The Association of Chartered Certified Accountants (ACCA) has signed a memorandum of understanding (MoU) with the African Forum of Independent Accounting and Auditing Regulators (AFIAAR) to improve “accountancy quality” and support professional development across the continent.
The MoU is aimed at strengthening cooperation between independent audit regulators and the overall accountancy profession.
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The agreement was signed on 26 June in Mauritius at a hybrid ceremony attended by AFIAAR Governing Board representatives and member regulators.
These included the Financial Reporting Council of Mauritius, the Independent Regulatory Board for Auditors South Africa and the National Board of Accountants and Auditors Tanzania.
AFIAAR chairperson Viswajithsing Tuhobol said: “High-quality audits are fundamental to public trust, investor confidence and well-functioning markets. This partnership recognises the complementary roles of regulators and the profession in achieving that outcome.
“AFIAAR promotes quality through independent oversight, inspection and enforcement, while ACCA strengthens quality through education, training and professional development.
“By bringing these strengths together, we can enhance accountancy quality, accountability and confidence across Africa in the public interest.”
According to a statement, the ACCA and AFIAAR plan to align professional capability to improve the quality of accounting.
The MoU sets a framework for collaboration on profession attractiveness, professional mobility, audit quality, regulatory capability and future talent development. The bodies also agreed on joint research, among other initiatives.
ACCA Africa director Jamil Ampomah said: “Strong institutions depend on trust, and trust depends on both professional capability and effective oversight.
“By aligning professional excellence with robust oversight, AFIAAR and ACCA will work together to strengthen audit quality, support future talent and contribute to stronger reporting, governance and investment confidence across Africa.”
Earlier this month, the ACCA signed an MoU with the Association of Mongolian Internationally Recognised Accountants to develop the accountancy profession in Mongolia.
