• Register
Return to: Home > News > Financial Results > African regulators set up regional forum

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

Top Content

    Blockchain and the Big Four: does it deserve all the hype?

    Although still in its infancy, blockchain is one of the most talked-about technologies of 2018. Will the blockchain bubble burst, or will it live up to its reputation as the ‘new internet’? Eleanor Jerome investigates

    read more

    Malaysia: Ready to show its strength

    Recent changes have enhanced the quality of audit reports in Malaysia, giving the profession a welcome opportunity to demonstrate its value to clients. Paul Golden reports

    read more

    China: Regulating the Chinese dragon

    Harsh regulatory actions and looming US trade wars have been dampening expectations in a Chinese market still full of potential, finds Jonathan Minter

    read more

    Indigenous Australians: New checks and balances

    With fewer than 40 known qualified Indigenous Australian accountants, Jonathan Minter speaks to Shelley Cable from PwC Australia about how increasing this number is an important part of improving the financial literacy of Indigenous communities

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.