tables specified by SYSCOA in the normal system (part 4, Title I, Chapters 3 and 4); b) on that basis, adjust the thresholds defining the applicability of the three SYSCOA regimes (normal, reduced or minimal Responsibility-regional level: WAEMU ACCOUNTING PROFESSION – PROFESSIONAL STANDARDS Begin the process of aligning the national auditing standards with the ISA, and the Code of Professional Duties with the IFAC Code of Professional Ethics. Responsibility-regional and national level: ONECCA Senegal-CPPC Establish a professional practice monitoring system to ensure the quality of accounting and auditing practice as well as observance of the ethical rules applicable to the profession. Responsibility-regional and national level: ONECCA and CPPC Have a presiding judge appointed for the ONECCA Disciplinary Board. Responsibility-national level: Government of Senegal Partially completed Partially completed Completed with effect from 2011 In its 2011 general meeting ONECCA adopted the ISA standards as professional standards. A manual of ONECCA standards was also prepared in December 2010. In addition, Article 86 of the ONECCA by-laws established a Consultative Standards Approval Committee. The purpose of this process is to incorporate standards into Senegalese substantive law through approval by interministerial decree. To date, the Code of Professional Duties and 8 auditing standards have received a favorable opinion from the Committee and are in process of approval by interministerial decree. Professional standards have been drawn up for the CPPC, but the implementation process is not making much progress. Senegal’s ONECCA adopted the International Standard on Quality Control ISQC1 and ISA 220 as quality assurance standards. It also put in place a Quality Assurance Committee and developed a Quality Assurance System (SAQ) with financial support from the World Bank and technical assistance from the French accounting profession. Quality assurance was initiated by ONECCA in 2013, but it is voluntary at present and will not become mandatory until 2017. A number of problems mentioned in the Committee’s 2014 report should be addressed to ensure that quality assurance is properly implemented in the profession. It is too early to measure the impact of this recommendation. A was appointed and currently presides over the ONECCA Disciplinary Board. To date, two disciplinary sanctions have been pronounced by the Disciplinary Board. Illegal practice was still a problem when the mission reviewed the sample of financial statements. Despite its efforts, ONECCA lacks sufficient resources to put an end to it. The substantial involvement of the
ONECCA and professional organizations Establish criminal penalties for corporate executives who fail to provide shareholders with company documents. Responsibility-regional level: OHADA Not completed 4, 2011 strengthened the corporate governance mechanism, particularly with regard to the distribution of powers and responsibilities among various bodies and the development of tools essential for good governance. Regarding SYSCOA, not enough has been done to raise awareness of the new system. No penalty is prescribed for failure to provide company documents to shareholders. III. LEGAL AND INSTITUTIONAL FRAMEWORK A. Accounting and Auditing Legislation and Regulation The obligations concerning bookkeeping and the presentation of financial statements as well as the statutory (external audit) of Senegalese enterprises are contained in various national, subregional, and international texts. They are summarized in the following table and analyzed in detail in the 2005 ROSC A&A. form Business segment Annual financial statements External audit Filing of financial statements Publication Commercial companies (Corporations, LLCs, partnerships, simplified joint stock companies (SAS) – Economic interest groups (EIG) - Parastatal enterprises and mixed enterprises Accounting law OHADA Uniform Act Law on commercial companies OHADA Uniform Act For corporations, mandatory filing with the registry office responsible for commercial affairs (not observed in practice) Mandatory for corporations Mandatory over a certain size defined in OHADA for LLCs, EIGs, partnerships, and simplified joint stock companies Credit institution Bank chart of accounts (PCB) Mandatory (Auditor certified by the Banking Commission) With the Banking Commission Published in an official gazette at the expense of the bank or institution concerned Insurance company CIMA Code Mandatory (Auditor certified by the CRCA) With the CRCA Company required to provide a copy of its financial statements to anyone who requests it