SMO 3 The Accountants Law The Institute is making effort to support the Direct; gives the necessary legal implementation of the standards and International backing (Ref paragraph 83). pronouncements. Awareness activities and Standards, Related clarification of the pronouncements and Practice standards to implementers are required on an Statements, and ongoing basis and this is being done through Other CPD sessions. Pronouncements The challenge faced in this regard is inadequate Issued by the technical capacity in Secretariat. IAASB SMO 4 The Accountants Law The Law establishing iCPAR requires that the Direct; provisions of the Code of Professional Conduct gives the necessary legal IESBA Code of and Ethics adopted by iCPAR be consistent backing through Article 82. Ethics for with the similar Code published by IFAC. Professional iCPAR therefore has a duty to ensure that there Accountants is no gap between its Code and The International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants. Awareness and implementation activities, as well as compliance monitoring are required. The challenge being faced is inadequate technical support in Secretariat. This is shared with the The iCPAR has no capacity to support the SMO 5 Shared; Accountant General in MINECOFIN in the various stages towards the International MINECOFIN. legal eventual application of accrual IPSAS. The iCPAR’s Public Sector mandate comes from Article 3 GoR has set 2020 as the deadline to complete Accounting of Law the number 11/2008 the migration to accruals IPSAS and this has to Standards and which established iCPAR, be supported by appropriate training in IPSAS Other IPSASB providing that for preparers of financial statements in the public “Within Guidance public sector MINECOFIN collaborates with organs, the accounting the Chartered Institute of Public Finance and standards shall be consistent Accountancy (CIPFA) and ACCA to secure the with International Public much needed IPSAS training for its employees. Sector Accounting Standards (IPSASs)”. The Accountants Law Currently there is only one Disciplinary SMO 6 Direct; gives the necessary legal Commission which makes Investigation and backing by providing for the recommendation(s)/communicates its decision Discipline establishment of a Disciplinary to the Governing Council. There is need for Commission. the Council to separate the investigation from discipline functions to enhance independence and objectivity.
SMO 3 International Standards, Related Practice Statements, and Other Pronouncements Issued by the IAASB Direct; The Accountants Law gives the necessary legal backing (Ref paragraph 83). The Institute is making effort to support the implementation of the standards and pronouncements. Awareness activities and clarification of the pronouncements and standards to implementers are required on an ongoing basis and this is being done through CPD sessions. The challenge faced in this regard is inadequate technical capacity in Secretariat. SMO 4 IESBA Code of Ethics for Professional Accountants Direct; The Accountants Law gives the necessary legal backing through Article 82. The Law establishing iCPAR requires that the provisions of the Code of Professional Conduct and Ethics adopted by iCPAR be consistent with the similar Code published by IFAC. iCPAR therefore has a duty to ensure that there is no gap between its Code and The International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants. Awareness and implementation activities, as well as compliance monitoring are required. The challenge being faced is inadequate technical support in Secretariat. SMO 5 International Public Sector Accounting Standards and Other IPSASB Guidance Shared; This is shared with the Accountant General in MINECOFIN. iCPAR’s legal mandate comes from Article 3 of Law the number 11/2008 which established iCPAR, providing that “Within public organs, the accounting standards shall be consistent with International Public Sector Accounting Standards (IPSASs)”. The iCPAR has no capacity to support the MINECOFIN in the various stages towards the eventual application of accrual IPSAS. The GoR has set 2020 as the deadline to complete the migration to accruals IPSAS and this has to be supported by appropriate training in IPSAS for preparers of financial statements in the public sector MINECOFIN collaborates with the Chartered Institute of Public Finance and Accountancy (CIPFA) and ACCA to secure the much needed IPSAS training for its employees. SMO 6 Investigation and Discipline Direct; The Accountants Law gives the necessary legal backing by providing for the establishment of a Disciplinary Commission. Currently there is only one Disciplinary Commission which makes recommendation(s)/communicates its decision to the Governing Council. There is need for the Council to separate the investigation from discipline functions to enhance independence and objectivity.