Burkina Faso

The corporate financial framework of Burkina Faso is determined by legislation issued by two regional organizations: the West African Economic and Monetary Union (WAEMU) and the Organization 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 Burkina Faso, as well as on the accountancy profession. Burkina Faso, as a member of these two regional groups, harmonizes national laws with directives issued at the regional level.

OHADA and WAEMU are responsible for the development of member countries’ accounting standards while Member States are required to establish a Conseil National de la Comptabilité (CNC) with responsibility for implementation of accounting and auditing directives at the national level. The WAEMU Treaty gives responsibility to the WAEMU Council to set the accounting standards to be applied by the member states. In accordance with the WAEMU Regulation No. 3/97/CM/UEMOA, the WAEMU delegated its accounting standard-setting activities to the Conseil Comptable Ouest Africain (CCOA), which in turn now adopts the OHADA standards for application in the WAEMU member states.

Accounting Framework

In January 2017, the Commission de Normalisation Comptable de l’OHADA (CNC)-OHADA, established in 2009 through an OHADA Uniform Act, adopted the OHADA Uniform Act on Accounting and Financial Information (AUDCIF) to update the previous OHADA Uniform Act on Organizing and Harmonizing Company Accounting Systems 2/2000. The previous Act had outlined the OHADA Accounting System and applicable standards—known as SYSCOHADA.

The OHADA AUDCIF revised the SYSCOHADA, namely the OHADA general accounting plan, as well as the consolidated and combined accounting rules to serve as a single accounting reference in all OHADA member states. The OHADA AUDCIF became effective on January 1, 2018, for individual accounts and on January 1, 2019 for consolidated accounts. The SYSCOHADA continues to differ from the International Financial Reporting Standards (IFRS) and are generally applied by small and medium-sized entities (SMEs); however, the AUDCIF now requires that listed companies and companies seeking financing in a public capital market to apply IFRS in consolidated statements. All other companies are permitted but not required to use IFRS.

Auditing Framework

The OHADA Uniform Act Relating to Commercial Companies and Economic Interest Groups 4/1997 (revised January 2014) stipulates that statutory audits are mandatory for all public companies, limited liability companies (LLCs) and partnerships that exceed one of these three thresholds: (i) total balance sheet in excess of CFA franc 125 million; (ii) sales volume greater than CFA franc 250 million; or (iii) more than 50 permanent employees with a total balance sheet in excess of CFA franc 250 million and sales volume of CFA franc 500 million. Banking and insurance legislations also require mandatory audits of banks, financial institutions, and insurance companies.

Audit standard-setting at the regional level is determined by WAEMU Regulation No. 01/2009/CM/UEMOA of 2009, which established the Council of the Chartered Accountants Profession (le Conseil Permanent de la Profession Comptable, CPPC). The CPPC is responsible for defining auditing, ethics, and quality control standards for the WAEMU member states.

In June 2017, the OHADA issued Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA to harmonize regional auditing standards with international best practice. The regulation, effective from January 1, 2018, states that all audits must be conducted in accordance with the International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB). Therefore, ISA, as issued by IAASB, are effective in Burkina Faso as of the date of the assessment.

Chartered Accountants in Burkina Faso are regulated at the regional level by West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA. As a member country of WAEMU, Burkina Faso applies these regional requirements at the national level.

The Ordre des Experts Comptables et des Comptables Agréés du Burkina Faso (ONECCA-BF) was established by Law No. 48/2005/AN, which amended Law No. 22/96/ADP, as the national professional accountancy organization responsible for regulating Chartered Accountants, who are the only professionals permitted to offer public accounting and auditing services within the jurisdiction.

WAEMU Regulation No. 12/2000/CM/UEMOA introduced the Degree in Accounting and Finance (DECOFI) and the Higher Education Degree in Accounting and Financial Management (DESCOGEF) as requisites to practice in any WAEMU country. The DESCOGEF qualification leads to the Certified Accountant title. Holders must complete a three-year internship validated by a professionally qualified accountant and subsequently pass final examinations overseen by the Regional Commission for the Formation of the Accounting and Financial Experts (CREFECF) in order to obtain the DECOFI and Chartered Accountant qualification. The title of Chartered Accountant is granted only to individuals registered by a PAO in WAEMU countries.

Law No. 48/2005/AN stipulates that Chartered Accountants and Certified Accountants must be members of ONECCA-BF. The Institute maintains a Registration Committee responsible for evaluating and authorizing registration to practice in Burkina Faso.

In accordance with the Law, ONECCA-BF is responsible for maintaining a register of Chartered Accountants and Certified Accountants; licensing qualified members to practice auditing; monitoring compliance with technical standards; ensuring adherence to ethical standards; establishing and operating an investigative and disciplinary system; implementing initial professional development requirements; establishing and enforcing continuing professional development requirements; and conducting quality assurance reviews of audits and other services performed by members.

The Institute requires members to complete 120 hours of continuing professional development over a three-year period. The CPD framework was updated in 2024 to align with the revised International Education Standards, including IES 7 (Revised).

In addition to its statutory mandate, ONECCA-BF is implementing its 2025–2027 Strategic Plan and has operationalized a Training Institute for Accounting Technicians under the World Bank’s Foundational Accounting and Financial Management Skills Enhancement (FASE) Project. The Institute also plays an active role at the regional and international levels, including leadership within the Conseil Permanent de la Profession Comptable (CPPC) and participation in Pan African Federation of Accountants technical advisory groups.

There is no independent audit oversight body in Burkina Faso.

Auditors are regulated at the regional level by the West African Economic and Monetary Union (WAEMU) and the Organization for the Harmonization of Business Law in Africa (OHADA), and at the national level by the Ordre des Experts Comptables et des Comptables Agréés du Burkina Faso (ONECCA-BF) pursuant to Law No. 48/2005/AN.

Oversight of the profession at the national level includes representation of the Ministry of Finance through a Government Commissioner; however, there is no separate public audit oversight authority independent of the profession.

Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF)

The ONECCA-BF was established by Law No. 48/2005/AN, which amended Law No. 22/96/ADP that originally established the institute. Its membership comprises Certified Accountants and Chartered Accountants as well as accounting/auditing firms. Membership in ONECCA-BF is mandatory for practicing accountancy. Only Chartered Accountants registered with ONECCA-BF can conduct audits.

In accordance with Law No. 48/2005/AN, ONECCA-BF is responsible for: (i) maintaining a register of Chartered Accountants and Certified Accountants; (ii) licensing qualified members to practice auditing; (iii) monitoring compliance with technical standards; (iv) ensuring that members adhere to ethical standards; (v) establishing an investigative and disciplinary (I&D) system; (vi) implementing initial professional development requirements; (vii) setting continuing professional development requirements; and (viii) monitoring conduct and performance of members, including quality assurance reviews of all audits and services carried out by members.

In addition to being an IFAC Full Member, ONECCA-BF is a member of the Pan African Federation of Accountants, the International Federation of Francophone Accountants, and the Association of Accountancy Bodies in West Africa.

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA authorizes the CPPC to establish a QA review system. In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA mandating PAOs within OHADA member states to develop and implement QA review systems.

At the national level, ONECCA-BF has established a QA review system covering all mandatory audits. The Institute has adopted the International Standards on Quality Management (ISQM 1 and ISQM 2) and ISA 220 (Revised), with updates becoming effective as issued.

ONECCA-BF reports that its QA review system is aligned with the requirements of SMO 1.

Current Status: Adopted

Chartered Accountants in Burkina Faso are regulated at the regional level by West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA. The regional framework establishes the Degree in Accounting and Finance (DECOFI) and the Higher Education Degree in Accounting and Financial Management (DESCOGEF) as requisites to practice in WAEMU member states. The DESCOGEF qualification leads to the Certified Accountant designation, while completion of a three-year internship and successful final examination overseen by the Regional Commission for the Formation of the Accounting and Financial Experts (CREFECF) leads to the DECOFI and Chartered Accountant qualification.

The WAEMU adopted Regulation No. 03/2020/CM/UEMOA to reform the DECOFI curriculum and align it with international standards and the licence-master-doctorat (LMD) education system. The CREFECF has initiated a triennial review process to incorporate updated International Education Standards (IES) requirements, with further alignment expected in 2026.

At the national level, the Ordre des Experts Comptables et des Comptables Agréés du Burkina Faso (ONECCA-BF) implements the regional initial professional development requirements and has established continuing professional development (CPD) requirements for its members. All members must complete 120 hours of CPD over a three-year period. In 2024, the CPD system was updated to align with the revised IES 7 requirements.

ONECCA-BF actively supports education reform through its participation in regional bodies and advocacy efforts to incorporate updated IES requirements and emerging competencies, including future-ready accountant skills, into the DESCOGEF/DECOFI curriculum. The Institute has also operationalized a Training Institute for Accounting Technicians under the World Bank’s Foundational Accounting and Financial Management Skills Enhancement (FASE) Project to strengthen foundational accounting education nationally.

While substantial progress has been made, full alignment with all current IES requirements depends on completion of the regional curriculum reform process.

Current Status: Partially Adopted

The Organization for the Harmonization of Business Law in Africa (OHADA) Uniform Act Relating to Commercial Companies and Economic Interest Groups 4/1997 (revised January 2014) stipulates that statutory audits are mandatory for public companies and limited liability companies that exceed established thresholds. Banking and insurance legislation also require mandatory audits of banks, financial institutions, and insurance companies.

In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA to harmonize regional auditing standards with international best practice. The regulation, effective January 1, 2018, requires that all audits in member states be conducted in accordance with International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB). Accordingly, ISA as issued by the IAASB are effective in Burkina Faso.

Although standard-setting authority rests at the regional level, the Ordre des Experts Comptables et des Comptables Agréés du Burkina Faso (ONECCA-BF) supports implementation by disseminating new and revised standards to members, providing continuing professional development activities on ISA, and making technical resources available through its website. The Institute also participates in regional and international standard-setting discussions and contributes to exposure drafts through Pan African Federation of Accountants technical advisory groups.

Current Status: Adopted

At the regional level, WAEMU Regulation No. 01/2009/CM/UEMOA grants authority to the CPPC to determine ethical requirements. In June 2017, OHADA issued Regulation No. 01/2017/CM/OHADA requiring professional accountants in member states to adhere to the OHADA Code of Ethics, which is based on the 2015 version of the IESBA Code and complemented by provisions of the OHADA Uniform Act.

At the national level, Law No. 48/2005/AN stipulates that ONECCA-BF is responsible for implementing and enforcing ethical requirements within Burkina Faso.

Because the regional framework formally incorporates the 2015 version of the IESBA Code, adoption is assessed as Not Adopted.

Current Status: Not Adopted

At the regional level, West African Economic and Monetary Union (WAEMU) Regulation No. 09/2009/CM/UEMOA establishes public sector accounting standards for member states, including Burkina Faso. Article 6 of the directive indicates that government accounting should be based on IPSAS. The regulation has undergone revisions to integrate certain IPSAS principles; however, accrual-basis IPSAS as issued by the IPSASB have not been adopted in their entirety.

At the national level, Burkina Faso enacted Decree No. 2005-255/PRES/PM/MFB establishing accrual-based national public sector accounting standards. While elements of IPSAS have been incorporated into the national framework, the standards are not fully aligned with IPSAS as issued by the IPSASB.

Current Status: Not Adopted

At the regional level, the Organization for the Harmonization of Business Law in Africa (OHADA) issued Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA to harmonize regional professional standards, including disciplinary requirements.

At the national level, Law No. 48/2005/AN and its implementing decree authorize the Ordre des Experts Comptables et des Comptables Agréés du Burkina Faso (ONECCA-BF) to establish and operate an investigative and disciplinary (I&D) system for its members. In accordance with the law and revised bylaws, ONECCA-BF has established separate investigation and disciplinary committees. Appeals are available through the national court system.

ONECCA-BF reports that its I&D system is aligned with SMO 6 requirements, and recent enhancements are being implemented to further strengthen the framework.

Current Status: Adopted

The corporate financial reporting framework of Burkina Faso is determined by legislation issued by the West African Economic and Monetary Union (WAEMU) and the Organization for the Harmonization of Business Law in Africa (OHADA).

In January 2017, OHADA adopted the Uniform Act on Accounting and Financial Information (AUDCIF), which revised the SYSCOHADA accounting framework. The AUDCIF became effective on January 1, 2018 for individual accounts and January 1, 2019 for consolidated accounts.

Under the AUDCIF, listed companies and companies seeking financing in a public capital market are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). All other entities are required to apply SYSCOHADA and may apply IFRS on a voluntary basis where permitted.

Accordingly, IFRS are adopted for application by selected categories of public interest entities but are not required for all public interest entities. Adoption is therefore assessed as partially adopted.

Current Status: Partially Adopted

Relevant Organizations

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

Relevant Legislation

• Law No. 048—2005/AN Portant création de l'Ordre (Establishment of the ONECCA-BF)
• 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 Professionelles de la Comptabilité et de l’Audit dans les pays membres de l’OHADA

Relevant Publications

• Bertelsmann Stiftung’s Transformation Index (BTI), Burkina Faso Country Report, 2014.
• ONECCA-BF, Reglement Interieur, July 2012.
• ONECCA-BF, SMO Action Plan, 2022.
• ONECCA-BF, Organization, Regulatory Framework and SMO Self-Assessment, 2015.
• Uguen, Marie-Christine and Vieux Soulama Abdoul Rachid, “Burkina Faso Moves Forward on PFM Reform,” 28 July 2017.
• World Bank, Report on the Observance of Standards and Codes—Accounting and Auditing: Burkina Faso, 2010.
• World Bank, Implementation Status & Results: WAEMU Development of Accounting Regulation Institutions and Auditing Profession, 2013.
• World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA), 2014.
• World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663), January 2016.