Chad Report on the Observance of Standards and Codes : Accounting and Auditing
The auditing profession in Chad is characterized by the existence of numerous practitioners who provide accounting and auditing services illegally, in violation of community regulations, and whose qualifications often do not meet the international...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/824331479709002411/Chad-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing http://hdl.handle.net/10986/25730 |
| Summary: | The auditing profession in Chad is
characterized by the existence of numerous practitioners who
provide accounting and auditing services illegally, in
violation of community regulations, and whose qualifications
often do not meet the international standards. To date, Chad
has not yet set up a national association of chartered
accountants. One of the most pressing areas in transposing
community texts relates to the establishment of a national
association of chartered accountants, whose existence is
essential for the development and practice of the
accountancy profession in Chad. It is also important for
consolidating accounting and auditing processes, improving
the quality of financial reporting, facilitating access to
credit and supporting foreign direct investors, as well as
improving the competitiveness of national businesses. With
regard to the accounting standards, the Uniform Act (UA)
organizing and harmonizing accounting systems for
businesses, as well as the accounting chart of accounts and
the provisions put in place by the Commission Bancaire
d'Afrique Centrale (COBAC) and the Conference
Interafricaine des Marches d'Assurances (CIMA) code,
there has been very little change since their entry into
force towards the end of the 1990s. This is due to
shortcomings in the functioning of the regional bodies in
charge of ensuring that these texts were updated in line
with changes in the accounting, economic, and legal fields.
Looking ahead, the major areas of focus in seeking to
strengthen the legal and regulatory framework governing
accountancy and auditing professions in Chad are the
following: (i) the reclassification of CEMAC licensed
accounting technicians in Chad in the category of public
accountants, in accordance with community regulations, (ii)
the establishment of a national association of chartered
accountants, (iii) the proper functioning of the national
accounting standards commission, (iv) the adoption of
auditing professional standards and a code of ethics in line
with those established by International Federation of
Accountants, or IFAC independent standard-setting board, (v)
the strengthening of initial training through the
improvement of the quality of the national curriculum and by
drafting a continuous professional training plan, and (iv)
the capacity building of the Court of Accounts to enable it
implement INTOSAI auditing standards in order to ensure
proper supervision of public enterprises. |
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