Financial Crime World

Togo’s Finance Sector Braces for Stricter Regulations: A Look at Accountancy Compliance

In the West African Economic and Monetary Union (WAEMU), member countries, including Togo, are required to adhere to regional regulations for the accountancy profession.

Regulatory Framework and Professional Requirements

  • WAEMU’s regulatory framework introduced the Degree in Accounting and Finance (DECOFI) and the Higher Education Degree in Accounting and Financial Management (DESCOGEF) as prerequisites to practice
  • DESCOGEF is crucial for Chartered Accountants aspirants
    • One-year Comprehensive Theoretical and Technical Training
    • Three-year internship: Two years at an audit firm and one year at an accounting firm
    • Final exam held by the Regional Commission for the Formation of the Accounting and Financial Experts (CREFECF)

Waemu versus OHADA Regulations

  • WAEMU regulations grant the Conseil Permanent de la Profession Comptable (CPPC) the responsibility for defining auditing, ethical, and quality control standards
  • OHADA introduced Regulation No. 01/2017/CM/OHADA to harmonize regional auditing and ethical standards with international best practices

ONECCA-Togo: The Organisation National des Experts Comptables et des Comptables Agréés du Togo

  • Established in 2001, membership is mandatory for all professional accountants in Togo
    • Mandated to register accountancy professionals, improve the quality of accounting and financial information, and set ethical requirements
    • Enforces Initial Professional Development (IPD) and Continuing Professional Development (CPD) requirements

Becoming a Chartered Accountant with ONECCA-Togo

  • Possess a certified public accounting DECOFI degree with a five-year professional accountancy program
    • Three years of practical experience
  • Qualifications from France, Tunisia, the United States, and Canada are accepted with Ministry confirmation

Considered Additional Requirements

  • Ten years of experience
  • Participation in training sessions related to audit work
  • Passing an oral exam assessing local business law and audit practices

Additional Regulations for Bank Auditors

  • BCEAO and the WAEMU Banking Commission set forth requirements for bank auditors
    • Appointment of two auditors, subject to prior approval