2016年-世界发展银行全球_Republic_of_Senegal_Report_on_the_Observance_of_Standards_and_Codes___Accounting_and_Auditing_47页_819kb

Summary of the 2015 ROSC A&A Report for Senegal

Executive Summary

This report is the second assessment of accounting and auditing standards and practices in Senegal under the Report on the Observance of Standards and Codes (ROSC A&A) program, initiated by the World Bank and the International Monetary Fund. The main objectives are to evaluate the implementation of the 2005 recommendations and action plan, and to identify further reforms that could enhance the quality of financial information and the credibility of the accounting profession.

Senegal has made progress in improving financial information quality since the 2005 assessment, notably with the joining of the National Association of Accountants and Chartered Accountants of Senegal (ONECCA) to the International Federation of Accountants (IFAC) in 2013. However, implementation of the 2005 recommendations remains incomplete, with only 9 of the 18 recommendations fully or partially implemented.

The report emphasizes the need for harmonization of accounting systems, improved auditing standards, and better education and training for accounting professionals. It also highlights the importance of enhancing the governance of state-owned enterprises (SOEs) and improving financial information for SMEs and the informal sector.

Core Content

Legal and Institutional Framework

• Senegal is part of WAEMU and OHADA, which have different accounting systems: SYSCOA and SYSCOHADA.
• The SYSCOA has moved toward convergence with international standards, but the SYSCOHADA has not been updated since 2000.
• The Uniform Act (OHADA) was amended, particularly concerning auditors, corporate governance, transparency, and supervision.
• The Parastatal Sector Directorate (DSP) and the Supreme Audit Institutions (SAI) are responsible for financial oversight of public enterprises.
• The DECOFI (Diploma of Accounting and Financial Expertise) is a prerequisite for registration as an accountant in the WAEMU zone, but its management is deficient due to lack of funding, limited training institutions, and poor equivalence with other diplomas.

Accounting Standards

• The application of accounting standards is still limited, especially for commercial enterprises without auditors.
• SYSCOA/SYSCOHADA standards are still in use for the preparation of financial statements, although discussions are ongoing for the adoption of IFRS by publicly listed companies by 2018.
• SMEs are not expected to adopt IFRS immediately, as they face challenges with the current system.
• The GUDEF (One-Stop Window for the filing of financial statements) is being developed to improve the quality of financial information and combat illegal practices.

Auditing Standards

• The process of approving professional auditing standards is ongoing within ONECCA and is expected to be finalized by July 2016.
• Quality assurance and in-service training for auditors are recommended.
• The Permanent Council of the Accounting Profession (CPPC) has developed tools for auditing standardization, but they are not yet widely used.

Main Findings

Perception of Financial Information Quality

• Regulated sectors (banks, insurance companies, publicly listed companies, etc.) generally perceive financial information as reliable, due to annual audits and regulatory oversight.
• However, governance issues in SOEs, such as lack of board independence and competence, affect the reliability of financial information.
• SMEs and the informal sector are perceived to have low-quality financial information, often due to lack of compliance and the need for multiple statements for different purposes.

Challenges

• Inconsistent application of accounting standards.
• Limited resources and capacity within ONECCA and CPPC.
• Poor training and quality assurance mechanisms.
• Governance issues in SOEs.
• Insufficient support for SMEs and the informal sector in financial management.

Key Recommendations

Conclusion

The 2015 ROSC A&A report highlights that while Senegal has made progress in aligning its accounting and auditing systems with international standards, significant challenges remain. These include the need for greater harmonization of accounting systems, improved governance of SOEs, better quality assurance and training for auditors, and enhanced support for SMEs and the informal sector. The recommendations focus on both national and regional actions to address these issues and improve the overall quality and credibility of financial information in the country.