Ivory Coast

The corporate financial reporting framework of Côte d’Ivoire is determined by legislation issued by two regional organizations: the West African Economic and Monetary Union (WAEMU) and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). Legislation issued at the regional level by WAEMU and OHADA has a significant impact on the legal and regulatory framework for commercial entities, banks, financial institutions, and insurance companies in Côte d’Ivoire, as well as on the accountancy profession. As a member of both organizations, Côte d’Ivoire harmonizes national legislation with directives and regulations issued at the regional level.

OHADA and WAEMU are responsible for the development of accounting standards applicable in member countries, while national authorities are responsible for implementing the regional framework within their jurisdictions. The WAEMU Treaty assigns responsibility for accounting standard setting to the WAEMU Council of Ministers. In accordance with WAEMU Regulation No. 3/97/CM/UEMOA, responsibility for accounting standard-setting activities was delegated to the Conseil Comptable Ouest Africain (CCOA), which subsequently adopts the accounting standards issued under the OHADA framework for application within WAEMU member states.

Accounting Framework

In January 2017, the Commission de Normalisation Comptable de l’OHADA (CNC-OHADA) adopted the OHADA Uniform Act on Accounting and Financial Information (Acte uniforme relatif au droit comptable et à l’information financière – AUDCIF), which replaced the previous OHADA Uniform Act on Organizing and Harmonizing Company Accounting Systems adopted in 2000. The earlier act had established the OHADA accounting framework known as the Système Comptable OHADA (SYSCOHADA).

The 2017 Uniform Act revised SYSCOHADA, including the OHADA general accounting plan and 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 January 1, 2019, for consolidated financial statements.

Under the revised framework, SYSCOHADA continues to differ from International Financial Reporting Standards (IFRS) and is generally applied by small and medium-sized entities. However, the AUDCIF requires that listed companies and companies seeking financing from public capital markets prepare consolidated financial statements in accordance with IFRS. Other entities may apply IFRS where permitted under the regional framework.

Auditing Framework

Statutory audit requirements 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.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable (CPPC), which is responsible for defining auditing, ethical, and quality control standards applicable within WAEMU member states.

In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA on professional practices of 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 the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). The regulation became effective on January 1, 2018, and ISA as issued by the IAASB are therefore applicable in Côte d’Ivoire.

Chartered Accountants in Côte d’Ivoire are regulated at the regional level by the West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA, which establishes the regulatory framework for the accountancy profession across WAEMU member states. As a member country of WAEMU, Côte d’Ivoire applies these regional requirements at the national level.

The Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) was established by Law No. 92-568 of September 11, 1992, as amended by Order No. 2009-387, as the national professional accountancy organization responsible for regulating Chartered Accountants and Certified Accountants in the jurisdiction. Chartered Accountants are the only professionals authorized to provide statutory audit and public accounting services in Côte d’Ivoire.

WAEMU Regulation No. 12/2000/CM/UEMOA introduced the regional professional qualification framework consisting of the Diplôme d’Études Supérieures de Comptabilité et de Gestion Financière (DESCOGEF) and the Diplôme d’Expertise Comptable et Financière (DECOFI). The DESCOGEF qualification leads to the Certified Accountant designation and is obtained following a one-year comprehensive theoretical and technical training program delivered by an institution accredited by the Commission Régionale pour la Formation des Experts Comptables et Financiers (CREFECF), an external body recognized by WAEMU.

Subsequently, to qualify as a Chartered Accountant, DESCOGEF holders must complete a three-year practical training period under the supervision of a qualified professional accountant. This includes two years in an audit firm and one year in an accounting firm. Upon completion of the practical experience requirements, candidates must pass final examinations administered by the CREFECF in order to obtain the DECOFI qualification and the Chartered Accountant title. The title is granted only to individuals registered with a professional accountancy organization within WAEMU member states.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable (CPPC), which is responsible for defining auditing, ethical, and quality control standards applicable within member states. In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing harmonizes regional auditing and ethical requirements with international best practice.

At the national level, Law No. 92-568 transposes the regional entry requirements into the national legal framework, authorizes the Ministry of Finance to determine qualification requirements in accordance with regional standards, and establishes OEC-CI under the oversight of the Ministry.

Pursuant to Decree No. 95-904 of November 3, 1995, which establishes the institute’s internal regulations, OEC-CI may grant the Chartered Accountant title to individuals who satisfy the regional educational and professional requirements or who hold the Conseil Supérieur de l’Ordre des Experts-Comptables Diplôme d’expertise comptable (DEC).

In accordance with its statutory mandate, OEC-CI is responsible for maintaining the register of Chartered Accountants and Certified Accountants; licensing qualified members to practice auditing; monitoring compliance with applicable professional and technical standards; ensuring adherence to ethical requirements; establishing and operating an investigative and disciplinary system; implementing initial professional development requirements; establishing continuing professional development requirements; and monitoring the conduct and performance of members, including quality assurance review mechanisms for audits and other professional services.

There is no independent public audit oversight authority in Côte d’Ivoire.

Auditors are regulated through the regional legal and regulatory framework established by the West African Economic and Monetary Union (WAEMU) and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA). Regional legislation issued by these organizations establishes the professional qualification requirements, auditing standards, and ethical obligations applicable to statutory auditors across member states.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable (CPPC), which is responsible for defining auditing, ethical, and quality control standards applicable within WAEMU member states.

In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in OHADA member states requires that all statutory audits be conducted in accordance with the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). The regulation also establishes the ethical framework applicable to professional accountants in OHADA member states, including Côte d’Ivoire, based on the 2015 version of the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA).

At the national level, oversight of the accountancy profession is exercised through the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) in accordance with the legal framework governing the profession and under the oversight of the Ministry of Finance. The institute is responsible for maintaining the register of statutory auditors, monitoring compliance with applicable professional and ethical standards, and administering mechanisms related to professional conduct, discipline, and quality assurance reviews.

Government authorities maintain an oversight role through the Ministry of Finance. However, there is no separate public oversight body that operates independently of the profession with responsibility for supervising audit activities.

Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI)

The Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) is the national professional accountancy organization responsible for regulating the accountancy profession in Côte d’Ivoire. The institute was originally established under Decree No. 95-904 of November 3, 1995 as the Ordre des Experts-Comptables et des Comptables Agréés de Côte d’Ivoire (OECCA-CI). Pursuant to Order No. 2009-387 of December 1, 2009, the institute was renamed OEC-CI.

Membership of OEC-CI comprises Chartered Accountants and Certified Accountants. Membership in the institute is mandatory for individuals wishing to practice public accounting and auditing in Côte d’Ivoire. Only Chartered Accountants registered with OEC-CI are authorized to conduct statutory audits.

In accordance with its legal mandate, OEC-CI is responsible for maintaining the register of professional accountants; licensing qualified members to practice; monitoring compliance with applicable professional, auditing, and ethical standards; establishing and operating an investigative and disciplinary system; implementing initial and continuing professional development requirements; supporting quality assurance review mechanisms; and promoting the development of the profession through training and engagement with national and regional stakeholders.

Law No. 92-568 authorizes the Ministry of Finance to oversee the activities of the institute.

In addition to being a member of IFAC, OEC-CI is a member of the Pan African Federation of Accountants (PAFA), the Fédération Internationale des Experts-Comptables Francophones (FIDEF), and the Association of Accountancy Bodies in West Africa (ABWA).

Quality assurance review systems for statutory audits in Côte d’Ivoire are established through the regional regulatory framework of the West African Economic and Monetary Union (WAEMU) and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA).

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA authorizes the Conseil Permanent de la Profession Comptable (CPPC) to establish a quality assurance review system applicable within member states. In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in OHADA member states requires professional accountancy organizations within member states, including Côte d’Ivoire, to establish mechanisms to monitor the quality of audit engagements performed by statutory auditors.

At the national level, the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) is responsible for implementing quality assurance mechanisms for audits performed by its members.

However, the quality assurance review system is still being operationalized and does not yet fully incorporate all the requirements of Statement of Membership Obligations 1 (SMO 1), including a fully established cycle of periodic inspections and alignment with the latest international quality management standards, including ISQM 1 and ISQM 2. Accordingly, the adoption status of quality assurance in Côte d’Ivoire is assessed as Partially Adopted.

Current Status: Partially Adopted

Initial professional education requirements for professional accountants in Côte d’Ivoire are established at the regional level through the regulatory framework of the West African Economic and Monetary Union (WAEMU).

The regional qualification framework includes the Diplôme d’Études Supérieures de Comptabilité et de Gestion Financière (DESCOGEF) and the Diplôme d’Expertise Comptable et Financière (DECOFI), which are administered through regional institutions responsible for professional accounting education and examinations.

The DESCOGEF qualification provides the academic foundation for entry into the profession and is followed by a three-year practical training period under the supervision of a qualified professional accountant. Candidates who successfully complete the practical training requirements and final professional examinations administered by the Commission Régionale pour la Formation des Experts Comptables et Financiers (CREFECF) are eligible to obtain the DECOFI qualification and apply for registration with a professional accountancy organization within WAEMU member states.

At the national level, Law No. 92-568 and Decree No. 95-904 transpose the regional requirements into the national legal framework and establish continuing professional development requirements for members of the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI), including a requirement to complete 40 hours of continuing professional development annually.

In addition, holders of the Conseil Supérieur de l’Ordre des Experts-Comptables Diplôme d’expertise comptable (DEC) qualification may also be admitted to membership in accordance with the institute’s internal regulations.

While the regional qualification framework incorporates elements broadly consistent with the International Education Standards (IES), including academic preparation, practical experience, assessment, and continuing professional development, it has not been demonstrated that all initial and continuing professional development requirements fully align with the current IES requirements in effect at the time of the assessment, including the 2019 revisions. Accordingly, the adoption status of IES in Côte d’Ivoire is assessed as Partially Adopted.

Current Status: Partially Adopted

International Standards on Auditing (ISA) are adopted in Côte d’Ivoire through the regional regulatory framework established by the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA) and the West African Economic and Monetary Union (WAEMU).

The OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups (1997, revised in 2014) establishes the statutory audit requirements applicable to public companies, limited liability companies, and other entities that exceed prescribed thresholds. Banking and insurance legislation also require mandatory audits of banks, financial institutions, and insurance companies.

OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in OHADA member states requires that statutory audits be conducted in accordance with the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). The regulation became effective on January 1, 2018 and applies to all OHADA member states, including Côte d’Ivoire.

Under this framework, ISA in effect at the time of the assessment are required to be applied in all mandatory audits conducted within the jurisdiction. Accordingly, the adoption status of ISA in Côte d’Ivoire is assessed as Adopted.

Current Status: Adopted

Ethical requirements for professional accountants in Côte d’Ivoire are established through the regional regulatory framework of the West African Economic and Monetary Union (WAEMU) and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA).

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA grants authority to the Conseil Permanent de la Profession Comptable (CPPC) to establish ethical requirements applicable to professional accountants in member states.

In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in OHADA member states establishes ethical principles and professional conduct requirements applicable to professional accountants within member states, including Côte d’Ivoire.

The ethical framework applicable within the OHADA region is based on the 2015 version of the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). The OHADA framework is complemented by ethical requirements applicable to statutory auditors contained in the OHADA Uniform Act on Accounting Law and Financial Information (Acte uniforme relatif au droit comptable et à l’information financière – AUDCIF).

At the national level, the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) is authorized by Law No. 92-568 to establish ethical requirements for its members, subject to the approval of the Ministry of Finance.

As the applicable ethical framework is based on a pre-2018 version of the Code, the adoption status of the International Code of Ethics for Professional Accountants in Côte d’Ivoire is assessed as Not Adopted.

Current Status: Not Adopted

Public sector accounting standards in Côte d’Ivoire are established through the regional framework of the West African Economic and Monetary Union (WAEMU).

WAEMU Directive No. 09/2009/CM/UEMOA establishes the public sector accounting framework applicable to member states, including Côte d’Ivoire. While Article 6 of the directive indicates that government accounting should be informed by International Public Sector Accounting Standards (IPSAS), the applicable standards within the jurisdiction are regional and national public sector accounting standards developed and adapted to the WAEMU framework.

At the national level, responsibility for adopting and implementing public sector accounting standards rests with the Conseil National de la Comptabilité (CNC) of Côte d’Ivoire, established by Law No. 2003-120 of May 2003.

The CNC has transposed the WAEMU requirements into the national framework and developed public sector accounting standards, manuals, and a chart of accounts adapted to the national legal and institutional environment.

As IPSAS have not been directly adopted and the applicable standards consist of regional and national public sector accounting standards rather than IPSAS in their entirety, the adoption status of IPSAS in Côte d’Ivoire is assessed as Not Adopted.

Current Status: Not Adopted

Investigative and disciplinary arrangements for professional accountants in Côte d’Ivoire are established through both the regional legal framework of the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA) and the national framework administered by the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI).

At the regional level, the OHADA legal framework, including the Uniform Act on Accounting Law and Financial Information (Acte uniforme relatif au droit comptable et à l’information financière – AUDCIF), establishes sanctions for non-compliance with applicable professional and statutory requirements.

At the national level, pursuant to Order No. 2009-387 of December 2009, OEC-CI has established investigative and disciplinary procedures applicable to its members. The system includes procedures for the initiation of proceedings, investigation of complaints, sanctions, and appeals.

The institute’s Conseil de Discipline is responsible for receiving and investigating complaints and recommending sanctions to the Chambre de Discipline, which is chaired by a magistrate. Appeals of disciplinary decisions may be brought before the Administrative Chamber of the Supreme Court.

OEC-CI has conducted a self-assessment of its investigative and disciplinary system against the requirements of Statement of Membership Obligations 6 (SMO 6) and has identified areas for further enhancement, including stronger links with quality assurance reviews, administrative case monitoring procedures, and regular reviews of system effectiveness.

Accordingly, as an investigative and disciplinary system has been established and is operational but does not yet fully incorporate all the requirements of SMO 6, the adoption status is assessed as Partially Adopted.

Current Status: Partially Adopted

The corporate financial reporting framework of Côte d’Ivoire is established through the regional legal framework of the West African Economic and Monetary Union (WAEMU) and the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA).

In January 2017, the Commission de Normalisation Comptable de l’OHADA (CNC-OHADA) adopted the OHADA Uniform Act on Accounting and Financial Information (Acte uniforme relatif au droit comptable et à l’information financière – AUDCIF), which replaced the previous OHADA accounting framework and revised the Système Comptable OHADA (SYSCOHADA).

The revised framework became effective on January 1, 2018 for individual financial statements and on January 1, 2019 for consolidated financial statements.

Under the OHADA framework, SYSCOHADA remains the primary accounting framework applicable to most entities, including small and medium-sized entities. However, the AUDCIF requires listed companies and companies seeking financing from public capital markets to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).

All other entities may apply IFRS where permitted but are not required to do so.

As IFRS are required only for selected types of publicly accountable entities and SYSCOHADA remains the primary accounting framework for most entities, the adoption status of IFRS in Côte d’Ivoire is assessed as Partially Adopted.

Current Status: Partially Adopted

Relevant Organizations

• Ordre des Experts-Comptables de Côte D’Ivoire (OEC-CI)
• Organization for the Harmonization of Business Law in Africa (OHADA)
• West African Economic and Monetary Union (WAEMU)

Relevant Legislation

• OHADA Regulation No. 01/2017 on Professional Practices of Accounting and Auditing
• OHADA Uniform Act on Accounting and Financial Information (AUDCIF)
• OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups (revised 2014)
• Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA

Relevant Publications

• OEC-CI, SMO Action Plan, July 2020.
• IFRS Foundation, IFRS Application Around the World Jurisdictional Profile: Côte D’Ivoire, January 2018.
• World Bank, Report on the Observance of Standards and Codes—Accounting and Auditing: Côte d’Ivoire, June 2009.
• World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663), January 2016.