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Cameroon

International Standards on Auditing

Summary
According to a December 2006 Institute of Chartered Accountants of Cameroon (ONECCA) self-assessment, Cameroon does not legally require the use of International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). However, ONECCA reported that it informs its members on the existence and availability of the IAASB pronouncements, takes measures to train its members, and conducts seminars on IAASB standards and guidance. Furthermore, ONECCA pointed out that it plans to officially adopt the IAASB pronouncements. A 2006 International Monetary Fund (IMF) report on the Central African Economic and Monetary Community (CEMAC) noted that the lack of standards for auditing practices in the CEMAC region, which includes Cameroon, raised "serious concerns" regarding the quality of audits. The IMF recommended adoption of ISAs to improve the regulatory framework as well as the image of the accounting profession in the region. As of December 2007, there is insufficient publicly available information on Cameroon's plans to adopt ISAs or the conformity of national requirements with international standards.

    General Overview

    According to a December 2006 Institute of Chartered Accountants of Cameroon (ONECCA) self-assessment, Cameroon does not legally require the use of International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). However, as explained in the self-assessment, ONECCA informs its members on the existence and availability of the IAASB pronouncements, takes measures to train its members, and conducts seminars on IAASB standards and guidance. Furthermore, ONECCA pointed out that it plans to officially adopt the IAASB pronouncements. A 2006 International Monetary Fund (IMF) report on the Central African Economic and Monetary Community (Communauté Economique et Monétaire de Afrique Centrale, or CEMAC) noted that lack of standards on auditing in the CEMAC region, which includes Cameroon, raised "serious concerns" regarding the quality of audits. The IMF recommended adoption of ISAs to improve the regulatory framework and the negative image of accounting profession in the region. As of December 2007, there is insufficient publicly available information on Cameroon's plans to adopt ISAs or the conformity of national requirements with international standards.
    As noted in the 2003 World Bank Financial Sector Assessment (FSA) on Gabon, Cameroon is part of the CEMAC. The report added that member states of the CEMAC region have a common banking supervisory authority - the Central African Banking Commission (Commission D'Afrique Centrale or COBAC). Per the January 2006 ONECCA self-assessment, COBAC also regulates the non-banking financial institutions. The insurance market in the CEMAC region is regulated by the Inter-African Conference on Insurance Markets. The securities market is regulated by the Commission of Financial Markets.
    The 2006 ONECCA self assessment explains that "our ethical requirements are based on the 2001 code of ethics for International Federation of Accountants (IFAC) and the codes of ethics of French institute of chartered accountants and the "Compagnie Nationale des Commissaires aux Comptes, which converge enough with the 2005 code of ethics (IFAC)" (p. 47). However, the self-assessment noted that the modification to the Code of Ethics is made in line with the Organization for the Harmonization of Business Law in Africa Law, which does not define conflicts of interest as deeply as the IFAC Code. Also, ONECCA makes a distinction within the profession of accountancy and therefore applies the Code of Ethics differently. ONECCA is listed as a member on the IFAC website. It is also a member of the Fédération Internationale des Experts Comptables Francophones, Association of Accountancy Bodies in West Africa, and Fédération des réviseurs et experts comptables d'Afrique Centrale.


    The Principles

    ISA 200 Objective and General Principles Governing an Audit of Financial Statements (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 210 Terms of Audit Engagements (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 220R Quality Control for Audits of Historical Financial Information (effective 2005)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 230R Documentation (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 240 The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 260 Communications of Audit Matters With Those Charged With Governance (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 300 Planning an Audit of Financial Statements (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 320 Audit Materiality (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 330 The Auditor’s Procedures in Response to Assessed Risks (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 402 Audit Considerations Relating to Entities Using Service Organizations (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 500 Audit Evidence (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 501 Audit Evidence - Additional Considerations for Specific Items (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 505 External Confirmations (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 510 Initial Engagements — Opening Balances (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 520 Analytical Procedures (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 530 Audit Sampling and Other Selective Testing Procedures (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 540 Audit of Accounting Estimates (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 545 Auditing Fair Value Measurements and Disclosures (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 550 Related Parties (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 560 Subsequent Events (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 570 Going Concern (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 580 Management Representations (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 600 Using the Work of Another Auditor (effective)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 610 Considering the Work of Internal Auditing (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 620 Using the Work of an Expert (effective 2005)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 700 The Auditor’s Report on Financial Statements (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 701 Modifications to the Independent Auditor's Report (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 710 Comparatives (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 720 Other Information in Documents Containing Audited Financial Statements (effective 2004)

    There is insufficient publicly available information that directly addresses this principle.

    ISA 800 The Auditor’s Report on Special Purpose Audit Engagements (effective 2006)

    There is insufficient publicly available information that directly addresses this principle.

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    Sources of Assessment

    Institute of Chartered Accountants of Cameroon, "Response to the IFAC Part 2, SMO Self-Assessment Questionnaire," Self-assessment prepared as a part of the International Federation of Accountants' (IFAC) Member Body Compliance Program, December 2006. Available from International Federation of Accountants' website. Accessed on November 30, 2007. (ONECCA 2006a)

    Institute of Chartered Accountants of Cameroon, "Assessment of the Regulatory and Standard- Setting Framework," Self-assessment prepared as part of the International Federation of Accountants' (IFAC) Member Body Compliance Program, January 2006. Available from International Federation of Accountants' website. Accessed on November 30, 2007. (ONECCA 2006b)

    International Monetary Fund, "Central African Economic and Monetary Community: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics - Monetary and Financial Policy Transparency, and Banking Supervision," Country Report No. 06/321, Washington, D.C.: IMF, August 2006. Available from World Bank website. Accessed on November 27, 2007. (IMF 2006)

    Relevant Organizations

    Association of Accountancy Bodies in West Africa (ABWA)

    Bank of Central African States - Banque des Etats de l'Afrique Centrale (BEAC) (in French only)

    Central African Banking Commission - Commission Bancaire de l'Afrique Centrale (COBAC) (in French only)

    Central African Economic and Monetary Union - Communauté Economique et Monétaire de Afrique Centrale (CEMAC) (in French only)

    Fédération Internationale des Experts Comptables Francophones (FIDEF) (in French only)

    Fédération des réviseurs et experts comptables d'Afrique Centrale (FRECAC)

    Institute of Chartered Accountants of Cameroon - Ordre National des Experts Comptables du Cameroun (ONECCA)

    Inter African Conference for the Insurance Market - Conférence Inter-Africaine des Marchés d'Assurance (CIMA)

    Ministry of Economy and Finance - Ministère de l'Économie et des Finances (MEF)

    Organization for the Harmonization of Business Law in Africa - Organization pour l'Harmonization du Droit des Affaires en Afrique (OHADA)



    Relevant Legislation/Regulation

    Uniform Act Relating to Commercial Companies and Economic Interest Groups 1999, Acte uniforme OHADA sur le droit des sociétés commerciales et du Groupement d'Intérêt économique, 1999

    Uniform Act Organizing and Harmonizing Company Accounting Systems, 2000 (in French only)

    OHADA Accounting Plan - Plan Comptable OHADA



    Supplementary Sources

    International Federation of Accountants website. Accessed on November 30, 2007. (IFAC website)

    International Monetary Fund, "Cameroon: Selected Issues," Country Report No.07/287, Washington, D.C.: IMF, August 2007. Available from International Monetary Fund website. Accessed on November 30, 2007. (IMF 2007)

    Moutassi, E., "Inter-African Conference on Insurance Markets (CIMA): Organization, Expectation, Challenges and Outlook," 2nd Contractual Savings Conference, Washington D.C., USA, November 3-7, 2003. Available from the World Bank website. Accessed on November 30, 2007. (Moutassi 2003)

    World Bank, "Gabon - Financial Sector Assessment," April 2003. Available from World Bank website. Accessed on November 30, 2007. (WB 2003)
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