Burundi

The Companies Act, N°. 01/09 of May 30, 2011, sets forth the framework for financial reporting requirements for all companies registered in the country, both private and state-owned companies. Financial statements are 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.

The audit of annual financial statements by one or more external auditors is mandatory for public limited companies (Ltd) and state-owned enterprises and optional for all other companies. The National Council of Accountants is also responsible for establishing auditing standards. International Standards on Auditing (ISA) issued by the IAASB have not yet been formally adopted in Burundi.

Both IFRS and ISA will be drafted once a draft decree is passed by parliament.

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 recognizes Auditors, Licensed Professional Accountants, Tax Professionals, Professional Accountants, and professionals are qualified via the CPA and Accounting Technician programs.

• OPC’s main responsibilities include overseeing the regulation of the profession, and issuing, promoting, and supporting the implementation of standard as adopted by the National Council of Accountants. In addition, the OPC is responsible for developing and offering educational programs for aspiring professionals choosing to work in Burundi, the East Africa region, and beyond. Other responsibilities of the OPC include registering individuals with the institute, monitoring (through quality assurance and investigation and discipline) of members and offering and ensuring CPD is in place for members.
• 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. It is expected that in addition to improving the quality of graduates over time, membership numbers in OPC Burundi will also grow. The first batch of graduates is expected to be completed in December 2024. At this time, there are 600 total students enrolled in both new programs in 2023.
• OPC Burundi is a mandatory membership organization. OPC members work in public practice, business/industry, public sector, and academia. Members are admitted upon approval by the OPC Governing Council and in line with OPC Burundi’s internal regulations as stipulated in the table above. As indicated in the point above, 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.

There is no independent audit oversight entity in Burundi. As outed in the Regulation section, the decree No 100/053 of May 11, 2001, empowers the OPC to develop regulations for the audit profession as approved by the Minister of Finance.

Ordre des Professionnels Comptables du Burundi (OPC Burundi)

OPC was established under a Ministry of Finance decree N. 100/053 of May 11, 2001, with the responsibility to regulate the accountancy profession. A draft Decree 2013 awaits the Ministry of Finance’s signature and will further strengthen OPC’s regulatory mandate.

OPC’s main responsibilities include oversee the regulation of the profession, and issuing, promoting, and supporting the implementation of standard as adopted by the National Council of Accountants. In addition, the OPC is responsible for developing and offering educational programs for aspiring professionals choosing to work in Burundi, the East Africa region, and beyond. Other responsibilities of the OPC include registering individuals with the institute, monitoring (through quality assurance and investigation and discipline) of members and offering and ensuring CPD is in place for members. OPC is also a member of Pan African Federation of Accountants (PAFA) and Federation Internationale des Experts-Comptables Francophone (FIDEF).

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, a 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 will utilize the specific system developed for OPC Burundi to conduct reviews.

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. QA will be mandatory under the new Accountants Decree.

Current Status: Partially Adopted

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, 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. 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 the 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.

Current Status: Partially Adopted

The National Council of Accountants under the Ministry of Finance is responsible for adopting internationally accepted auditing standards. The audit of the annual financial statements by one or more external auditors is mandatory for public limited companies and state-owned enterprises and optional for all other companies.

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.

Current Status: Not Adopted

The National Council of Accountants under the Ministry of Finance is responsible for adopting internationally accepted ethics standards. The International Code of Ethics for Professional Accountants as issued by IESBA is yet adopted as it 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 all relevant standards.

Current Status: Adopted

At the regional level, the East African Community (EAC) Monetary Protocol, signed on November 30, 2013, contains articles to harmonize public financial management standards, and 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. As a member state of the EAC, the Burundi Government is committed to adopting these standards.

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.

Current Status: Partially Adopted

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 are stated to meet the SMO 6 benchmark.

The investigation and discipline framework are operational and appears to meet SMO 6 requirements except that the OPC does not have a separate investigation committee. A member of the Disciplinary Commission is selected by the Chairman of the Commission to conduct the investigation.

Current Status: Partially Adopted

The Companies Act, N°. 01/09 of May 30, 2011, sets forth the framework for financial reporting requirements for all companies registered in the country, both private and state-owned 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.

Current Status: Not Adopted

Relevant Organizations

Relevant Legislation

Relevant Publications

Republic of Burundi - Report on the Observance of Standards and Codes (ROSC): accounting and auditing - report of review of the accounting profession and the framework for standardization of audit