Gabon

The corporate financial reporting framework of Gabon is primarily determined by legislation issued at the regional level by the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). As a member state of OHADA, Gabon applies uniform acts and regulations adopted at the regional level, which have direct legal effect within the jurisdiction and shape the legal and regulatory framework for commercial entities, financial institutions, and the accountancy profession. Gabon aligns its national legal framework with OHADA directives and regulations.

OHADA is responsible for establishing accounting and auditing standards applicable across its member states, while national authorities are responsible for implementing and enforcing the regional framework within their jurisdictions.

Accounting Framework

In January 2017, the Commission de Normalisation Comptable de l’OHADA (CNC-OHADA) adopted the Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF), replacing the previous OHADA accounting framework established in 2000. The earlier framework had introduced the Système Comptable OHADA (SYSCOHADA).

The AUDCIF revised SYSCOHADA, including the OHADA general accounting plan and the rules governing consolidated and combined financial statements, creating a single accounting reference framework applicable across OHADA member states. The revised standards became effective on January 1, 2018 for individual financial statements and on January 1, 2019 for consolidated financial statements.

SYSCOHADA continues to differ from International Financial Reporting Standards (IFRS Accounting Standards) and is generally applied by small and medium-sized entities. Under the AUDCIF, entities whose securities are listed or that seek financing through a public capital market are required to prepare consolidated financial statements in accordance with IFRS Accounting Standards. Other entities are permitted, but not required, to apply IFRS Accounting Standards.

Auditing Framework

Statutory audit requirements in Gabon are established through the OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups (1997, revised in 2014). The Act requires statutory audits for public companies, limited liability companies, and partnerships that exceed defined thresholds relating to balance sheet size, turnover, or number of employees. Banking and insurance legislation also require mandatory audits of banks, financial institutions, and insurance companies.

In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing in OHADA member states, which harmonizes auditing practices with international standards. The regulation requires that all statutory audits be conducted in accordance with International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). The regulation became effective on January 1, 2018 and establishes ISA as the applicable auditing standards in Gabon.

The Economic and Monetary Community of Central Africa (CEMAC), a regional organization of which Gabon is a member state, was established to promote sub-regional integration. In 2001, the Council of Ministers of CEMAC issued Regulation n° 11/01-UREC-027-CM-07 of 05 December 2001 to revise and reclassify the status of independent accounting professionals to Public Accountants and Decision N° 30/01-UEAC-027-CM-07 of 05 December 2001 requiring the establishment of professional accountancy organizations in all the member states to harmonize the regulation of Public Accountants.

CEMAC establishes regional-level initial professional development (IPD) requirements for the accountancy profession, which are transposed and implemented by each member state. The regulations issued in 2001 declare that candidates who wish to become CEMAC-accredited Public Accountants must be holders of a public accountancy diploma certification, or an advanced diploma in accountancy that is recognized by competent authorities. In practice, this is the French Diplôme d’expertise comptable (DEC). Obtaining the DEC consists of three stages that the candidate must pass. The first is an aptitude exam to assess the candidate’s ability to participate in an advanced accountancy training program. Candidates must have a bachelor’s degree to sit for the exam. Candidates may then progress to advanced program and the accompanying diploma (Diplôme d’Etudes Comptables Supérieures – DECS), which assesses technical knowledge. Subsequently, the candidate is required to undergo a three-year internship in a chartered accountancy firm. The DEC is awarded to candidates who have undergone the highest level of training in accounting, auditing, organization, management, and management information systems and successfully presents a dissertation. Individuals must then receive authorization from CEMAC and register with a PAO in their jurisdiction as a Public Accountant to offer any accountancy services. Only Public Accountants may perform the duties of a statutory auditor. The implementation of the education and training process varies by CEMAC member states, however, due to capacity.

At a national level, Law No. 022/2017 promulgated on January 26, 2018, established Ordre National des Experts-Comptables du Gabon (ONEC Gabon) as a PAO in Gabon.

ONEC's Gabon members may be (i) chartered accountants and/or auditors who have graduated with a DEC or equivalent and approved by CEMAC, (ii) CEMAC-registered accounting/auditing firms, (iii) graduated chartered accountants working in public or private entities (iv) approved accountants recognized within the framework of the recommendation of Antananarivo (CEMAC-approved), and (v) trainee-chartered accountants.

The institute’s responsibilities are to: (i) rule on membership applications (based on additional criteria such as nationality or permanent residence, criminal records, etc.) and maintain a register of professional accountants; (ii) set and monitor compliance with continuous professional development requirements; (iii) ensure compliance with the requirements of global and regional standards; (iv) establish and implement quality control standards and a quality assurance review system; (v) establish an investigation and discipline system for its members; and (vi) set ethical requirements.

There is no independent public audit oversight authority in Gabon.

Auditors are regulated through the regional legal and regulatory framework established by the Economic and Monetary Community of Central Africa and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires. Regional legislation issued by these organizations establishes the professional standards, auditing requirements, and ethical obligations applicable to professional accountants across member states.

At the national level, oversight of the accountancy profession is exercised through the Ordre National des Experts-Comptables du Gabon in accordance with the legal framework governing the profession. ONEC Gabon is responsible for maintaining the register of professional accountants, monitoring compliance with professional standards, and administering quality assurance and disciplinary mechanisms for its members.

Government authorities also maintain an oversight role through the national legal and institutional framework. In addition, the Cour des comptes exercises oversight over public sector financial management and conducts audits of public entities; however, it does not function as an independent oversight authority for statutory audits of private sector entities.

Accordingly, there is no separate public oversight body operating independently of the profession with responsibility for supervising audit activities in Gabon.

Ordre National des Experts-Comptables du Gabon (ONEC Gabon)

ONEC Gabon was established by Law No. 022/2017, promulgated on January 26, 2018, as the national professional accountancy organization responsible for regulating the accountancy profession in Gabon. The institute operates within the national legal framework governing the profession and applies the regional requirements issued by the Economic and Monetary Community of Central Africa and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires.

Membership in ONEC Gabon is mandatory for individuals wishing to practice as experts-comptables agréés in the jurisdiction. Only individuals and firms entered on the Tableau de l’Ordre are authorized to practice the profession, and only members of the institute may exercise the function of statutory auditor in Gabon.

In accordance with its legal and institutional mandate, ONEC Gabon is responsible for maintaining the register of professional accountants and firms; reviewing membership applications; monitoring compliance with continuing professional development requirements; supporting implementation of applicable regional and international standards; establishing quality assurance and disciplinary mechanisms; and setting ethical requirements for its members. The institute also operates governance bodies and publishes the Tableau de l’Ordre for the profession.

ONEC Gabon is a member of the Pan African Federation of Accountants and the Fédération Internationale des Experts-Comptables et Commissaires aux Comptes Francophones.

Quality assurance review requirements in Gabon are established through the regional frameworks of the Economic and Monetary Community of Central Africa (CEMAC) and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). CEMAC Regulation No. 11/01-UREC-027-CM-07 requires professional accountants in public practice to comply with quality control requirements, while OHADA Regulation No. 01/2017/CM/OHADA requires professional accountancy organizations within member states to establish quality assurance review systems.

At the national level, the Ordre National des Experts-Comptables du Gabon (ONEC Gabon) is responsible for establishing and operating a quality assurance review system for its members in accordance with these regional requirements. The framework does not clearly demonstrate full alignment with all SMO 1 requirements, including comprehensive coverage of all mandatory audits and incorporation of all elements of a fully mature quality assurance system.

International Standard on Quality Management 1 and International Standard on Quality Management 2 (ISQM 1 and ISQM 2) are adopted at the jurisdiction level.

Current Status: Partially Adopted

Initial professional development requirements for professional accountants in Gabon are established through the regional framework of the Economic and Monetary Community of Central Africa (CEMAC). CEMAC Regulation No. 11/01-UREC-027-CM-07 and Decision No. 30/01-UEAC-027-CM-07 define the qualification framework for Public Accountants, which is applied at the national level. In practice, the qualification pathway is based on the French Diplôme d’expertise comptable (DEC), which includes academic study, a period of practical experience, and a final dissertation, followed by authorization from CEMAC and registration with a professional accountancy organization.

At the national level, the Ordre National des Experts-Comptables du Gabon (ONEC Gabon) is responsible for registration and for establishing continuing professional development requirements for its members. ONEC Gabon requires continuing professional development over a rolling three-year period and monitors compliance as part of its regulatory mandate.

The jurisdiction-level framework incorporates elements broadly consistent with the 2019 International Education Standards (IES), including requirements for initial professional development and continuing professional development. However, full alignment with all IES requirements in effect at the time of the assessment has not been clearly demonstrated for all categories of professional accountants. Accordingly, the adoption status of IES in Gabon is assessed as Partially Adopted.

Current Status: Partially Adopted

International Standards on Auditing (ISA) in Gabon are established through the regional framework of the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). The OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups establishes the statutory audit requirement for public companies, limited liability companies, and other entities meeting prescribed thresholds, while sectoral legislation also requires audits for banks, financial institutions, and insurance companies. OHADA Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing requires statutory and contractual audits in member states to be performed in accordance with ISA issued by the International Auditing and Assurance Standards Board (IAASB), effective January 1, 2018.

Because the OHADA framework adopts ISA by direct reference to the standards issued by the IAASB, including subsequent revisions and amendments, the jurisdiction-level framework is aligned with the current SMO benchmark for ISA and does not reflect a fixed older-version adoption. Accordingly, ISA in effect at the time of the assessment are considered adopted and applicable for all mandatory audits in Gabon, and the adoption status of ISA is assessed as Adopted.

With respect to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), no credible public evidence was identified confirming that it has been separately adopted or made effective within the OHADA framework for Gabon.

Current Status: Adopted

International ethical requirements for professional accountants in Gabon are established through the regional framework of the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). OHADA Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing requires professional accountants in member states to comply with a regional Code of Ethics, which is based on the 2015 International Ethics Standards Board for Accountants (IESBA) Code of Ethics and supplemented by auditor independence provisions included in the Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF).

At the national level, the Ordre National des Experts-Comptables du Gabon (ONEC Gabon) is authorized under Law No. 022/2017 to establish ethical requirements for its members and has issued a national code of ethics aligned with the 2018 International Code of Ethics for Professional Accountants issued by the IESBA. ONEC Gabon has indicated ongoing efforts to converge its national requirements with subsequent revisions of the IESBA Code.

While the jurisdiction-level framework incorporates elements of the IESBA Code, including adoption of the 2015 version at the regional level and convergence with the 2018 version at the national level, it does not demonstrate full adoption of the International Code of Ethics for Professional Accountants (including International Independence Standards) in effect at the time of the assessment. Accordingly, the adoption status of the International Code of Ethics for Professional Accountants (including International Independence Standards) in Gabon is assessed as Partially Adopted.

Current Status: Partially Adopted

Public sector accounting standards in Gabon are established through the regional framework of the Economic and Monetary Community of Central Africa (CEMAC). CEMAC Directive No. 02/08-UEAC-190-CM-17 and Directive No. 05/08-UEAC-190-CM-17 establish general public sector accounting rules and a government accounting plan applicable across member states. In 2011, CEMAC issued Directive No. 02/11-UEAC-190-CM-22 to promote convergence with international best practices.

At the national level, responsibility for public sector accounting standard-setting rests with the Conseil National de la Comptabilité (CNC), which implements the regional framework within Gabon. The existing framework is based on regional public financial management rules and does not constitute adoption of accrual-based International Public Sector Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board.

While the CEMAC framework incorporates certain principles inspired by IPSAS, no version of IPSAS has been formally adopted or required for application by public sector entities in Gabon. Accordingly, the jurisdiction-level framework is not aligned with the requirements of IPSAS in effect at the time of the assessment. Therefore, the adoption status of International Public Sector Accounting Standards (IPSAS) in Gabon is assessed as Not Adopted.

Current Status: Not Adopted

Investigative and disciplinary requirements for professional accountants in Gabon are established at the national level by Law No. 022/2017, which authorizes the Ordre National des Experts-Comptables du Gabon (ONEC Gabon) to establish and operate an investigative and disciplinary system for its members. The legal framework provides for disciplinary arrangements within the profession, while OHADA legislation also includes sanctions for non-compliance with applicable accounting and auditing requirements.

Available public information indicates that the jurisdiction-level framework includes investigative and disciplinary mechanisms, but full alignment with SMO 6 has not been demonstrated. According to ONEC Gabon’s self-assessment reported by IFAC, areas for further improvement remain, including establishment of a Disciplinary Board, committee composition, public awareness of enforcement procedures and outcomes, and links between the investigative and disciplinary system and quality assurance reviews.

Current Status: Partially Adopted

International Financial Reporting Standards (IFRS Accounting Standards) in Gabon are established through the regional framework of the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). The Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF), adopted in 2017 and effective from 2018–2019, requires entities whose securities are listed or that seek financing on a public capital market to prepare consolidated financial statements in accordance with IFRS Accounting Standards as issued.

Within this framework, publicly accountable entities required to prepare consolidated financial statements are mandated by law to apply IFRS Accounting Standards as issued, without modification. While SYSCOHADA remains the applicable framework for other entities and for separate financial statements, the legal requirement for IFRS Accounting Standards applies to the relevant scope of publicly accountable entities.

Accordingly, the jurisdiction-level framework is aligned with the requirements of IFRS Accounting Standards for the applicable entities, and the adoption status of IFRS Accounting Standards in Gabon is assessed as Adopted.

With respect to the IFRS for Small and Medium-sized Entities (IFRS for SMEs), there is no evidence of formal adoption in Gabon, as SYSCOHADA remains the applicable framework for small and medium-sized entities.

Current Status: Adopted

Relevant Organizations

International Financial Reporting Standards FoundationOrdre National des Experts-Comptables du Gabon Organisation pour l’Harmonisation en Afrique du Droit des Affaires

Relevant Legislation

Law No. 022/2017 establishing the Ordre National des Experts-Comptables du Gabon OHADA Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing

Relevant Publications

IFRS Foundation Jurisdictional Profile: GabonWorld Bank. Accounting and Auditing ROSC for OHADA Member States