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Mauritius’ Financial Reporting Requirements: A Regulatory Overview

The accountancy profession in Mauritius is regulated by the Mauritius Institute of Professional Accountants (MIPA), established under the Financial Reporting Act 2004 (FRA 2004). MIPA’s primary responsibility is to ensure compliance with international standards and best practices in the accountancy profession.

Functions of MIPA

  • Establishing a Code of Professional Conduct and Ethics
  • Maintaining a register of professional accountants, public accountants, and member firms
  • Conducting examinations for registering professionals

The accountancy profession in Mauritius has grown significantly through the inclusion of overseas-qualified professionals. The FRA 2004 recognizes a list of international accountancy bodies, including:

  • Association of Chartered Certified Accountants (ACCA)
  • Chartered Institute of Management Accountants (CIMA)
  • Others

These qualified individuals can register with MIPA as Professional Accountants (PFAs). To offer professional services in Mauritius, PFAs must register with MIPA as Public Accountants (PBAs) and obtain a practicing certificate from the institute.

Requirements for Auditing Services

To provide auditing services, PBAs must:

  • Have at least two years of audit training with a licensed auditor
  • Register and be licensed by the Financial Reporting Council (FRC)
  • Complete a minimum of 21 hours of training in International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) per year

Functions of the Financial Reporting Council (FRC)

The FRC, established under the FRA 2004, is responsible for overseeing the accountancy profession and ensuring the credibility and quality of financial reporting and audit in Mauritius. The council’s functions include:

  • Monitoring auditor practices
  • Enforcing compliance with standards
  • Licensing auditors
  • Conducting practice reviews
  • Investigating and sanctioning non-compliant firms
  • Reviewing financial statements
  • Advising the Minister on matters related to financial reporting and accounting

Summary

The regulatory framework governing financial reporting requirements in Mauritius is designed to ensure the highest standards of professionalism and accountability in the accountancy profession.