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Suriname Establishes Audit Oversight Arrangements, but Challenges Remain

WILLEMSTAD, Suriname - The Suriname government has made significant progress in establishing audit oversight arrangements, but challenges persist in implementing key aspects of the system.

Establishing Audit Oversight Agency

The country’s audit oversight agency, the Suriname Chartered Accountants Institute (SCAI), was established through the Law on Accountancy of 2018. SCAI is responsible for:

  • Maintaining a registry of its members
  • Issuing audit and chartered accountant licenses
  • Establishing continuing professional development requirements
  • Adopting accounting and auditing standards
  • Developing a quality assurance review system

Challenges Remain

Despite these efforts, Suriname’s audit oversight arrangements are still incomplete. Some key challenges include:

  • A mandatory quality assurance review system has been established, but it is not yet operational.
  • SCAI has partnered with the Netherlands to support its implementation between 2022-2026.
  • The country also faces challenges in implementing an investigative and disciplinary system with the Ministry of Justice.

International Standards Adoption

Suriname has made progress in adopting international standards on auditing:

  • International Standards on Auditing (ISA) have been adopted as issued by the International Auditing and Assurance Standards Board (IAASB).
  • The Code of Ethics for Professional Accountants has been adopted, which is in line with the 2022 International Code of Ethics issued by the International Ethics Standard Board for Accountants (IESBA).

Financial Reporting Standards

The country has also taken steps to adopt international financial reporting standards:

  • Regulations require the use of International Financial Reporting Standards (IFRS) for financial institutions and large corporations.

Outstanding Challenges

Despite these efforts, there are still challenges to be addressed:

  • The country’s public sector accounting standards have not been adopted.
  • The government is considering adopting International Public Sector Accounting Standards (IPSAS) in the future.

Conclusion

The Suriname government has committed to addressing these challenges and implementing key aspects of its audit oversight arrangements. With ongoing support from international organizations, the country is expected to make continued progress in strengthening its audit oversight system.

Key Developments

  • Mandatory quality assurance review system established, but not yet operational
  • Investigative and disciplinary system with Ministry of Justice still incomplete
  • International Standards on Auditing (ISA) adopted as issued by IAASB
  • Code of Ethics for Professional Accountants adopted, in line with 2022 International Code of Ethics
  • International Financial Reporting Standards (IFRS) required for financial institutions and large corporations
  • Public sector accounting standards not yet adopted

Challenges

  • Implementation of mandatory quality assurance review system still pending
  • Investigative and disciplinary system with Ministry of Justice remains uncertain
  • Adoption of public sector accounting standards still outstanding