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African regulators set up regional forum

Regulators from 11 African countries have set up the African Forum of Independent Accounting and Auditing Regulators (AFIAAR), with the first meeting held on 1 and 2 March in Zimbabwe.

The meeting was attended by the independent audit regulators and those professional accounting bodies that are responsible for oversight and audit standard setting from Botswana, Ethiopia, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Tanzania, South Africa, Zambia and Zimbabwe.

The AFIAAR was established with the intention to formalise efforts for collaboration and the strengthening of independent auditing, and where relevant, accounting regulation across Africa. The event was co-hosted by the Public Accountants and Auditors Board (PAAB) of Zimbabwe and the Independent Regulatory Board for Auditors (IRBA) of South Africa, which CEO, Bernard Agulhas, also represented the International Forum of Independent Forum (IFIAR) in his capacity as an IFIAR board member. 

Currently Africa only counts four countries with an independent audit regulator which is a member of IFIAR: Botswana, Egypt, Mauritius, and South Africa.

The AFIAAR initiative was endorsed by the IFIAR as a means to strengthen audit regulation in Africa and develop regulatory and legislative provisions in African countries to a level where they can attain international membership to the global forum.

The members concluded the event with a unanimous adoption and signing of a charter to formalise the establishment of the AFIAAR with eleven founding members.

Zimbabwe was elected as chair, represented by the PAAB Zimbabwe CEO Admire Ndurunduru; South Africa as vice-chair, represented by Agulhas; and Ethiopia was elected as third officer, represented by the The Accounting and Auditing Board of Ethiopia CEO Gashe Desta Yemane.

Ndurunduru commented: “In the context of the development of our continent, this is a momentous initiative for Africa as it will be one of the keys to increasing investment in our economies, public protection and contributing to the development of the continent.”

Related article:

Africa round table: Regulatory hurdles for a continent’s growing profession

Weak regulation hinders the development of African economies and financial markets

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