Benin

The corporate financial reporting framework of Benin is determined by legislation issued by two regional organizations: the West African Economic and Monetary Union (WAEMU) and the Organisation for the Harmonization of Business Law in Africa (OHADA). Legislation issued at the regional level by WAEMU and OHADA has a significant impact on the legal and regulatory framework for commercial entities, banks, financial institutions, and insurance companies in Benin, as well as on the accountancy profession. As a member of both organizations, Benin harmonizes national legislation with directives and regulations issued at the regional level.

OHADA and WAEMU are responsible for the development of accounting standards applicable in member countries, while national authorities are responsible for implementing the regional framework within their jurisdictions. The WAEMU Treaty assigns responsibility for accounting standard setting to the WAEMU Council of Ministers. In accordance with WAEMU Regulation No. 3/97/CM/UEMOA, responsibility for accounting standard-setting activities was delegated to the Conseil Comptable Ouest Africain (CCOA), which subsequently adopts the accounting standards issued under the OHADA framework for application within WAEMU member states.

Accounting Framework

In January 2017, the Commission de Normalisation Comptable de l’OHADA adopted the OHADA Uniform Act on Accounting and Financial Information (Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF)), which replaced the previous OHADA Uniform Act on Organizing and Harmonizing Company Accounting Systems adopted in 2000. The earlier act had established the OHADA accounting framework known as the Système Comptable OHADA (SYSCOHADA).

The 2017 Uniform Act revised SYSCOHADA, including the OHADA general accounting plan and rules governing consolidated and combined financial statements, creating a single accounting reference framework applicable across OHADA member states. The revised standards became effective on January 1, 2018 for individual financial statements and January 1, 2019 for consolidated financial statements, combined financial statements, and financial statements prepared under International Financial Reporting Standards (IFRS).

Under the revised framework, SYSCOHADA continues to differ from IFRS and is generally applied by entities operating under the OHADA accounting framework. However, the AUDCIF requires listed companies and entities seeking financing from public capital markets to prepare consolidated financial statements in accordance with IFRS. As IFRS are required only for a subset of entities and SYSCOHADA remains the primary financial reporting framework, IFRS would continue to be assessed as partially adopted in Benin.

Auditing Framework

Statutory audit requirements are established through the OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups, originally adopted in 1997 and revised in 2014. The Act requires statutory audits for public companies, limited liability companies, and partnerships that exceed defined thresholds relating to balance sheet size, turnover, or number of employees. Banking and insurance legislation also require mandatory audits of banks, financial institutions, and insurance companies.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable (CPPC), which is responsible for defining auditing, ethical, and quality control standards applicable within WAEMU member states.

In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in OHADA member states. The regulation harmonizes auditing practices with international standards and requires that statutory audits be conducted in accordance with the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board. The regulation became effective on January 1, 2018, and ISA as issued by the International Auditing and Assurance Standards Board are therefore applicable in Benin.

Chartered Accountants in Benin are regulated at the regional level by the West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA, which establishes the regulatory framework for the accountancy profession across WAEMU member states. As a member country of WAEMU, Benin applies these regional requirements at the national level.

The Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) was established by Law No. 2004-03 of 2006 as the national professional accountancy organization responsible for regulating Chartered Accountants and Certified Accountants in the jurisdiction. The institute operates under the national legal framework governing the organization of the profession and is responsible for supervising the professional activities of its members.

WAEMU Regulation No. 12/2000/CM/UEMOA introduced the regional professional qualification framework consisting of the Diplôme d’Études Supérieures de Comptabilité et de Gestion Financière (DESCOGEF) and the Diplôme d’Expertise Comptable et Financière (DECOFI). The DESCOGEF qualification leads to the Certified Accountant designation and is obtained after completion of a one-year theoretical and technical training program at an institution accredited by the Commission Régionale pour la Formation des Experts Comptables et Financiers (CREFECF), a regional body recognized by WAEMU.

Subsequently, to qualify as a Chartered Accountant, DESCOGEF holders are required to complete a three-year practical training period under the supervision of a professionally qualified accountant, typically comprising two years in an audit firm and one year in an accounting firm. Candidates who successfully complete the practical training requirements and final professional examinations administered by the CREFECF are eligible to obtain the DECOFI qualification and the Chartered Accountant designation. The Chartered Accountant title is granted only to individuals registered with a professional accountancy organization within WAEMU member states.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA established the Conseil Permanent de la Profession Comptable (CPPC), which is responsible for defining auditing, ethical, and quality control standards applicable within WAEMU member states. While the CPPC framework remains part of the regional regulatory architecture, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in member states further harmonized auditing and ethical requirements with international standards and remains directly relevant to the profession in Benin.

Under its statutory mandate, OECCA-Bénin is responsible for maintaining the register of professional accountants; approving membership applications and licensing qualified members to practice; monitoring compliance with applicable professional, technical, and ethical standards; establishing and operating an investigative and disciplinary system; implementing initial professional development requirements; establishing continuing professional development requirements; and monitoring the conduct and performance of members, including quality assurance mechanisms applicable to professional services performed by its members.

In accordance with Law No. 2004-03 of 2006, Chartered Accountants and Certified Accountants must be members of OECCA-Bénin in order to practice in the jurisdiction. In addition to satisfying the regional qualification requirements, members are required to comply with continuing professional development obligations, including completion of 48 hours of continuing professional development annually.

There is no independent public audit oversight authority in Benin.

Auditors are regulated at the regional level through the regulatory framework established by the West African Economic and Monetary Union (WAEMU) and the Organisation for the Harmonization of Business Law in Africa (OHADA). Regional legislation issued by these organizations establishes the professional standards, auditing requirements, and ethical obligations applicable to professional accountants across member states.

Under this framework, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in member states requires that all statutory audits be conducted in accordance with the International Standards on Auditing issued by the International Auditing and Assurance Standards Board. The regulation also establishes the ethical requirements applicable to professional accountants within OHADA member states, including Benin, based on the OHADA Code of Ethics and relevant provisions of the Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF).

At the national level, oversight of the accountancy profession is exercised through the Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) in accordance with Law No. 2004-03 of 2006. The institute is responsible for maintaining the register of professional accountants, monitoring compliance with professional, auditing, and ethical standards, and administering mechanisms related to professional conduct, quality assurance, and discipline.

Government authorities also maintain an oversight role through the legal and regulatory framework governing the profession. However, there is no separate public oversight body that operates independently of the profession with responsibility for supervising audit activities.

Ordre des Experts Comptables et Comptables Agréés du Benin (OECCA-Benin)

The Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) is the national professional accountancy organization responsible for regulating the accountancy profession in Benin. The institute was established by Law No. 2004-03 of 2006 and operates under the national legal framework governing the organization of the profession.

Membership of OECCA-Bénin comprises Chartered Accountants, Certified Accountants, and accounting and auditing firms operating in the jurisdiction. Membership in the institute is mandatory for individuals wishing to practice public accounting and auditing in Benin. Only Chartered Accountants registered with OECCA-Bénin are authorized to conduct statutory audits.

In accordance with its legal mandate, OECCA-Bénin is responsible for maintaining the register of professional accountants and firms; approving membership applications and licensing qualified members to practice; monitoring compliance with applicable professional, auditing, and ethical standards; establishing and operating an investigative and disciplinary system; implementing initial and continuing professional development requirements; supporting quality assurance review mechanisms; and promoting the development of the profession through training and engagement with national and regional stakeholders.

OECCA-Bénin is actively engaged in regional professional and standard-setting initiatives. The institute participates in the regional framework established by the Conseil Permanent de la Profession Comptable and collaborates with regional stakeholders on matters relating to audit quality, ethics, and professional development.

In addition to being an Associate member of IFAC, OECCA-Bénin is a member of the Association of Accountancy Bodies in West Africa, the Fédération Internationale des Experts-Comptables Francophones, and a founding member of the Pan African Federation of Accountants.

Quality assurance review requirements for statutory audits in Benin are established through the regional regulatory framework of the West African Economic and Monetary Union (WAEMU) and the Organisation for the Harmonization of Business Law in Africa (OHADA). At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA provides the legal foundation for the establishment of quality assurance review arrangements applicable within member states.

In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in member states requires professional accountancy organizations within OHADA jurisdictions, including Benin, to establish mechanisms to monitor the quality of audit engagements performed by statutory auditors.

At the national level, the Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) is responsible for implementing quality assurance mechanisms for audits performed by its members. The institute has established a framework to support quality assurance reviews and quality management requirements applicable to statutory audits.

However, based on the available information, the quality assurance review system does not yet fully demonstrate that it is operationalized in a manner that incorporates all the requirements of Statement of Membership Obligations 1 (SMO 1), including a fully established cycle of periodic inspections covering all mandatory audits.

In addition, based on publicly available information, the quality assurance framework continues to reference the International Standard on Quality Control 1 (ISQC 1), and no formal evidence was identified that the International Standard on Quality Management 1 (ISQM 1) and the International Standard on Quality Management 2 (ISQM 2) have been adopted and operationalized within the jurisdiction as of the date of the assessment. Accordingly, the adoption status of quality assurance in Benin is assessed as Partially Adopted.

Current Status: Partially Adopted

Initial professional education requirements for professional accountants in Benin are established at the regional level through the regulatory framework of the West African Economic and Monetary Union (WAEMU). The regional qualification framework includes the Diplôme d’Études Supérieures de Comptabilité et de Gestion Financière (DESCOGEF) and the Diplôme d’Expertise Comptable et Financière (DECOFI), which are administered through regional institutions responsible for professional accounting education and examinations.

The DESCOGEF qualification provides the academic foundation for entry into the profession and is followed by a practical training period of three years under the supervision of a qualified professional accountant. Candidates who successfully complete the practical training requirements and final professional examinations administered by the Commission Régionale pour la Formation des Experts Comptables et Financiers (CREFECF) are eligible to obtain the DECOFI qualification and apply for registration with a professional accountancy organization within WAEMU member states.

Continuing professional development requirements for professional accountants are established by the Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) as part of its regulatory responsibilities for members. The institute requires members to complete 48 hours of continuing professional development annually, which is broadly consistent with the input-based requirements of International Education Standard 7 (IES 7).

While the regional qualification framework incorporates elements that are broadly consistent with the International Education Standards (2019), the available information does not demonstrate full alignment with all current IES requirements in effect as of the date of the assessment, including learning outcomes, competence-based approaches, and the full requirements of initial professional development and continuing professional development standards.

In addition, curriculum reform initiatives within the OHADA framework continue to be considered to further align professional accountancy education with the International Education Standards. Accordingly, the adoption status of IES in Benin is assessed as Partially Adopted.

Current Status: Partially Adopted

International Standards on Auditing (ISA) are adopted in Benin through the regional regulatory framework established by the Organisation for the Harmonization of Business Law in Africa (OHADA) and the West African Economic and Monetary Union (WAEMU). OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in member states requires that statutory audits be conducted in accordance with ISA issued by the International Auditing and Assurance Standards Board (IAASB).

The regulation, which became effective on January 1, 2018, introduced ISA as the applicable auditing standards across OHADA member states. As a member of OHADA, this regulatory framework applies within Benin and requires that statutory audits be conducted in accordance with ISA.

Under this framework, ISA in effect as of the date of the assessment are required to be applied in all mandatory audits conducted within the jurisdiction. Accordingly, the adoption status of ISA in Benin is assessed as Adopted.

Current Status: Adopted

Ethical requirements for professional accountants in Benin are established through the regional regulatory framework of the West African Economic and Monetary Union (WAEMU) and the Organisation for the Harmonization of Business Law in Africa (OHADA).

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA authorizes the Conseil Permanent de la Profession Comptable (CPPC) to establish ethical requirements applicable to professional accountants in member states. In addition, OHADA Regulation No. 01/2017/CM/OHADA on professional practices of accounting and auditing in member states establishes ethical principles and professional conduct requirements applicable to professional accountants within the OHADA jurisdiction.

The ethical framework applicable within the OHADA region is based on the 2015 version of the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants, as incorporated into the OHADA Code of Ethics and complemented by relevant ethical provisions contained in the Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF).

At the national level, the Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) is responsible for ensuring that its members comply with applicable ethical requirements and professional conduct standards.

Because the ethical framework currently in force is based on a pre-2018 version of the Code and no formal evidence was identified that the 2018 or later version of the International Code of Ethics for Professional Accountants (including International Independence Standards) has been adopted and is effective within the jurisdiction, the adoption status in Benin is assessed as Not Adopted.

Current Status: Not Adopted

Public sector accounting standards in Benin are established through the regional public financial management framework of the West African Economic and Monetary Union (WAEMU) and implemented through national legislation governing government financial reporting.

WAEMU Regulation No. 09/2009/CM/UEMOA introduced public financial management directives applicable to member states, including Benin. These directives establish accounting principles and financial reporting requirements for public sector entities and form part of the broader public financial management reform program implemented across WAEMU member countries.

Although the WAEMU framework incorporates certain concepts and principles derived from the International Public Sector Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board, accrual-basis IPSAS have not been adopted in their entirety for application by public sector entities in Benin.

At the national level, public sector entities continue to apply the comptabilité publique standards issued under the WAEMU framework, which are accrual-based standards that differ from IPSAS. Accordingly, the adoption status of IPSAS in Benin is assessed as Not Adopted.

Current Status: Not Adopted

The investigative and disciplinary (I&D) system for professional accountants in Benin is established through both the regional legal framework applicable to OHADA member states and the national legislation governing the profession.

At the regional level, relevant provisions within the Acte uniforme relatif au droit comptable et à l’information financière (AUDCIF) establish sanctions for non-compliance with applicable accounting and professional requirements. These provisions form part of the broader legal and regulatory framework applicable within Benin.

At the national level, Law No. 2004-03 of 2006 authorizes the Ordre des Experts-Comptables et Comptables Agréés du Bénin (OECCA-Bénin) to establish and operate investigative and disciplinary procedures for its members. Under this framework, OECCA-Bénin is responsible for receiving complaints, conducting investigations, administering disciplinary proceedings, and imposing sanctions where breaches of professional, ethical, or regulatory requirements are identified.

The framework provides for procedures covering the initiation of proceedings, disciplinary measures, and appeals. Available sanctions include warning, reprimand, temporary suspension of license, removal of practicing rights, and exclusion from membership. Appeal mechanisms are also established through the institute’s disciplinary bodies and, where applicable, through the national judicial framework.

However, based on the available information and the institute’s self-assessment against Statement of Membership Obligations 6 (SMO 6), the I&D system does not yet fully demonstrate alignment with all SMO 6 requirements, including fully operational linkages with quality assurance findings and information-based initiation of proceedings. Accordingly, the adoption status of I&D in Benin is assessed as Partially Adopted.

Current Status: Partially Adopted

Financial reporting requirements applicable in Benin are established through the regional accounting framework of the Organisation for the Harmonization of Business Law in Africa (OHADA). OHADA member states apply the Système Comptable OHADA (SYSCOHADA) accounting framework, which was revised in 2017 and became effective in 2018 for individual financial statements and in 2019 for consolidated and combined financial statements.

Under this framework, most entities prepare financial statements in accordance with SYSCOHADA standards. However, listed companies and entities seeking financing from public capital markets are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Other entities may apply IFRS where permitted under the regional framework.

As IFRS are required only for a subset of entities and SYSCOHADA remains the primary financial reporting framework within the jurisdiction, the adoption status of IFRS in Benin is assessed as Partially Adopted.

The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) has not been adopted in the jurisdiction.

Current Status: Partially Adopted

Relevant Organizations

• Central Bank of West African States
• Ordre des Experts-Comptables and Comptables Agréés du Bénin (OECCA-Bénin)
• Organization for the Harmonization of Business Law in Africa (OHADA)
• West African Economic and Monetary Union (WAEMU)

Relevant Legislation

• Law No. 2004-03, 2006 establishing OECCA-Bénin
• OHADA Uniform Act on Accounting and Financial Information (AUDCIF)
• OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups
• Regulation No. 01/2017/CM/OHADA Pratiques Professionnelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA
• WAEMU Regulation No. 01/2009/CM/UEMOA
• WAEMU Regulation No. 09/2009/CM/UEMOA

Relevant Publications

• OECCA-Benin, SMO Action Plan, July 2020.
• OHADA, “Online publication of harmonization tools on the practices of accounting and audit professionals”, n.d.
• World Bank, Report on the Observance of Standards and Codes (ROSC)—Accounting and Auditing: Benin, 2009.
• World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663), January 2016.