ONECCA and professional 4, 2011 strengthened the corporate governance organizations 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. Establish criminal penalties Not completed for corporate executives who fail to provide shareholders with company documents. Responsibility-regional level: OHADA 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. Annual financial External audit Filing of financial Publication statements statements form Business segment Law on commercial companies Commercial companies OHADA Uniform Act (Corporations, LLCs, For corporations, mandatory filing with the Mandatory for partnerships, simplified Accounting law registry office responsible for commercial corporations joint stock companies OHADA affairs (SAS) Economic – Uniform Act Mandatory over a interest groups (EIG) - (not observed in practice) certain size defined in Parastatal enterprises OHADA for LLCs, and mixed enterprises EIGs, partnerships, and simplified joint stock companies Published in an Bank chart of Mandatory (Auditor official gazette at With the Banking accounts certified by the the expense of the Credit institution Commission Banking Commission) bank or institution (PCB) concerned Company required to provide a copy Mandatory of its financial Insurance company CIMA Code With the CRCA (Auditor certified by statements to the CRCA) anyone who requests it
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
Senegal-ROSC-AA-FV-rs.docx