Accountants, Auditors Association Marks 50th Anniversary

Apr 2 , 2022

The Ethiopian Professional Association of Accountants & Auditors (EPAAA) marked half a century of operations during its annual general meeting held at the Ras Hotel last week. The Association was established in 1972 to promote the development of accounting and auditing professionals in the country. It has since garnered over 1,400 members. Most of them (1,274) are certified accountants, with auditors and associate members comprising the rest of the roster. There are around 150 audit firms in Ethiopia, registered under and accredited by the Accounting & Auditing Board of Ethiopia (AABE). Regulators at the National Bank of Ethiopia (NBE) disclosed last month they are working on a directive that seeks to tighten requirements placed on audit firms looking to service financial institutions. The move has drawn criticism from industry practitioners, who fear it would may cause syndicates to emerge. The EPAAA registered 334 new members last year. Less than a dozen were auditors.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...