Source: https://www.ifac.org/about-ifac/membership/compliance-program/compliance-responses?MBID=SLEO1
Timestamp: 2016-05-25 19:05:58
Document Index: 419386018

Matched Legal Cases: ['art 1', 'art 2', 'art 1', 'art 1', 'art 1', 'art 1', 'art 2', 'art 3']

Compliance Program Responses and Action Plans | IFAC
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Membership & Compliance ProgramMember Organizations
Compliance ProgramCompliance Advisory Panel
Statements of Membership Obligations
Compliance Program Responses and Action Plans
Compliance Program Responses and Action Plans	IFAC Members and Associates are required to develop SMO Action Plans to demonstrate how they fulfill the requirements of the SMOs and, where some requirements are not yet addressed, present plans toward their fulfillment.SMO Action Plans are intended to present an up-to-date, comprehensive description of the profession in the jurisdiction and the status of adoption of international standards and best practices at a given point of time. Annual updates are required as part of the IFAC Member Compliance Program.While the SMO Action Plans are prepared and submitted for purposes of fulfilling IFAC membership requirements, in the interest of transparency and providing information to the profession, regulators, and other stakeholders, they are accessible below.Although most Members and Associates submit annual SMO Action Plans, some Members submit on a biennial basis after meeting eligibility criteria. These organizations are indicated with an asterisk (*).The Institute of Chartered Accountants of Sierra Leone, (ICASL)
The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components: Part 1:
Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website. The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses. The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to: Setting auditing, accounting, ethics, public sector and education standards; and Regulating the accountancy profession.
Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.
Questions or comments may be sent to complianceassessment@ifac.org.
Section 3 -- Member Body General Information
1. Country:
2. Name of member body:
The Institute of Chartered Accountants of Sierra Leone, (ICASL)
Or please specify name:
3. Individual responsible for preparation:
Jonathan A. Thomas/Herbert M. Nelson-Okrafor
4. Date member body became a member of IFAC:
Note: Please enter a numeric date (e.g., 12/2001, Month/Year)
Questions 5 - 22 are for internal use only
Section 3G -- Affiliations
23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
ABWA (association of accountancy bodies in West Africa
Section 4 -- Statutory Framework
Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.
Section 4A -- The Companies Act or Commercial Code
The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.
24. What is the full name of:
a). the Act or the Code:
The Companies Act Ca. 249
b). the Enacting body:
The Government of Sierra Leone
c). date the Act or Code came into force:
/ 1948
25. How can IFAC obtain a copy of the Act or Code?
From the Sierra Leone govenment Bookshop
26. Is the Act or Code available in English?
27. What are the types of entities covered by the Act or the Code?
Listed entities
Other (please specify): Private companies
Other (please specify): Governmental
Other (please specify): Not-for-profit
Other (please specify): 28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
(If YES, please describe)
Other (please describe) Other (please describe) 29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
Other (please describe) Other (please describe) 30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
If YES, please indicate the term of appointment:
31. Who appoints the statutory auditors?
Other (please specify): Audit committee
Other (please specify): Government agency
Other (please specify): 32. Does the Act or Code require joint auditors for the statutory audit?
If yes, please describe the requirement:
33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
Section 4B -- Securities Market Regulations
Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.
34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
the major items of Legal authority for such requirements
The Bank of Sierra Leone set a technical committee 3 years ago to put in place modalities for the establishment of securities market regulations-project in ongoing
the Enacting body(ies)
the latest amendment date?
35. How can IFAC obtain a copy of the Legal authority?
36. Is the Legal authority available in English?
37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)? Yes
39. Who appoints the statutory auditors of listed entities?
Other (please specify): 40. Are auditors who perform audits of listed entities appointed for a specified period? Yes
41. Are joint auditors required for audits of listed entities?
42. Is rotation of the auditor or audit firm for audits of listed entities required?
Section 5 -- Auditing Standards
Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework. Section 5A -- Statutory Framework
43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
Name ofapplicablelegalauthority
Date of lastamendment(e.g. MM/YYYY 06/2001)
Name of body responsiblefor setting audit andother assurance standards
Other (please describe) Other (please describe) Other (please describe) a. How can IFAC obtain copies of these documents?
The Council of ICASL has approved the adoption of IFRSs as national standards. A technical committee has been set up to facilitate full application.
b. Are the documents available in English? Yes
Section 6 -- Ethics
Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework. Section 6A -- Statutory Framework
55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
Type of professional covered
Name of body responsiblefor setting ethics standards
Professional Accountants in Public Practice
Professional Accountants in the Public Sector
Other (please describe) a. How can IFAC obtain copies of these documents?
Members of the Institute are originally members of ACCA and as such are guided by the ethical standards of their parent body.
The Institute has a Rules and Ethics Committee which addresses ethical issues of members.
Section 7 -- Education Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.
Section 7A -- Education Requirements
67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
The system is 6-3-3-4 ie. 6 up to primary.
3 up to Junior secondary: 3 up to senior secondary & 4 up to University.
The compulsory primary and junior secondary (ie up to form 3-Basic education certification examination
68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.
Companies Act AP. 249
ECASL Act, 1988
69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
"A" Levels and/or university degrees
All modules of the ACCA professional examinations
5 yeats
Final qualifying examination
Other (please describe) 70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
Member body(ies) establishes the education requirements for the accounting profession.
Other (please describe) 71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
The institute has established a membership committee that review all applications for admission into the Institute A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
How many voting members does the relevant body(ies) have
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
Both - Please describe:
For how many years has the body been in existence?
72. How would you describe the authority that the education requirements have?
Requirements are legally-based
Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
Requirements are set in member body(ies) policy document(s).
Other (please describe) Education requirements are clearly defined in the institue by-laws
72 a. How can IFAC obtain copies of these documents?
Director will forward a copy
72 b. Are these documents available in English?
73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
If different, please briefly describe the main differences:
74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
The education program and final examination are delivered by the member body.
The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
Other (please explain) 75. Once qualified as a member of your professional body, can members offer their services directly to the public?
Section 7B -- Licensing
76. Are there licensing requirements for auditors in your country?
Yes (continue with Question 77)
No (proceed to Section 8)
77. Who sets the requirements to obtain a license? ICASL
78. What are the requirements to obtain a license (please select all relevant requirements.)? Academic study specific for obtaining a license
Licensing examination
79. Are there ongoing requirements to retain a license?
If YES, please select all relevant requirements.
Other (please specify): 80. What entity grants the license?
81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
Section 8 -- Public Sector Accounting Standards Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.
Section 8A -- Statutory Framework
82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
Name oflegalauthority
Name of body responsiblefor setting public sectoraccounting standards
Statutory authority/agency
Profit entity owned by government
Other (please describe) Other (please describe) a. How can IFAC obtain copies of these documents?
The Institute promotes IPSASs as developed by IPSASB
Section 9 -- Private Sector Accounting Standards
Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework. Section 9A -- Statutory Framework
94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
Name of legalauthority orapplicablerules
Name of body responsiblefor setting private sectoraccounting standards
Other (please describe) Other (please describe) Other (please describe) Other (please describe) a. How can IFAC obtain copies of these documents?
The Institute has adopted IFRSs and has established a Standards Committee that provides guidance to members on standards.
Section 10 -- Monitoring (Quality Assurance) and Enforcement
Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.
Section 10A -- Securities Market Regulatory Authority
106. Name the authority that regulates the securities market:
107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
108. Briefly describe the role of the regulatory authority as it relates to the following:
regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements
Section 10B -- Stock Exchange
109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
Section 10C -- Regulatory Oversight of the Accounting Profession
111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
If NO, proceed to the next section.
If YES, please describe :
What are the name and duties of the oversight body?
The number of members on the oversight body
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations The sanctions the oversight body may impose in the event of non-compliance
How the oversight body is accountable to any public institution or body
Section 10D -- Banks Regulatory Authority
112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
114. Briefly describe the role of the regulatory authority as it relates to the following:
review of financial statements prepared by listed entities
enforcement of accounting, reporting and auditing requirements
Section 10E -- Non-Banking Financial Institutions Regulatory Authority
115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
116. What is the source of Legal authority of the regulatory authority(ies)?
Non-Banking Financial Institutions Act 2001
117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
Section 10F -- Insurance Companies Regulatory Authority
118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
119. What is the source of Legal authority of the regulatory authority(ies)?
120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
review of financial statements prepared by listed listed entities
Section 10G -- Other Regulatory Authority
121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
122. What is the source of Legal authority of each regulatory authority?
123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
Section 10H -- Quality Assurance
124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
If NO, proceed to next Section.
If YES, briefly describe the monitoring and enforcement mechanism.
125. Under what authority does the organization conduct the program of quality assurance review?
126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
Section 10 I -- Investigation and Discipline
127. Is there a process for investigating and disciplining the accounting profession in your country?
If NO, proceed to the Certification of Chief Executive
128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
Government or other agencies are solely responsible for this function.
Government or other agencies have this responsibility, but the member body or bodies participate in the process.
Government formally delegates this function to the member body or bodies, to exercise on its behalf.
Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
Other (please explain) 129. Please indicate the name of the body or bodies responsible for investigation and discipline.
The disciplinary committee of the council of ICASL
Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.
130. How many voting members does the body have?
131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
Private and Public Members of the Institute
133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
134. What is the term of appointment for members?
135. For how many years has the body been in existence?
136. Please indicate the budget in US$ of the body for the last fiscal year.
Note: Please enter a whole number using commas (e.g., 4,000,000)
Please enter the exchange rate used to calculate this number.
Note: Please enter a decimal amount (e.g., 4.0027)
NA (specify currency)
137. To what entity is the body accountable?
The Council of ICASL
138. Approximately how many days per year does the body meet in full session (including teleconferences)?
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