Auditors Target Harmonised Cross Continent Standards

Mar 23 , 2024

A unified financial reporting framework and quality assurance review standards were discussed by auditors and accountants to create specific models for African countries and ensure consistency of audition practices. Participants from 25 African nations met at Addis Abeba's Radisson Blue Hotel, Tito St last week, with the Pan African Federation of Accountants (PAFA) developing the review standards to ensure high-quality auditing across the continent. "The goal is to advance the quality of accounting in Africa," said Admire Nudurudru, head of the Public Accountants & Auditor Board in Zimbabwe. The four-day session inspired lively debate over the complexity of auditing practices in Africa and the limited resources commonly provided for adequate analysis. State Minister for Finance Eyob Tekalign (PhD), said a significant gap exists in the accuracy and professionalism of financial reporting within the country due to the absence of well-defined guidelines. Eyob, who also chairs the Accounting & Audit Board of Ethiopia (AABE), stressed the urgent need to enhance auditing practices and ensure the reliability of financial information. Established two years ago, the Board has been rigorously enforcing International Financial Reporting Standards (IFRS), which became mandatory in 2022 for publicly accountable entities such as banks, insurers, and government-owned entities.