AFIAAR adopts strategy for continental integration of accounting and auditing regulation

Maputo, Wednesday, September 12, 2018 – At a two-day meeting of the African Forum of Independent Accounting and Auditing Regulators (AFIAAR) at the Polana Serena Hotel in Maputo this week, the organisation - which was established in Victoria Falls in March 2018 - adopted its vision and strategy for the future of independent accounting and auditing regulation on the continent.

Chairman of AFIAAR, Admire Ndurunduru of the Public Accountants’ and Auditors’ Board in Zimbabwe, welcomed delegates to the first meeting of member countries since the AFIAAR Charter was signed. He introduced Professor Mario Sitoe, the President of the Institute of Chartered Accountants and Auditors Mozambique (OCAM) who delivered an opening address on behalf of the host country.

Says Professor Mario Sitoe: “AFIAAR is a young institution with the intention to promote joint effort in strengthening audit and accounting on the continent. We are very grateful to be the host and are committed to transparency in the interest of economic growth. Our profession has a big responsibility as it allows economies and companies to contribute towards prosperity for the country. Mozambique is a member of this platform and intends to collaborate and be part of this one voice on the continent.”

Says Mr Ndurunduru: “We achieved the main objectives of this first working meeting of the members of AFIAAR, which was to develop and adopt a vision for Africa, agree and adopt our market strategy for the next two years and establish working groups in each of the key workstreams to propose and plan activities which will contribute towards the objectives of the forum.

“Against the battered image of the profession, it is important to recognise that things do not change unless we change them. It is vital that all members actively participate and get involved in building AFIAAR as a credible institution which will instil the much - needed confidence in the accounting and auditing profession. Oversight bodies, together with the profession, must promote transparency and effectiveness and support each other and our governments in the fight against corruption.”

Vice-Chairman of AFIAAR, Bernard Agulhas of the Independent Regulatory Board for Auditors in South Africa noted: “AFIAAR has already achieved significant milestones, such as formulating and signing our charter at its inaugural meeting. Founding members play a critical role in keeping the momentum of such an organisation and driving its initiatives forward, so we are pleased that eight of the 11 founding country members were present and gave input into the two-year strategy which was unanimously adopted. This bodes well for the continental integration of audit and accounting oversight in Africa, as well as improved financial reporting and governance, which must create confidence in our capital markets and ultimately contribute towards economic growth in participating countries.”

AFIAAR is a pan-African forum of audit and accounting regulators representing eleven countries, established to achieve the important goal of becoming one African voice regarding auditing oversight and accounting standards and to support African audit and accounting organisations to collaborate to build capacity.

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