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 first regulated at the regional level by West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA. Burkina Faso, as a member country of the WAEMU, must apply the regional requirements. 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 (PAO) responsible for regulating Chartered Accountants — 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 is for the Certified Accountant title and is received after a one year “Comprehensive Theoretical and Technical Training” program at an institution accredited by the Regional Commission for the Formation of the Accounting and Financial Experts (CREFECF), an external body recognized by WAEMU. Subsequently, to qualify as a Chartered Accountant, DESCOGEF-holders are eligible to complete a three-year internship that must be verified by a professionally qualified accountant. Individuals complete two years in an audit firm and one year in an accounting firm under the supervision of a qualified Chartered Accountant. Finally, individuals with an internship certificate must pass a final examination leading to the DECOFI and Chartered Accountant qualification. The final examinations are also overseen by the CREFECF. The title of Chartered Accountants is only granted to those registered by a PAO in WAEMU countries.

Additionally, WAEMU Regulation No. 01/2009/CM/UEMOA of 2009 grants the Conseil Permanent de la Profession Comptable (CPPC) the responsibility for defining auditing, ethical, and quality control standards. The CPPC has yet to adopt these standards and has recommended that professional accountancy organizations (PAOs) within member states pursue the adoption and implementation of quality assurance (QA) systems and quality control standards at a national level. Furthermore, in June 2017, 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 auditing and ethical standards with international best practice.

Burkina Faso, as a member country of the WAEMU, must transpose these requirements at the national level. Law No. 48/2005/AN and its implementing decree provide for the regulation of the profession within the country by the ONECCA-BF.

Law 48/2005/AN stipulates that Chartered Accountants and Certified Accountants, the two regulated categories of professional accountants, must be members of ONECCA-BF. Membership with ONECCA-BF requires a degree in public accounting, or another degree deemed equivalent, among other criteria. Chartered Accountants must complete the abovementioned regional requirements or the Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC-French institute) Diplôme d’expertise comptable (DEC) qualification as ONECCA-BF does not have a national qualification program while Certified Accountants must hold a DESCOGEF qualification. ONECCA-BF established a Registration Committee that evaluates and authorizes the registration of professional accountants to practice in Burkina Faso. Furthermore, the law specifies that audits must be performed by Chartered Accountants, or all firms registered with ONECCA-BF.

According to the Law, 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.

There is no independent audit oversight arrangement or entity in Burkina Faso.

Auditors are regulated at the regional level by West African Economic and Monetary Union (WAEMU), and at the national level by Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF). Please see the Regulation of the Accountancy Profession section for further details.

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.

The World Bank, with the support of the Ministry of Finance of Austria, has launched the Foundational Accounting and Financial Management Skills Enhancement Program (FASE) to develop an Accounting Technicians’ qualification in five countries: Morocco, Tunisia, Ivory Coast, Senegal, and Burkina Faso. The project will support accounting and financial management skills in the five targeted Francophone African countries by developing a sustainable, basic-level training and certification process for accounting technicians. The program is being implemented during 2019–2022. ONECCA-BF launched in June 2021 a consultation to recruit a consultant to develop a business model for the Accounting Technicians’ Training Institute that is planning to be established as part of the FASE project.

In 2022, ONECCA-BF was also selected as a pilot project for the implementation of the memorandum of understanding (MoU) between IFAC, Gavi, and The Global Fund. The pilot project aims to build the capacity of ONECCA BF and activities will aim to build the sustainability, relevance, and credibility of the PAO by ensuring that the PAO can deliver services & trainings to its stakeholders and members. One of the main deliverables of the project will support the implementation of the African Professionalisation Initiative which aims to support the training and education of professional accountants working in the public sector.

At the regional level, West African Economic and Monetary Union (WAEMU) Regulation No. 01/2009/CM/UEMOA authorizes le Conseil Permanent de la Profession Comptable (CPPC) to establish a quality assurance (QA) review system. Draft regulation establishing this requirement was finalized by the Council of Ministers of the WAEMU in 2014. However, due to delays, the CPPC has recommended that professional accountancy organizations (PAOs) within member states pursue the adoption and implementation of QA systems and quality control standards at a national level.

Furthermore, in June 2017, 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 membresde l’OHADA mandating PAOs within OHADA member states, which includes Burkina Faso, to develop and implement QA review systems.

The Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF) has established a QA review system and adopted relevant standards.

ONECCA-BF reports that it carried out three QA reviews in October 2019 on a voluntary basis. The institute inspected five (5) firms in July 2020 and six (6) new firms are selected for 2021 on a mandatory basis. The institute reports that it has aligned its QA review procedures with SMO 1 requirements.

Current Status: Adopted

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

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 is for the Certified Accountant designation and is received after one year “Comprehensive Theoretical and Technical Training” program at an institution accredited by the Regional Commission for the Formation of the Accounting and Financial Experts (CREFECF), an external body recognized by WAEMU. Subsequently, to qualify as a Chartered Accountant, DESCOGEF-holders are eligible to complete a three-year internship that must be verified by a professionally qualified accountant. Individuals complete two years in an audit firm and one year in an accounting firm under the supervision of a qualified Chartered Accountant. Finally, individuals with an internship certificate must pass a final examination leading to the DECOFI and Chartered Accountant qualification. The final examinations are also overseen by the CREFECF. The title of Chartered Accountants is only granted to those registered by a PAO in WAEMU countries. These are also the only individuals permitted to conduct audits.

At the national level, Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF) complies with and enforces the above requirements. ONECCA-BF established a Registration Committee that evaluates and authorizes the registration of professional accountants to practice in Burkina Faso. Candidates may also hold the Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC-French institute) Diplôme d’expertise comptable (DEC) qualification. According to the Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC), the DEC qualification is aligned with the 2019 IES requirements.

The institute assessed the regional qualification against IES requirements (version 2014) in 2015 and reported to have not found any major differences. It is not clear from the available information if the regional IPD requirements align with the 2019 IES requirements. Moreover, within the OHADA and WAEMU, there is a Chartered Accountant Diploma and curriculum reform under consideration that would enable accountancy education (IES 1–4) to align with the IES requirements. ONECCA-BF reports that the WAEMU adopted in June 2020 Regulation No. 03/2020/CM/UEMOA to reform the DECOFI curriculum and align it with international standards and licence-master-doctorat (Bachelor's-Master's-Doctorate (LMD)) education system.

There is no continuing professional development (CPD) requirement at the regional level. Law No. 48/2005/AN permits ONECCA-BF to adopt CPD requirements. All members must complete 120 hours of CPD over a three-year period which is aligned with the 2019 revised IES 7 and 8.

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 all public companies and limited liability companies (LLCs) that exceed determined thresholds. Banking and insurance legislations also require mandatory audits of banks, financial institutions, and insurance companies.

In June 2017, the OHADA issued Regulation No. 01/2017/CM/OHADA Pratiques Professionelles de la Comptabilité et de l’Audit dans les pays membresde l’OHADA to harmonize regional auditing standards with international best practice. The regulation states that effective from January 1, 2018, all audits in member states must be conducted in accordance with ISA as issued by the IAASB.

Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF) indicates that in the jurisdiction the regional requirement is in force and that ISA are effective as issued by the IAASB.

Current Status: Adopted

At the regional level, West African Economic and Monetary Union (WAEMU) Regulation No. 01/2009/CM/UEMOA grants authority to the Conseil Permanent de la Profession Comptable (CPPC) to determine ethical requirements for member states. Since CPPC has yet to establish the ethical requirements, 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 ethical requirements with international best practice.

The regulation states that effective from January 1, 2018, professional accountants in OHADA member states, which includes Burkina Faso, must adhere to the OHADA Code of Ethics, which is based on the 2015 IESBA Code of Ethics and complemented by the ethical requirements related to the external auditor as contained in the OHADA Uniform Act on Accounting Law and Financial Information (AUDCIF).

In Burkina Faso, Law No. 48/2005/AN stipulates that the Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF) is responsible for implementing and enforcing regulations set at the regional level. ONECCA-BF has determined that it will adopt all updates and revisions to the Code, including effective dates, when issued by the IESBA.

Current Status: Partially 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 of the WAEMU, which includes Burkina Faso. Article 6 of that directive indicates that the government’s general accounting should be based on IPSAS. The regulation has undergone revisions to integrate a significant number of IPSAS. The revised standards were finalized in November 2018 by the West African Accounting Council and subject to the review of the WAEMU.

Furthermore, at the national level, the Burkina Faso Government passed Decree No. 2005-255/PRES/PM/MFB in 2005, which established accrual-basis national accounting standards. In December 2019, the government released its first financial statements based on accrual accounting. Per the IFAC/CIPFA International Public Sector Financial Accountability Index 2020, Burkina Faso’s financial reporting framework national standards is on a partial accrual-basis.

Current Status: Not Adopted

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 and ethical standards with international best practice.

At the regional level, the World Bank has been supporting the Organization for the Harmonization of Business Law in Africa (OHADA) in the development of an investigative and disciplinary (I&D) system for its member states. There is no further information available as of the date of the assessment regarding the status of a regional I&D system.

At the national level, Law No. 48/2005/AN and its implementing decree authorize the Ordre des Experts Comptables et Comptables Agréés du Burkina Faso (ONECCA-BF) to investigate and discipline its members. ONECCA-BF states that it must abide by regional regulations regarding the set-up of its I&D committees. At the regional level, these committees are identified by the same name. To address regional regulations and SMO 6 requirements, ONECCA worked throughout 2017 to revise its bylaws to have two separate and independent committees—one for investigation and one for discipline.

The institute reports that these separate committees have been established and are functional. Appeals may be done through the national court system in the country. The ONECCA-BF conducted a self-assessment of its I&D system against the SMO 6 components and reports that its revised procedures are fully aligned. From 2020 to June 2021, three cases were investigated by the investigation sub-committee and were referred to the legal advisor for subsequent proceedings.

Current Status: Adopted

The corporate financial reporting framework of Burkina Faso is determined by legislation issued by two regional bodies: The West African Economic and Monetary Union (WAEMU) and the Organization for the Harmonization of Business Law in Africa (OHADA). Burkina Faso, as a member of the two regional groups, harmonizes national laws with directives issued at the regional level.

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 continue 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.

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.