Tunisia’s Compliance Monitoring and Reporting: A Key Driver for Investment Climate Enhancement
The Importance of High-Quality Reporting
High-quality reporting plays a vital role in fostering competitive enterprise development. In light of the 2030 Agenda for Sustainable Development, a robust corporate reporting infrastructure is essential for realizing the United Nations’ Sustainable Development Goals (SDGs).
Goal 16: Promoting Just, Peaceful, and Inclusive Societies
Goal 16 of the SDGs aims to promote just, peaceful, and inclusive societies by promoting the rule of law, reducing corruption and bribery, and developing effective, accountable, and transparent institutions. To achieve this goal, Tunisia is seeking to strengthen its compliance monitoring and reporting mechanisms to enhance its investment climate.
UNCTAD Guidance Document: Building a Robust MCE System
A new guidance document prepared by the United Nations Conference on Trade and Development (UNCTAD) has shed light on the importance of building a robust Monitoring of Compliance and Enforcement (MCE) system in Tunisia. The document was developed following feedback from member states, including Tunisia, and takes into account the experiences of several countries that have implemented the UNCTAD-ISAR Accounting Development Tool.
Key Elements of the Guidance Document
The guidance document proposes a conceptual framework for MCE systems, highlighting key definitions, objectives, scope, and core elements. It also elaborates on specific areas of MCE, such as:
- Corporate reporting requirements
- Audit functions
- Professional accountants
The document is built on international pronouncements and existing good practices, providing references and examples of national and regional best practices.
Benefits for Tunisia
Tunisia can benefit from this guidance document by adopting a comprehensive approach to compliance monitoring and reporting, which would help promote:
- Transparency
- Accountability
- Effective regulation of businesses
By doing so, the country can create a more favorable investment climate, attract foreign direct investment, and contribute to its economic growth and development.