Angola’s profession has kick-started an official regulatory system and created a defined framework of accounting standards.

Currently, national firms follow IFRS, IAS or local accounting plans. But one local source told The Accountant: "When I am asked if I follow the rules according to international standards of course I have to say yes. I try to comply with everything, but inside our country it is not mandatory."

Spurred on by the Angola Ministry of Finance’s ongoing banking reforms, including the legislative need for most banks to produce audits, a new Professional Body of Accountants and Accounting Experts of Angola (OCPCA) plans to regulate the accounting profession.

OCPCA was established in December 2014. However steering committees had been working on its preparation since 2011.

"Seems too long, doesn’t it? It was a big fight to establish OCPCA, but finally the government gave the green light to go forward," Carlos Pinho, managing partner at BKR’s Angolan member firm ACE, told The Accountant.

Pinho also sits on OCPCA’s disciplinary board. According to him, while the new professional body is working hard to create a framework for officially accepted accounting standards, already having previewed several regulations, the whole process will take time to complete.

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Read the full country report: Angola survey: diamond in the rough