Senegal

Senegal is a member of both the West African Economic and Monetary Union and the Organization for the Harmonization of Business Law in Africa. As a result, the statutory framework for corporate accounting, financial reporting, and auditing is shaped primarily by regional legislation adopted at the West African Economic and Monetary Union and Organization for the Harmonization of Business Law in Africa levels and implemented within Senegal. At the national level, Law No. 2000-05 establishes the Ordre National des Experts-Comptables et Comptables Agréés du Sénégal and provides for state oversight of the profession.

The financial reporting framework in Senegal is principally established by the Uniform Act relating to accounting law and financial information adopted by the Organization for the Harmonization of Business Law in Africa on January 26, 2017 and published on February 15, 2017. That Act introduced the revised OHADA accounting system and became effective on January 1, 2018 for individual financial statements and on January 1, 2019 for consolidated and combined financial statements, as well as for financial statements prepared in accordance with International Financial Reporting Standards.

Under this framework, most entities in Senegal apply the revised OHADA accounting system. International Financial Reporting Standards are required for the consolidated financial statements of listed companies and companies seeking financing in a public capital market, effective January 1, 2019. Other companies are permitted, but not required, to apply International Financial Reporting Standards. Financial market participants, banks, insurance companies, and social security institutions are subject to sector-specific reporting frameworks in addition to the general regional framework.

At the West African Economic and Monetary Union level, the Union also maintains a regional accounting framework through the West African Accounting System. According to the IFRS Foundation jurisdiction profile, this framework applies across member states except for financial market participants, banking companies, insurance companies, and social security institutions, which are subject to separate regulatory requirements. In practice, the OHADA framework and the revised OHADA accounting system now serve as the principal accounting reference for general-purpose financial reporting across OHADA member states, including Senegal.

Statutory audit requirements are established by the revised Uniform Act relating to commercial companies and economic interest groups adopted by the Organization for the Harmonization of Business Law in Africa on January 30, 2014. Under that Act, statutory audits are required for public limited companies and for limited liability companies that exceed at least two of the following thresholds at year-end: total balance sheet above CFA franc 125 million, annual turnover above CFA franc 250 million, or more than 50 permanent employees. Banking, insurance, and other regulated entities are also subject to audit requirements under sector-specific legislation.

The regional framework for professional auditing standards was further strengthened by Regulation No. 01/2017/CM/OHADA on the harmonization of the practices of accounting and auditing professionals in OHADA member states, adopted on June 8, 2017 and effective January 1, 2018. This regulation provides that audits are to be performed in accordance with International Standards on Auditing and establishes a broader regional framework covering professional standards, ethical requirements, practical guidance, and quality assurance tools. The Organization for the Harmonization of Business Law in Africa has also published implementation tools under this framework, including the regional code of ethics and quality assurance manual.

At the West African Economic and Monetary Union level, Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable, which forms part of the regional institutional framework for the accountancy profession. In Senegal, this regional framework operates alongside the national legal framework established by Law No. 2000-05 and the regulatory role of the Ordre National des Experts-Comptables et Comptables Agréés du Sénégal.

Chartered Accountants in Senegal are regulated through a regional and national framework. At the regional level, the profession is regulated by the West African Economic and Monetary Union (WAEMU), whose regulations establish the qualification and professional framework applicable across member states. As a member country of WAEMU, Senegal applies these regional requirements at the national level.

At the national level, Law No. 2000-05 of January 10, 2000 established the Ordre National des Experts-Comptables et des Comptables Agréés du Sénégal (ONECCA Senegal) as the professional accountancy organization responsible for regulating Chartered Accountants and Certified Accountants in the jurisdiction. The institute operates under the national legal framework governing the organization of the profession and is subject to the oversight and supervision of the Ministry responsible for finance.

The regional qualification framework was originally established under WAEMU Regulation No. 12/2000/CM/UEMOA and has since been updated by Regulation No. 03/2020/CM/UEMOA, which modernized the qualification pathway for the profession across WAEMU member states. Under this framework, candidates are required to complete the Diplôme d’Études Supérieures de Comptabilité et de Gestion Financière, followed by a three-year practical training period under the supervision of a qualified professional accountant and a final professional examination administered at the regional level.

Successful completion of these requirements leads to the Diplôme d’Expertise Comptable et Financière, which is the professional qualification required for access to the Chartered Accountant title within WAEMU member states. The Chartered Accountant title is granted only to individuals registered with a recognized professional accountancy organization in a WAEMU jurisdiction.

Under the national legal framework, Chartered Accountants and Certified Accountants must be registered with ONECCA Senegal in order to practice in the jurisdiction. The institute maintains the register of members and is responsible for evaluating applications for admission and authorizing qualified individuals to practice.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable, which is responsible for the regional framework relating to auditing, ethical, and quality control standards. In addition, the Organization for the Harmonization of Business Law in Africa strengthened the professional framework through Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in member states, effective January 1, 2018, which harmonized auditing and ethical requirements across OHADA jurisdictions in line with international standards.

In accordance with its statutory mandate, ONECCA Senegal is responsible for maintaining the register of professional accountants; licensing qualified members to provide accounting and auditing services; 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 supporting the implementation of quality assurance mechanisms for audits and other professional services performed by its members.

There is no independent public audit oversight authority in Senegal.

Auditors in Senegal are regulated through the regional framework established by the West African Economic and Monetary Union and the Organization for the Harmonization of Business Law in Africa. 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. OHADA Regulation No. 01/2017/CM/OHADA requires statutory and contractual auditors in OHADA member states to apply International Standards on Auditing and provides for the establishment of a quality assurance system by professional accountancy bodies within member states.

At the national level, Law No. 2000-05 of January 10, 2000 established the Ordre National des Experts-Comptables et des Comptables Agréés du Sénégal as the body responsible for regulating the profession in Senegal, subject to the oversight and supervision of the Ministry responsible for finance. Within this framework, ONECCA Senegal is responsible for maintaining the register of professional accountants, regulating access to practice, monitoring compliance with professional obligations, and administering professional discipline.

Public oversight of the profession therefore remains exercised through the Ministry responsible for finance and the national legal framework governing ONECCA Senegal, rather than through a separate oversight body operating independently of the profession. Based on the publicly available legal and institutional sources reviewed, Senegal does not have a separate independent audit oversight authority or membership in the International Forum of Independent Audit Regulators.

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

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

The Ordre National des Experts-Comptables et des Comptables Agréés du Sénégal (ONECCA Senegal) is the national professional accountancy organization responsible for regulating the accountancy profession in Senegal. The institute was established by Law No. 2000-05 of January 10, 2000 and operates under the legal and oversight framework defined by that law, including the supervision of the Ministry responsible for finance.

Membership of ONECCA Senegal comprises Chartered Accountants, Certified Accountants, and accounting and auditing firms operating in the jurisdiction. Membership in the institute is mandatory for individuals wishing to practice public accounting and statutory auditing in Senegal. Only Chartered Accountants registered with ONECCA Senegal are authorized to conduct statutory audits and provide reserved professional services within the jurisdiction.

In accordance with its legal mandate, ONECCA Senegal is responsible for maintaining the register of professional accountants and accounting firms; 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, technical guidance, and engagement with national and regional stakeholders.

As a professional accountancy organization operating within both the West African Economic and Monetary Union and the Organization for the Harmonization of Business Law in Africa regional frameworks, ONECCA Senegal also works within the broader regional architecture governing professional qualifications, auditing standards, ethics, and quality assurance requirements applicable across member states.

In addition to its national role, ONECCA Senegal is a member of the International Federation of Accountants, the Pan African Federation of Accountants, and regional professional networks supporting the development of the accountancy profession across West Africa.

At the regional level, the West African Economic and Monetary Union (WAEMU) provides the institutional basis for quality assurance arrangements within member states through Regulation No. 01/2009/CM/UEMOA. In addition, the Organization for the Harmonization of Business Law in Africa (OHADA) strengthened the regional framework through Regulation No. 01/2017/CM/OHADA, which requires professional accountancy organizations in OHADA member states, individually or collectively, to establish a quality assurance review system and requires accounting and auditing professionals to comply with that system in accordance with the applicable quality assurance manual. The regulation also provides that the relevant implementation tools are to be updated periodically in line with professional developments.

At the national level, the Ordre National des Experts-Comptables et des Comptables Agréés du Sénégal (ONECCA Senegal) has established institutional arrangements for quality assurance. Public information available from the institute confirms the existence of a quality control commission whose responsibilities include contributing to the improvement of accounting firms’ operations and verifying that firms have established internal quality systems enabling professionals to perform their work in accordance with the standards applicable in Senegal.

The available public information indicates that the quality assurance review system continues to be based on the earlier quality control framework, including International Standard on Quality Control 1 (ISQC 1) and International Standard on Auditing (ISA) 220. However, no publicly available evidence was identified confirming that International Standard on Quality Management 1 (ISQM 1), International Standard on Quality Management 2 (ISQM 2), and ISA 220 (Revised) have been formally adopted and made effective in the jurisdiction.

Since ISQM 1 and ISQM 2 replaced the previous quality control framework with effect from December 15, 2022, further confirmation is required to demonstrate that the most current quality management standards are in force and operational in Senegal.

In addition, while the legal and institutional framework for a quality assurance review system exists, the available information does not yet demonstrate that the system is fully operational for all mandatory audits and fully aligned with the requirements of Statement of Membership Obligations 1 (SMO 1), including regular inspection cycles, documented review procedures, reporting, follow-up mechanisms, and clear linkage with the investigative and disciplinary system. Accordingly, the quality assurance review system in Senegal is assessed as Partially Adopted.

Current Status: Partially Adopted

Initial professional development requirements for professional accountants in Senegal are established primarily through the regional framework of the West African Economic and Monetary Union (WAEMU). The qualification framework was modernized by Regulation No. 03/2020/CM/UEMOA, which replaced the earlier 2000 framework and established a coordinated pathway of diplomas and practical training leading to the Diplôme d’Expertise Comptable et Financière (DECOFI). The pathway includes the Diplôme d’Etudes de Comptabilité et de Gestion Financière (DECOGEF), the Diplôme d’Etudes Supérieures de Comptabilité et de Gestion Financière (DESCOGEF), a professional internship, and a final examination. The regulation states that this framework was designed in light of international training standards and the higher education reforms adopted within the union.

Under this framework, candidates complete a professional internship before sitting the final examination for the DECOFI. Public information from Ordre National des Experts-Comptables et des Comptables Agréés du Sénégal (ONECCA Senegal) indicates that candidates entering the internship must hold the DESCOGEF or an equivalent qualification, that the internship lasts three years, and that trainees are required to complete mandatory seminars and periodic internship reports during that period. ONECCA Senegal also indicates that registration as an expert-comptable in Senegal requires, among other documents, the DECOFI or an equivalent diploma and an internship completion certificate issued by the Council of the Order.

At the national level, Law No. 2000-05 establishes ONECCA Senegal as the professional accountancy organization responsible for regulating the profession in Senegal. Public information from the institute also indicates that it organizes continuing professional development activities on a regular basis for members, trainees, and firm staff through its training commission.

However, based on the publicly available information reviewed, it has not been possible to confirm that all initial and continuing professional development requirements in Senegal and the wider WAEMU framework fully meet the International Education Standards (IES) in effect at the time of the assessment. In particular, while the regional framework clearly includes entry requirements, professional education, practical experience, and final assessment components, publicly available sources do not provide sufficient evidence to conclude that the learning outcomes, competence areas, assessment approach, and continuing professional development requirements are fully aligned with all current IES requirements. Accordingly, the adoption status of IES in Senegal is assessed as Partially Adopted.

Current Status: Partially Adopted

Statutory audit requirements in Senegal are established through the regional legal framework of the Organization for the Harmonization of Business Law in Africa (OHADA). The revised Uniform Act relating to commercial companies and economic interest groups requires statutory audits for public limited companies and for limited liability companies that exceed specified thresholds. Banking, insurance, and other regulated entities are also subject to statutory audit requirements under sector-specific legislation.

In June 2017, OHADA adopted Regulation No. 01/2017/CM/OHADA on the harmonization of professional practices in accounting and auditing in member states. The regulation provides that statutory and contractual audits must be carried out in accordance with the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB), effective January 1, 2018.

As the OHADA regulation requires the application of ISA as issued by the IAASB, rather than referring to a fixed historical edition of the handbook, the standards applicable in Senegal are considered to be the current ISA in force at the time of the assessment. Accordingly, the applicable handbook for assessment purposes is the 2025 edition.

No separate national auditing standards were identified that replace or modify the OHADA regional requirement. Therefore, the applicable auditing standards in Senegal are the OHADA-mandated ISA framework rather than jurisdiction-specific national standards.

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 Senegal. However, this does not affect the jurisdictional adoption rating. Accordingly, the adoption status of ISA in Senegal is assessed as Adopted.

Current Status: Adopted

At the regional level, the West African Economic and Monetary Union (WAEMU) established the institutional framework for ethical requirements through Regulation No. 01/2009/CM/UEMOA. In practice, the applicable ethical framework for professional accountants in Senegal is established through the Organization for the Harmonization of Business Law in Africa (OHADA). OHADA has issued a regional Code d’éthique des professionnels de la comptabilité et de l’audit, which states that it is conforming with the code issued by the International Ethics Standards Board for Accountants (IESBA) and supplemented by relevant ethics provisions applicable to statutory auditors under the OHADA company law framework.

However, the OHADA code itself states that the version of the IESBA code used as its basis is the version published in May 2015, including the amendments published in April 2015 and effective from April 2016. On that basis, the ethical requirements currently evidenced through the OHADA framework are based on a pre-2018 version of the IESBA code. Under the current DBR adoption definitions, a pre-2018 version is assessed as Not Adopted.

Under Senegalese Law No. 2000-05, the ONECCA-Senegal is authorized to establish ethical requirements for its members subject to the approval of the Ministry of Finance. However, the institute indicates that in the jurisdiction the OHADA Code of Ethics is the applicable standard alongside other ethical requirements outlined in national legislation such as the Companies Act.

Current Status: Not Adopted

At the regional level, the West African Economic and Monetary Union (WAEMU) established the public sector accounting framework for member states through Directive No. 09/2009/CM/UEMOA. Article 6 of the directive provides that the general accounting of the state should be based on the International Public Sector Accounting Standards (IPSAS). Subsequent regional reforms, including revisions finalized in 2018 by the Conseil Comptable Ouest Africain, have further integrated a significant number of IPSAS principles into the WAEMU public financial management framework.

At the national level, responsibility for adopting public sector accounting standards rests with the Ministry responsible for finance. Public sector financial reporting in Senegal continues to be based on national standards developed under the WAEMU framework and informed by IPSAS principles.

However, based on the publicly available information reviewed, Senegal has not adopted accrual-basis IPSAS in their entirety for application by all public sector entities. Rather, the current framework consists of national public sector accounting standards that refer to IPSAS and incorporate selected IPSAS principles within a partial accrual-based framework, with the longer-term intention of transitioning toward fuller accrual-based reporting.

As the DBR definition of Adopted requires accrual-basis IPSAS, either as issued or modified for local context, to be applied by all public sector entities, the current framework in Senegal does not meet that threshold. Accordingly, the adoption status of IPSAS in Senegal is assessed as Not Adopted.

Current Status: Not Adopted

At the national level, Law No. 2000-05 of January 10, 2000 establishes the Ordre National des Experts-Comptables et des Comptables Agréés du Sénégal (ONECCA Senegal) as the professional accountancy organization responsible for regulating the profession in Senegal, under the oversight of the ministry responsible for finance.

In accordance with its legal mandate and internal regulations, ONECCA Senegal has established an investigative and disciplinary (I&D) system applicable to its members. Public information available from the institute confirms the existence of a Chambre de discipline, chaired by a judge appointed by the Court of Appeal, with additional members elected from the profession. The framework provides the legal basis for receiving complaints, investigating alleged misconduct, conducting disciplinary proceedings, and applying sanctions where breaches of professional and ethical requirements are identified.

ONECCA Senegal has conducted a self-assessment of its I&D system against the requirements of Statement of Membership Obligations 6 (SMO 6) and reports that its procedures are aligned with the requirements.

Current Status: Adopted

The financial reporting framework in Senegal is established through the regional legal framework of the Organization for the Harmonization of Business Law in Africa (OHADA) and the West African Economic and Monetary Union (WAEMU). The OHADA Uniform Act on Accounting Law and Financial Reporting, adopted in January 2017, revised the OHADA accounting framework and became effective on January 1, 2018 for individual financial statements and on January 1, 2019 for consolidated and combined financial statements.

Under that framework, most entities in Senegal apply the OHADA accounting system known as Système Comptable OHADA. However, International Financial Reporting Standards (IFRS) Accounting Standards are required in the consolidated financial statements of all listed companies and companies seeking financing in a public capital market in OHADA jurisdictions, including Senegal, effective January 1, 2019. The IFRS Foundation jurisdiction profile for Senegal states that this requirement applies to all domestic companies whose debt or equity securities trade in a public market and that IFRS Accounting Standards are also required for companies making a public call for capital.

The same IFRS Foundation source states that the standards required in Senegal are IFRS Accounting Standards as issued by the International Accounting Standards Board, and that there is no separate endorsement mechanism for each new or amended standard because the OHADA Uniform Act requires IFRS as issued by the Board. On that basis, the applicable standards for assessment purposes are the IFRS Accounting Standards in effect at the time of the assessment.

The IFRS Foundation profile instead indicates that, for most companies in OHADA jurisdictions, the applicable framework is Système Comptable OHADA, while IFRS Accounting Standards are required only for listed companies and companies seeking financing in a public capital market and are optional for certain other entities.

Current Status: Adopted

Relevant Organizations

Cour d’Appel de Dakar

Ministry of Finance and Budget (Senegal)

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

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

West African Economic and Monetary Union (WAEMU / UEMOA)

Relevant Legislation

Law No. 2000-05 of January 10, 2000 establishing ONECCA Senegal

OHADA Regulation No. 01/2017/CM/OHADA on Professional Practices of Accounting and Auditing in Member States

OHADA Uniform Act on Accounting Law and Financial Reporting (AUDCIF), 2017

OHADA Uniform Act relating to Commercial Companies and Economic Interest Groups (revised 2014)

WAEMU Directive No. 09/2009/CM/UEMOA on public sector accounting framework

WAEMU Regulation No. 01/2009/CM/UEMOA establishing the Conseil Permanent de la Profession Comptable

WAEMU Regulation No. 03/2020/CM/UEMOA on the professional qualification framework

Relevant Publications

ONECCA Senegal SMO Action Plan (December 2024)

IFRS Foundation, IFRS Application Around the World – Jurisdictional Profile: Senegal

OHADA Code of Ethics for Accounting and Audit Professionals

OHADA Practical Guide for Application of Professional Standards