Combating Financial Crimes in Togo: Regulatory Bodies Take Action
Togo has taken significant steps to combat financial crimes and promote transparency in its financial sector. In this article, we will explore the measures put in place by regulatory bodies to ensure accountability and integrity in the country’s financial industry.
Strengthening Accountancy Professionalism
To become a certified accountant in Togo, one must complete a comprehensive theoretical and technical training program at an institution accredited by the Regional Commission for the Formation of Accounting and Financial Experts (CREFECF). The program is followed by a three-year internship under the supervision of a professionally qualified accountant, and a final examination is required to obtain the Chartered Accountant qualification.
Setting Auditing, Ethical, and Quality Control Standards
WAEMU Regulation No. 01/2009/CM/UEMOA grants the Conseil Permanent de la Profession Comptable (CPPC) the responsibility for defining auditing, ethical, and quality control standards. While the CPPC has yet to adopt these standards, professional accountancy organizations within member states are encouraged to pursue the adoption and implementation of quality assurance systems and quality control standards at a national level.
National Level Regulation
At the national level, Law No. 2001-001 establishes the Ordre National des Experts Comptables et des Comptables Agréés du Togo (ONECCA-Togo) and sets the supervision of its activities under the authority of the Ministry of Finance. Membership in the institute is mandatory for all professional accountants in the country.
Responsibilities of ONECCA-Togo
According to Law 2001-001, ONECCA-Togo has several responsibilities, including:
- Registering all accountancy professionals
- Improving the quality of accounting and financial information
- Setting ethical requirements for members
- Promoting fair accounting practices and compliance with international standards
- Establishing an investigation and discipline framework for members
- Establishing a quality assurance review system
- Enforcing initial professional development requirements (IPD) and continuing professional development (CPD) requirements for members
Registration as a Chartered Accountant
To register as a Chartered Accountant with ONECCA-Togo, candidates must have a certified public accounting DECOFI degree, which is obtained after completing a five-year professional accountancy program culminating in written and oral tests, and three years of practical experience. Only Chartered Accountants may conduct audits in Togo.
Additional Requirements for Bank Auditors
The Banque Centrale des États de l’Afrique de l’Ouest (the Central Bank of West African States (BCEAO)) and the WAEMU Banking Commission have set additional requirements for auditors of banks. Banks are required to appoint two auditors, who must be subject to prior approval by the Banking Commission.
Conclusion
These regulations demonstrate Togo’s commitment to combating financial crimes and promoting transparency in its financial sector. With these measures in place, accountancy professionals in Togo can rest assured that they are operating in a regulatory environment that is designed to protect the integrity of the profession.