Pan-African forum of audit and accounting regulators adopts vision and strategy

AIFAAR adopted its vision and strategy for the future of independent accounting and auditing regulation.

The newly established African Forum of Independent Accounting and Auditing Regulators (AFIAAR) adopted its vision and strategy for the future of independent accounting and auditing regulation at a two-day meeting held at the Polana Hotel in Maputo, Mozambique

This pan-African forum of audit and accounting regulators represents eleven countries and was established in March 2018. It has the stated goals of becoming one African voice regarding auditing oversight and accounting standards and to support African audit and accounting organisations to collaborate to build capacity.

This was the first meeting of member countries since the AFIAAR Charter was signed. Eight of the eleven members attended the meeting and were all welcomed by the Chairman of the new forum, Admire Ndurunduru of the Public Accountants and Auditors Board in 
Zimbabwe

Professor Mario Sitoe, the President of the Institute of Chartered Accountants and Auditors Mozambique (OCAM) delivered an opening address on behalf of the host country, stating that AFIAAR’s intention is to promote joint effort in strengthening audit and accounting on the content. 

“We are very grateful to be the host and are committed to transparency in the interest of economic growth,” he said.

“Mozambique is a member of this platform and intends to collaborate and be part of this one voice on the continent.” 

The objectives of the meeting were to develop and adopt a vision for Africa. The members agreed and adopted their market strategy for the next two years and established working groups in each of the key workstreams to propose and plan activities in the future which will contribute towards the objectives of the forum. 

Mario also said: 

“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.”

AFIAAR has already achieved significant milestones, of which the inauguration of the new charter was one. 

Bernard Agulhas, Vice-Chairman of AFIAAR, said:

“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.”