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 In its 2011 general meeting ONECCA adopted the ISA Begin the process of Partially standards as professional standards. A manual of aligning the national completed ONECCA standards was also prepared in December auditing standards with the 2010. In addition, Article 86 of the ONECCA by-laws ISA, and the Code of established a Consultative Standards Approval Professional Duties with the Committee. The purpose of this process is to IFAC Code of Professional incorporate standards into Senegalese substantive law Ethics. through approval by interministerial decree. To date, Responsibility-regional the Code of Professional Duties and 8 auditing and national level: standards have received a favorable opinion from the ONECCA Senegal-CPPC 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 Establish a professional Partially on Quality Control ISQC1 and ISA 220 as quality practice monitoring system assurance standards. It also put in place a Quality completed to ensure the quality of Assurance Committee and developed a Quality accounting and auditing Assurance System (SAQ) with financial support from practice as well as the World Bank and technical assistance from the observance of the ethical French accounting profession. Quality assurance was rules applicable to the initiated by ONECCA in 2013, but it is voluntary at profession. present and will not become mandatory until 2017. A Responsibility-regional number of problems mentioned in the Committee’s and national level: 2014 report should be addressed to ensure that quality ONECCA and CPPC 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. Have a presiding judge Completed with appointed for the ONECCA effect from 2011 Disciplinary Board. Responsibility-national Illegal practice was still a problem when the mission level: Government of reviewed the sample of financial statements. Despite its Senegal efforts, ONECCA lacks sufficient resources to put an end to it. The substantial involvement of the
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
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