective date of the new OHADA regulation on ISA.
The institute also has received tools and audit software designed for small- and medium-sized entities from the Compagnie Nationale des Commissaires aux Comptes (CNCC) and indicates that it is signing an agreement with the CNCC to provide training on these materials by the end of 2018. Finally, at end of January 2018, the institute shared auditing tools with its members such as questionnaires, templates, auditing procedures, and risk analyses that were provided by OHADA.
With the new OHADA regulations now effective, the institute is encouraged to ensure that it incorporates and highlights current implementation support activities for its members within its SMO Action Plan. Additionally, ONECCA-BF is encouraged to consider participating in the submission of comments on IAASB exposure drafts through PAFA’s Standard-Setter Forum.
SMO 4: Code of Ethics for Professional Accountants
The Organization for the Harmonization of Business Law in Africa (OHADA) has been revising regional regulation in order to harmonize ethical standards with international best practice. In June 2017, OHADA issued regulations stating that its member states, which includes Burkina Faso, must adhere to the OHADA Code of Ethics—which is aligned with the 2015 IESBA Code of Ethics—as well as relevant ethical requirements within the OHADA Uniform Act on Accounting Law and Financial Information that relate to external auditors.
Similar to other standard-setting areas, ONECCA-BF has been committed to the adoption of international best practices prior to OHADA’s 2017 regulations. In 2015, the institute adopted the IESBA Code of Ethics without modifications, including the effective date. ONECCA-BF has adopted the English version of the IESBA Code so that all revisions are adopted on an ongoing basis and become effective when issued by the IESBA in order to avoid a time lag due to translations.
The institute has shared the 2009 version of the IESBA Code in French—the only available French translation of the Code in line with IFAC’s Translation Policy—with its members in collaboration with the Compagnie Nationale des Commissaires aux Comptes (CNCC) and the Conseil Supérieur de l’Ordre des Experts-Comptables, two PAOs from France.
The institute notes it is formulating plans for the implementation of the NOCLAR standard within Burkina Faso; for example, ONECCA-BF members attended a training organized by OHADA in Côte d’Ivoire on the IESBA Code of Ethics in December 2017. These members may be utilized for local future trainings on the IESBA Code of Ethics along with guidance issued by OHADA. The institute is also working with the CNCC to offer a mandatory training for all members on new ethical requirements. ONECCA-BF does not anticipate significant challenges to NOCLAR implementation as Burkina Faso’s business laws already require auditors to report non-compliance and all professional accountants are required to comply with similar anti-corruption and anti-money laundering requirements.
Additionally, in 2016 ONECCA-BF had stated plans to further sensitize the Code amongst its members and the public. In September 2017, it issued a press release reiterating to the public and its members that adherence to the IESBA Code of Ethics is required and breaches of professional conduct are punishable offenses.
With the new OHADA regulations and IESBA Code of Ethics now effective, the institute is encouraged to ensure that it incorporates and highlights current implementation support activities for its members within its SMO Action Plan. The institute may consider how it collaborates regionally to obtain a more updated French translation of the Code for its members. Additionally, ONECCA-BF is encouraged to consider how it may participate in the submission of comments on IESBA exposure drafts in order to contribute its experiences and perspective.
SMO 5: International Public Sector Accounting Standards
The West African Economic and Monetary Union (WAEMU) establishes public sector accounting standards for its member states, which includes Burkina Faso. Article 6 of the directive No.09/2009/CM/UEMOA stipulates that member states’ governmental the government’s general accounting is based on international accounting standards.
In Burkina Faso, ONECCA-BF reports that the Treasury adopted reports that the government adopted new public sector accounting decrees as of June 1, 2016 which are presently based on the Organization for the Harmonization of Business Law in Africa (OHADA) Accounting System and applicable standards—known as SYSCOHADA. While ONECCA-BF has no direct responsibility with regards to public sector accounting standard-setting, the institute indicates it is carrying out an assessment of the new standards outlined in the decrees with the IPSAS and it seems that aligning the publication of annual financial statements with IPSAS is envisioned for 2019. ONECCA-BF has been disseminating the IPSAS as they are issued by the IPSASB in order to keep members informed of the standards.
Additionally, the institute notes that it has started discussions during the Pan Africa Federation of Accountants Standard-Setters’ Forum among other WAEMU countries to discuss the ONECCA-BF’s assessment of Burkina Faso’s standards in order to strengthen its conclusions and subsequent outcomes as the public sector framework is similar in other member states.
Furthermore, ONECCA-BF is part of a high-level Monitoring Committee of the Public Financial Management Enforcement Strategy. The Committee includes government representatives and the institute is using this platform initiate communications again with the Ministry of Finance and the Treasury departments. For example, after attending the Treasury’s annual conference in December 2017, ONECCA-BF reports that it will reach an agreement with the Ministry of Finance regarding the institute’s role and assistance with the implementation of public sector accounting standards by end of June 2018.
In its next Action Plan submission, ONECCA-BF is encouraged update its Action Plan in order to clarify i) the results of its study of the applicable public sector standards against the IPSAS and the subsequent timeline for the adoption and implementation of IPSAS; ii) its engagements and agreements with the government regarding plans to support the implementation of IPSAS; and iii) any training support it offers its members that work in the public sector.
SMO 6: Investigation and Discipline
At the national level, ONECCA-BF has direct responsibility for establishing and implementing an investigative and disciplinary (I&D) system for its members.
ONECCA-BF states that it must abide by regional regulations in regards to the set-up of its I&D committees. At the regional level, these committees are identified by the same name. To address regional regulations and SMO 6 requirements, ONECCA-BF worked throughout 2017 to revise its bylaws in order to have two separate and independent sub-committees—one for investigation and one for discipline. During this time, previous I&D procedures were still implemented and two members were sanctioned for wrongdoing.
As of January 2018, the institute reports that the new procedures and separate sub-committees have been established and are functional. Furthermore, the ONECCA-BF conducted a self-assessment of its I&D system against the SMO 6 components and reports that its revised procedures are fully aligned. ONECCA-BF reports that it offered trainings to members of its investigations committee on their functions in March 2018.
The institute states that it will sensitize its members and the public on its I&D system via emails, its website, and workshops. For example, in September 2017, it issued a press release notifying the public how and where to any complaints could be submitted.
As ONECCA-BF progresses with the implementation of its revised I&D procedures, it is encouraged to continue sensitizing members and the public on the I&D system and regularly review its system against the SMO 6 requirements.
SMO 7: International Financial Reporting Standards
As a member state of West African Economic and Monetary Union and the Organization for the Harmonization of Business Law in Africa (OHADA), Burkina Faso’s corporate accounting standards are defined in regional directives. In January 2017, the OHADA Uniform Act on Accounting Law and Financial Information (AUDCIF) was signed by the OHADA Council to update the previous OHADA Uniform Act on Organizing and Harmonizing Company Accounting Systems 2/2000 which had outlined the OHADA Accounting System and applicable standards—known has SYSCOHADA. Although the SYSCOHADA continue to differ from IFRS, the AUDCIF now requires that public interest entities, which include listed companies, banks, insurance, and pension companies as well as any other companies determined by national Ministries of Finance, prepare financial statements in accordance with IFRS as well as SYSCOHADA. This will come into force in all member states in January 2019.
ONECCA-BF played a key role in promoting the adoption of IFRS at the regional level and demonstrated its willingness to adopt IFRS through its representative on the OHADA committee that was responsible for the convergence process. The institute has and continues to provide training on both SYSCOHADA and IFRS. For example, in May 2017, ONECCA-BF sent two members to Cote d’Ivoire for a three-day training on the new standards and upon their return, ONECCA hosted a training for all members in June 2017. ONECCA-BF indicates that it has included several trainings on IFRS and SYSCOHADA standards in its continuing professional development program for 2018.
Additionally, the institute has provided its members with implementation manuals, case studies, and guidelines issued by the OHADA, and has disseminated IASB pronouncements via its website.
Furthermore, also at the regional level, ONECCA-BF indicates that it is actively involved in the Standard-Setters’ Forum of the Pan African Federation of Accountants—the regional accountancy organization—contributing to initiatives involving IFRS standard-setting developments and providing comments on IASB-issued exposure drafts.
With the recent adoption of IFRS for OHADA member states, ONECCA-BF is encouraged to continue updating its Action Plan to demonstrate examples of implementation support, such as training and sharing resources, which it might provide for its members to appropriately apply the standards.
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