Mali

The corporate financial reporting framework of Mali is determined by legislation issued by two regional organizations: the West African Economic and Monetary Union (WAEMU) and the Organisation for the Harmonization of Business Law in Africa (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 Mali, as well as on the accountancy profession. As a member of both organizations, Mali 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 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 and combined financial statements, as well as financial statements prepared under International Financial Reporting Standards (IFRS Accounting Standards).

Under the revised framework, SYSCOHADA continues to differ from IFRS Accounting Standards and is generally applied by small and medium-sized entities. However, the AUDCIF requires that listed companies and companies seeking financing from a public capital market prepare consolidated financial statements in accordance with IFRS Accounting Standards. Other entities are permitted, but not required, to use IFRS Accounting Standards.

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. This remains consistent with the prior Mali DBR and the current Niger DBR.

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 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 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 Mali. The updated Mali SMO Action Plan also reflects this regional framework.

Chartered Accountants in Mali 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, Mali applies these regional requirements at the national level.

The Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali) was established by Law No. 86-16 / AN-RM, as subsequently amended by Law No. 96-024 / AN-RM of February 21, 1996 and Law No. 08-015 / AN-RM of June 4, 2008, as the national professional accountancy organization responsible for regulating the profession in Mali.

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 after completion of a one-year comprehensive theoretical and technical training program at an institution accredited by the Commission Régionale pour la Formation des Experts Comptables et Financiers (CREFECF), a regional body recognized by WAEMU.

To qualify as a Chartered Accountant, holders of the DESCOGEF must complete a three-year practical training period under the supervision of a professionally qualified accountant, including two years in an audit firm and one year in an accounting firm. Candidates who successfully complete the internship and final professional examinations administered by the CREFECF are awarded the DECOFI and become eligible for registration as Chartered Accountants within a professional accountancy organization in a WAEMU member state. The Chartered Accountant title is granted only to individuals registered with a professional accountancy organization within the WAEMU region.

Additionally, 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 across WAEMU member states. While the CPPC provides the regional legal basis, implementation responsibilities have increasingly been supported through the OHADA framework.

In June 2017, the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA) issued Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing in OHADA member states, harmonizing regional auditing, ethical, and quality assurance requirements with international best practice. This regulation applies in Mali as an OHADA member state.

At the national level, ONECCA-Mali is responsible for maintaining the register of Chartered Accountants and Certified Accountants; implementing initial professional development requirements established at the regional level; establishing continuing professional development requirements for members; monitoring compliance with applicable professional and technical standards; supporting the implementation of ethical requirements and quality assurance review mechanisms; and establishing and operating an investigation and disciplinary system for its members. The updated SMO Action Plan further confirms that the quality assurance review system is operational and subject to mandatory reviews at least once every three years.

Only ONECCA-Mali is authorized to grant qualified individuals the title of Chartered Accountant, subject to fulfillment of the regional education requirements and national legal conditions, including citizenship and the absence of a criminal record. The institute also recognizes holders of the Diplôme d’Expertise Comptable (DEC) issued by the Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC) in France as eligible to apply for membership, subject to national admission requirements.

There is no independent public audit oversight authority in Mali.

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 standards, auditing requirements, ethical obligations, and quality assurance framework 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 et Comptables Agréés du Mali (ONECCA-Mali) in accordance with the legislation governing the profession. The institute is responsible for maintaining the register of professional accountants, monitoring compliance with professional standards, and administering quality assurance and investigation and disciplinary mechanisms for its members.

Government authorities also maintain an oversight role through the national legal framework and 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 National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali)

ONECCA-Mali is the national professional accountancy organization responsible for regulating the accountancy profession in Mali. The institute was established in 1986 by Law No. 86-16 / AN-RM, as subsequently amended by Law No. 96-024 / AN-RM of February 21, 1996 and Law No. 08-015 / AN-RM of June 4, 2008.

Membership in ONECCA-Mali comprises Chartered Accountants, Certified Accountants, and accounting and audit firms operating in the jurisdiction. Membership is mandatory for individuals wishing to practice public accounting and statutory auditing in Mali. Only Chartered Accountants registered with ONECCA-Mali are authorized to conduct statutory audits.

In accordance with its legal mandate, ONECCA-Mali is responsible for maintaining the register of professional accountants and firms; licensing qualified members to practice; implementing initial professional development requirements established at the regional level and establishing continuing professional development requirements for members; monitoring compliance with applicable professional and technical standards; supporting the implementation of ethical requirements and quality assurance review mechanisms; and establishing and operating an investigation and disciplinary system for its members.

Only ONECCA-Mali is authorized to grant qualified individuals the title of Chartered Accountant, subject to fulfillment of the applicable regional educational requirements and national legal conditions, including citizenship and the absence of a criminal record.

ONECCA-Mali is a member of the Pan African Federation of Accountants (PAFA) and the Fédération Internationale des Experts-Comptables et Commissaires aux Comptes Francophones (FIDEF).

Quality assurance review systems for statutory audits in Mali 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 established the Conseil Permanent de la Profession Comptable (CPPC), which provides the legal basis for quality assurance review systems across WAEMU member states. In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing in OHADA member states requires professional accountancy organizations within member states, including Mali, to establish and implement quality assurance review mechanisms aligned with regional requirements.

At the national level, the Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali) is responsible for implementing the quality assurance review system for audits and other professional services performed by its members. ONECCA-Mali has established a Quality Assurance Commission and, with support from the African Development Bank, conducted a pilot quality assurance review of 20 firms in 2019. The updated SMO Action Plan indicates that all member firms are subject to a mandatory quality assurance review at least once every three years, covering statutory audits of financial statements as well as other professional services, including preparation of financial statements.

The SMO Action Plan further indicates that annual reviews of three to five firms are being conducted on an ongoing basis, with follow-up action plans required for deficiencies identified during inspections. ONECCA-Mali also provides regular training and guidance to members on quality management requirements and is monitoring the impact of the International Standard on Quality Management 1 (ISQM 1), the International Standard on Quality Management 2 (ISQM 2), and International Standard on Auditing 220 (Revised) on the regional OHADA quality assurance framework.

While a quality assurance review system has been established and is operational, the regional framework and inspection methodology continue to evolve, particularly with respect to incorporation of the latest international quality management standards. Accordingly, the adoption status of quality assurance in Mali is assessed as Partially Adopted.

Current Status: Partially Adopted

Initial professional education requirements for professional accountants in Mali are established at the regional level through the regulatory framework of the West African Economic and Monetary Union (WAEMU). 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 provides the academic foundation for entry into the profession and leads to the Certified Accountant designation. Candidates must complete a one-year theoretical and technical training program at an institution accredited by the Commission Régionale pour la Formation des Experts Comptables et Financiers (CREFECF), followed by a three-year practical training period under the supervision of a qualified professional accountant. This practical experience includes two years in an audit firm and one year in an accounting firm. Candidates who successfully complete the practical training requirements and final professional examinations administered by the CREFECF are awarded the DECOFI qualification and become eligible for registration as Chartered Accountants within a professional accountancy organization in a WAEMU member state.

Only individuals registered with a professional accountancy organization within the WAEMU region, including the Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali), are authorized to conduct statutory audits in Mali.

At the national level, ONECCA-Mali is responsible for implementing the initial professional development requirements established through the regional framework and for establishing continuing professional development requirements for its members. The institute indicates that members are required to complete 120 hours of continuing professional development over a three-year period. ONECCA-Mali also recognizes holders of the Diplôme d’Expertise Comptable issued by the Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC) in France as eligible to apply for membership, subject to national admission requirements.

While the regional qualification framework incorporates core elements broadly consistent with the International Education Standards (IES), including entry requirements, formal education, practical experience, professional assessment, and continuing professional development, the available information does not demonstrate full alignment with all requirements of the IES currently in effect at the time of the assessment, including competency-based learning outcomes under the 2019 revised standards. Ongoing diploma and curriculum reforms under consideration at the WAEMU and OHADA regional levels may further strengthen alignment in the future. Accordingly, the adoption status of the International Education Standards in Mali is assessed as Partially Adopted.

Current Status: Partially Adopted

International Standards on Auditing (ISA) are adopted in Mali 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).

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.

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 in member states, including Mali, be conducted in accordance with the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB), effective January 1, 2018.

As a member of OHADA, this regulatory framework applies directly within Mali and requires that statutory audits be conducted in accordance with ISA in effect at the time of the assessment. ONECCA-Mali confirms that the regional requirement is in force and that ISA issued by the IAASB are applicable in the jurisdiction. The institute also indicates that auditors must adhere to a national audit guide issued by the Office of the Comptroller General and the Ministry of Finance, which is based on ISA. Accordingly, the adoption status of ISA in Mali is assessed as Adopted.

Current Status: Adopted

Ethical requirements for professional accountants in Mali 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 ethical requirements applicable to professional accountants in member states. However, the CPPC has not adopted a standalone regional Code of Ethics.

In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA on professional practices in accounting and auditing in OHADA member states, which establishes ethical requirements applicable to professional accountants within the OHADA jurisdiction. Effective January 1, 2018, professional accountants in OHADA member states, including Mali, are required to comply with the OHADA Code of Ethics and relevant provisions of the Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF).

The applicable OHADA ethical framework 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). Under the 2026 adoption definitions, a pre-2018 version of the Code is assessed as Not Adopted.

At the national level, the Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali) is authorized under Law No. 08-015 / AN-RM of June 4, 2008 to propose ethical requirements to the Ministry of Finance for approval and application by its members. ONECCA-Mali indicates that the OHADA Code of Ethics is applied in the jurisdiction as the minimum benchmark and has proposed revisions to harmonize the applicable ethical requirements with the 2018 International Code of Ethics. These revisions remain pending approval by the General Assembly and the Ministry of Finance. Accordingly, the adoption status of the International Code of Ethics for Professional Accountants in Mali is assessed as Not Adopted.

Current Status: Not Adopted

Public sector accounting standards in Mali are established through the regional public financial management framework of the West African Economic and Monetary Union (WAEMU) and implemented through national legislation governing government financial reporting.

At the regional level, WAEMU Regulation No. 09/2009/CM/UEMOA introduced public financial management directives applicable to member states, including Mali. Article 6 of the directive indicates that government general accounting should be based on the International Public Sector Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board (IPSASB). The regional framework has undergone revisions aimed at integrating a significant number of IPSAS into the public sector accounting standards applicable across WAEMU member states.

At the national level, Mali adopted the WAEMU directive through Decree No. 2014-0774/P-RM. However, based on available information, the public sector accounting standards currently applied remain national standards on a cash basis, with plans to transition to accrual accounting over time.

Under the 2026 adoption definitions, jurisdictions applying cash-basis or national standards that are not accrual-basis IPSAS are assessed as Not Adopted.

Current Status: Not Adopted

Investigation and disciplinary (I&D) arrangements for professional accountants in Mali are established through both the regional legal framework of the Organisation pour l’Harmonisation en Afrique du Droit des Affaires (OHADA) and the national regulatory framework governing the profession.

At the regional level, OHADA’s Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF) includes provisions that establish sanctions for non-compliance with the Act. These provisions have been transposed into national legislation in Mali. In addition, development of a broader regional investigation and disciplinary framework has been supported through World Bank assistance to OHADA, with the expectation that the West African Economic and Monetary Union (WAEMU) framework will align with the OHADA system once finalized.

At the national level, Law No. 08-015 / AN-RM of June 4, 2008, which establishes the Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali), provides the legal foundation for investigation and disciplinary procedures applicable to the profession.

ONECCA-Mali operates a Disciplinary Commission responsible for investigating complaints and making recommendations to the Board. The Board may impose disciplinary measures including warnings, reprimands with or without record, and temporary suspension of a member’s license. Depending on the severity of the matter, cases may be referred to the National Chamber of Discipline, which may impose sanctions including removal of practicing rights, loss of professional designation, and exclusion from membership. The National Chamber also serves as an appeal body for Board decisions, while further appeals may be referred to the Administrative Chamber of the Supreme Court.

ONECCA-Mali indicates that while an investigation and disciplinary system is established and operational for its members, certain elements do not yet fully meet the requirements of Statement of Membership Obligations 6 (SMO 6), including formal linkage with the quality assurance review system, public interest considerations, composition of the disciplinary chamber, and regular review of the effectiveness of the procedures. Accordingly, the adoption status of the investigation and disciplinary system in Mali is assessed as Partially Adopted.

Current Status: Partially Adopted

The corporate financial reporting framework of Mali 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). As a member of both regional bodies, Mali harmonizes national legislation with directives and regulations issued at the regional level.

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 Uniform Act on Organizing and Harmonizing Company Accounting Systems adopted in 2000. The previous Act had established the OHADA accounting framework known as 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 and combined financial statements.

SYSCOHADA continues to differ from International Financial Reporting Standards (IFRS Accounting Standards) and is generally applied by small and medium-sized entities. However, the AUDCIF requires that listed companies and companies seeking financing from a public capital market prepare consolidated financial statements in accordance with IFRS Accounting Standards. All other companies are permitted, but not required, to use IFRS Accounting Standards.

Under the 2026 adoption definitions, where IFRS Accounting Standards are adopted only for select types of publicly accountable entities rather than all domestic publicly accountable entities, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

Relevant Organizations

Central Bank of West African States

Organization for the Harmonization of Business Law in Africa (OHADA)

Ordre National des Experts Comptables et Comptables Agréés du Mali (ONECCA-Mali)

HYPERLINK "https://www.imf.org/en/publications/sprolls/waemu-362"West African Economic and Monetary Union (WAEMU)

Relevant Legislation

Law 08-015 / AN-RM of 04 June 2008

HYPERLINK "http://www.juriscope.org/uploads/pdf/ohada/OHADA_en/comptable-gb.pdf" OHADA Uniform Act on Accounting and Financial Information (AUDCIF)

OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups

Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA

Relevant Publications

IFRS Foundation, IFRS Application Around the World Jurisdictional Profile: Mali, 23 Jan 2018.

ONECCA-Mali, SMO Action Plan, 2025.

World Bank, Implementation Status & Results: WAEMU Development of Accounting Regulation Institutions and Auditing Profession, 2013.

World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA), 2014.

World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663), January 2016.

World Bank, Report on the Observance of Standards and Codes—Accounting and Auditing: Mali, 2009.