Ramis Houmed, president of the PAO for auditors in Djibouti (Compagnie National des Commissaires aux Comptes Djibouti), gives an update on the profession in Djibouti.
What were the trends in the last year affecting the accountancy profession in your country?
Djibouti was putting in place a project aimed to help Djibouti to establish the necessary legal framework to formally empower an Accounting and Auditing institute with the proper mandate to regulate the accountancy and auditing profession. This will highly contribute to Financial Stability, Financial Inclusion, Financial Depth, Financial Efficiency of the country. This will also resolve the current lack of Legal Recognition and Empowerment of the professionals.
The draft of the law, which will put in place a new institute hosting both auditors and accountants, has been submitted (after few months of correction and meeting with all parties) and it is planned to be implemented in January 2018.
The goal is to enhance transparency and quality of financial reporting by formally registered enterprises.
What challenges did the accountancy profession face in your country in the last year?
The project mentioned above came after 3/4 year process. Meeting/travels with government, with donors (World Bank), with French institute..etc.
So the challenges were to convince everybody about our needs and our goal, and to show our commitments and determination.
What are your organisation’s strategy/plans/projects for the next two to three years?
According to this new law the local PAO will be stronger and need additional funding to complete this framework law with other regulations to set the internal rules and the continuous professional development. In other words, the life of the profession will need to be set through another decree.
One of the main stages will be integrated our membership application with IFAC, as the new law is in line with the IFAC SMOs.
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