Ordre des Professionnels Comptable du Burundi

Under current law, there is no mandatory quality assurance (QA) review system and requirements in the law in Burundi. Article 6 of Decree No 100/053 of May 11, 2001, mandates the Council of OPC to supervise the practice of the accounting profession in Burundi and ensure compliance with standards by OPC members. Article 110 of the OPC Internal Regulations states that, as part of OPC’s supervisory role as defined by legislation and regulatory provisions, it may adopt and implement quality assurance procedures.

As part of a world bank funded project, an Audit Quality Review Program was developed to support establishing a QA review system in Burundi. ICPAK Kenya has provided additional support including developing the Audit Quality Monitoring Framework and Audit Quality Manual to support implementation of the QA review program. In addition, ICPAK Kenya has supported by conducting training for audit firms.

Due to a lack of knowledge and capacity, OPC Burundi has outsourced the QA review process to ICPAK. ICPAK has conducted a first round of quality assurance reviews in 2023 and a second round was planned for November and December 2023. The rest of 2023 reviews were postponed and will resume mid-2024.

A draft Accountants Decree (to replace the 2001 Accountants Decree) is currently pending legislative approval. Once approved, it will empower OPC Burundi to adopt and enforce the relevant standards. With QA, it will enforce the mandatory adoption of all relevant quality management standards as issued by the IAASB.

OPC Burundi has hired a full-time QA staff to work with ICPAK and the Kenya Accountants and Secretaries National Examinations Board (KASNEB) to provide training and quality support to audit practitioners in Burundi. Since 2019, OPC Burundi has facilitated the training of audit firms and OPC Burundi staff of QA requirements with support from World Bank funding. The trainings support the understanding of quality control standards and implementation of appropriate systems of quality control. In 2024, the CPD and training will cover ISA 220 (revised) and ISQM 1 and 2. OPC continues to raise awareness among its members by sharing quality management resources from IFAC, PAFA, and other PAOs.

• OPC Burundi is to keep monitoring the implementation of a QA system and update IFAC as the decree goes through the legislative process. OPC Burundi is in general to keep IFAC updated on its efforts around QA and SMO 1 and continue to collaborate with relevant partners to develop and operationalize the QA process in Burundi. With regards to delays, OPC Burundi will keep IFAC updated on its reviews to be completed in 2024.

Current Status: Plan

The accountancy profession in Burundi is regulated at the professional level by the Ordre des Professionnels Comptables du Burundi (OPC Burundi) established under the decree N. 100/053 of May 11, 2001.

OPC Burundi no longer accepts new members with just a university degree and three years of experience. Membership is now limited to individuals with qualifications attained from PAOs that are members of both IFAC and FIDEF. In addition, OPC Burundi has launched the CPA program and Accounting Technician program (CAT) in 2022, which is offered in collaboration with the Kenya Accountants and Secretaries National Examinations Board (KASNEB), in universities in Burundi. Individuals holding qualifications from PAOs recognized by IFAC and FIDEF are eligible for membership with OPC Burundi if they submit an application form with all required documentation. Maintaining membership with OPC Burundi involves completing all required CPD and paying membership fees.

Working with the support of ICPAK and the KASNEB team and through MoUs with local universities, OPC has developed a curriculum for Education, Training and Qualification that is benchmarked with the IES. KASNEB has completed the development of the competency-based curriculum as well as provided training for the OPC committees and staff. The program began in February 2022 and currently has 600 students. ICPAK and KASNEB are finalizing a Memorandum of Understanding to ensure that OPC continues to receive technical support from these two partners beyond the project funding under the World Bank.

ICPAK also assisted OPC to develop a Continuing Professional Development Policy framework to govern compliance with IES 7, Continuing Professional Development and IES 8, Competence Requirements for Audit Professionals. OPC Bylaws require all members to attain 20 structured CPD hours and 20 Unstructured CPD hours each year. Fulfillment of this requirement is assessed over a three-year period and OPC organizes a CPD calendar of training for its membership each year.

• In the SMO Action Plan, OPC Burundi reports ICPAK and KASNEB are finalizing a Memorandum of Understanding to ensure that OPC continues to receive technical support from these two partners beyond the project funding under the World Bank. OPC Burundi is encouraged to continue this effort and to keep dialogue with the relevant partners.

Current Status: Execute

The National Council of Accountants under the Ministry of Finance is responsible for adopting internationally accepted auditing standards. International Standards on Auditing (ISA) issued by IAASB have not yet been formally adopted in Burundi. A draft Accountants Decree (to replace the 2001 Accountants Decree) is currently pending legislative approval. Once approved, it will empower OPC Burundi to adopt and enforce the relevant standards.

Accordingly, OPC has developed a roadmap for the implementation of ISAs after the adoption. OPC has hired a CPD manager responsible for the development and implementation of a CPD program incorporating courses on ISAs. OPC Burundi is also using an audit manual on the application of ISA in different scenarios developed by ICPAK to share with its members.

• OPC Burundi is encouraged to continue updating IFAC on its efforts to bring in more technical resources to support SMO 3 implementation.

Current Status: Plan

The National Council of Accountants under the Ministry of Finance is responsible for adopting international accepted ethics standards. The International Code of Ethics for Professional Accountants as issued by IESBA is adopted as is in Burundi. A draft Accountants Decree (to replace the 2001 Accountants Decree) is currently pending legislative approval. Once approved, it will allow OPC Burundi to adopt and enforce the relevant standards.

The current applicable Accountants Decree from 2001 empowers OPC Burundi to develop, with approval of the Minister of Finance, policies, and regulations to ensure OPC complies with applicable international standards. In this regard, OPC Burundi is responsible for setting ethical requirements for its members, with approval from the Ministry of Finance.

OPC has circulated recent versions of the IESBA Code of Ethics for Professional Accountants to its members. OPC has also incorporated the requirements of the IESBA Code of Ethics into a competence-based syllabus, training materials and training guides that have been developed by ICPAK and KASNEB with World Bank funding. OPC is raising awareness of the requirements of the Code through technical releases and its membership handbook.

Current Status: Sustain

As a member state of the EAC, the Burundi Government is committed to adopting the East African Community (EAC) Monetary Protocol which includes a requirement for member states to adopt accrual basis IPSAS for central and local governments, non-trading state owned enterprise and regulatory bodies, and IFRSs for State Owned Enterprises. A draft decree on the State Chart of Accounts sets out the regulatory and technical framework for accounting following the adoption of the new Organic Law No 1/20 of 20 June 2022 on public finance. The implementation of the new accounting system requires the formal repeal of Order No 540/757 of 21 July 2008 amending the state budget and accounting plan. Currently, Burundi follows IPSAS on Partial Accrual basis, with no modifications and actions are being undertaken to move to full accrual.

OPC recognizes the significant role it has in building the accountancy capacity necessary to enhance good governance, transparency, and accountability in the public sector. OPC submitted a Concept Note to the Minister of Finance advocating the urgent need to adopt IPSAS (and other international standards). An IMF consultant has been engaged to advise on public financial management matters, including IPSAS. An OPC and ICPAK delegation met with the Permanent Secretary of Finance in September 2021 and highlighted the need to develop the competencies of relevant government staff. OPC is continuing this dialogue with relevant public sector stakeholders.

The OPC Strategy for 2022-2026 includes the following actions in relation to the adoption and implementation of IPSAS:

• Organize awareness-raising sessions for members of Parliament, the Court of Auditors, and the General State Inspectorate on the obligation of States to adopt IPSAS in accordance with the East African Community (EAC) Monetary Protocol; and
• Train members on all IPSAS, guidelines, studies and occasional papers developed by the IPSASB.

And in general, OPC Burundi has been actively engaging with its members by offering training and awareness raising session. The new CPA program curriculum in Burundi content on IPSAS. Other activities include training by ICPAK Kenya staff to OPC Burundi staff on IPSAS, as funded by the World Bank. OPC Burundi has also signed an MOU with the African Professionalization Initiative (API) to provide training for public-sector professionals. OPC Burundi disseminates updates from the IPSASB to its members. Currently, OPC Burundi has engaged with a consultant to support its activities around public-sector support and the plan is to hire someone full-time in the future.

• OPC Burundi is encouraged to continue its efforts and initiatives to inform its members and the public-sector. OPC Burundi to keep IFAC updated on its efforts to work with the API.

Current Status: Review & Improve

Article 6 of Decree No 100/053 of May 11, 2001, empowers the OPC Council develop, for the approval of the Ministry of Finance, regulations and enforce them to ensure that all members of OPC comply with applicable standards. OPC therefore is responsible for investigating and disciplining (I&D) professional accountants against whom complaints have been raised.

As part of the project funded by the World Bank, ICPAK assisted in developing the OPC’s I&D procedures which meets most of the requirements of SMO 6. The link with quality assurance has not yet been established, there is no separate investigations committee, and a review of the systems effectiveness has not been established. The Disciplinary Commission considered four cases in 2022 and three cases in 2023.

OPC plans to increase awareness about the I&D system among OPC members, key stakeholders, and the public by enhancing available information on its website and developing a brochure summarizing the rights of the public. OPC plans to review the appropriateness of procedures developed by ICPAK and update the policy as necessary; and implement the Policy.

OPC Burundi is encouraged to continue reviewing its I&D system to ensure it remains effective. This includes addressing any gaps identified in its SMO Action Plan.

Current Status: Execute

The Companies Act, N°. 01/09 of May 30, 2011, sets forth the framework for financial reporting requirements for all registered companies. The financial statements need to be prepared using accounting standards set by the National Council of Accountants under the Ministry of Finance. International Financial Reporting Standards (IFRSs) have not yet been formally adopted in Burundi. A draft Accountants Decree (to replace the 2001 Accountants Decree) is currently pending legislative approval. Once approved, it will empower OPC Burundi to adopt and enforce the relevant standards.

Ahead of the formal adoption, OPC staff and members have received training on IFRS from ICPAK staff with World Bank funding. OPC has further developed a CPD calendar that includes coverage of IFRSs to prepare its members achieve compliance and be able to highlight any non-compliance areas when conducting audits.

Additionally, the OPC competency-based syllabus developed by ICPAK and KASNEB with World Bank funding covers IFRS. With support of the World Bank, in collaboration with the Ministry of National Education, the syllabus was shared with some academic institutions to integrate IFRS case study assignments and course content.

The IFRS Foundation has French translations of the IFRS readily available that the institute may consider sharing amongst its members and other stakeholders to support understanding and implementation. The institute could also consider advocating for the adoption of IFRS and IFRSs for SMEs as a permissible framework to bring SME reporting in line with international best practices.

Current Status: Execute