Gabon

Gabon is one of seventeen member states of the Organization for the Harmonization of Business Law in Africa (OHADA), a regional group in Africa aimed at promoting economic growth and development. Legislation issued at the regional level by OHADA has a significant impact on the legal and regulatory framework for commercial entities, banks, financial institutions, and insurance companies in Gabon as well as on the accountancy profession.

OHADA sets common business regulations for its member states, including accounting standards, adopts unified commercial laws and other legislative norms that, once adopted, become domestic laws in its member states. Gabon seeks to harmonize national laws with directives issued at the regional level.

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 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 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.

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 Gabon.

The Economic and Monetary Community of Central Africa (CEMAC), a regional organization of which Gabon is a member state, was established to promote sub-regional integration. In 2001, the Council of Ministers of CEMAC issued Regulation n° 11/01-UREC-027-CM-07 of 05 December 2001 to revise and reclassify the status of independent accounting professionals to Public Accountants and Decision N° 30/01-UEAC-027-CM-07 of 05 December 2001 requiring the establishment of professional accountancy organizations in all the member states to harmonize the regulation of Public Accountants.

CEMAC establishes regional-level initial professional development (IPD) requirements for the accountancy profession, which are transposed and implemented by each member state. The regulations issued in 2001 declare that candidates who wish to become CEMAC-accredited Public Accountants must be holders of a public accountancy diploma certification, or an advanced diploma in accountancy that is recognized by competent authorities. In practice, this is the French Diplôme d’expertise comptable (DEC). Obtaining the DEC consists of three stages that the candidate must pass. The first is an aptitude exam to assess the candidate’s ability to participate in an advanced accountancy training program. Candidates must have a bachelor’s degree to sit for the exam. Candidates may then progress to advanced program and the accompanying diploma (Diplôme d’Etudes Comptables Supérieures – DECS), which assesses technical knowledge. Subsequently, the candidate is required to undergo a three-year internship in a chartered accountancy firm. The DEC is awarded to candidates who have undergone the highest level of training in accounting, auditing, organization, management, and management information systems and successfully presents a dissertation. Individuals must then receive authorization from CEMAC and register with a PAO in their jurisdiction as a Public Accountant to offer any accountancy services. Only Public Accountants may perform the duties of a statutory auditor. The implementation of the education and training process varies by CEMAC member states, however, due to capacity.

At a national level, Law No. 022/2017 promulgated on January 26, 2018, established Ordre National des Experts-Comptables du Gabon (ONEC Gabon) as a PAO in Gabon.

ONEC's Gabon members may be (i) chartered accountants and/or auditors who have graduated with a DEC or equivalent and approved by CEMAC, (ii) CEMAC-registered accounting/auditing firms, (iii) graduated chartered accountants working in public or private entities (iv) approved accountants recognized within the framework of the recommendation of Antananarivo (CEMAC-approved), and (v) trainee-chartered accountants.

The institute’s responsibilities are to: (i) rule on membership applications (based on additional criteria such as nationality or permanent residence, criminal records, etc.) and maintain a register of professional accountants; (ii) set and monitor compliance with continuous professional development requirements; (iii) ensure compliance with the requirements of global and regional standards; (iv) establish and implement quality control standards and a quality assurance review system; (v) establish an investigation and discipline system for its members; and (vi) set ethical requirements.

There is no independent audit oversight authority in Gabon. Auditors are regulated at a regional level and national level as described in the Regulation section.

Ordre National des Experts-Comptables du Gabon (ONEC Gabon)

ONEC Gabon was established by Law No. 022/2017 promulgated on January 26, 2018. The law provides the responsibility to ONEC Gabon to regulate the national accountancy profession abiding by regulation issued at the regional level by the Economic and Monetary Community of Central Africa (CEMAC) and the Organization for the Harmonization of Business Law in Africa (OHADA). Membership in ONEC Gabon is mandatory for Public Accountants. In addition to supporting the implementation of CEMAC’s established initial professional developments, the institute’s functions are to: (i) rule on membership applications (based on additional criteria such as nationality or permanent residence, criminal records, etc.) and maintain a register of professional accountants; (ii) set and monitor compliance with continuous professional development requirements; (iii) ensure compliance with the requirements of global and regional standards; (iv) establish and implement quality control standards and a quality assurance review system; (v) establish an investigation and discipline system for its members; and (vi) set ethical requirements.

ONEC Gabon is a member of the Pan African Federation of Accountants (PAFA), and the International Federation of Francophone Accountants (FIDEF).

In 2001, the Economic and Monetary Community of Central Africa (CEMAC) issued Regulation n° 11/01-UREC-027- CM-07 of 5 December 2001 which states that all professional accountants in public practice must comply with quality control standards. CEMAC additionally delegated the responsibility for quality assurance (QA) reviews to national PAOs.

Similarly, 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 mandating PAOs within OHADA member states to develop and implement QA review systems.

Gabon is a member state of both regional communities (CEMAC & OHADA) and as such, the Ordre National des Experts Comptables du Gabon (ONEC Gabon) is responsible for adopting and implementing appropriate procedures nationally. ONEC Gabon indicates that article 95 of its bylaws adopted in 2018 provides the responsibility to organize the QA review system for individuals and firms of ONEC.

Based on ONEC Gabon’s responses to the self-assessment on SMO 1 requirements, its quality assurance system appears to meet SMO 1 requirements.

Current Status: Partially Adopted

The Economic and Monetary Community of Central Africa (CEMAC) issued Regulation n° 11/01-UREC-027-CM-07 of 05 December 2001 to revise and reclassify the status of independent accounting professionals to Public Accountants and Decision N° 30/01-UEAC-027-CM-07 of 05 December 2001 requiring the establishment of professional accountancy organizations in all the member states to harmonize the regulation of Public Accountants.

CEMAC sets regional-level initial professional development requirements for the accountancy profession that are to be transposed and implemented in each member state. The regulations issued in 2001 outline that candidates who wish to become CEMAC-accredited Public Accountants must be holders of a public accountancy diploma certification, or an advanced diploma in accountancy that is recognized by competent authorities. In practice, this is the French Diplôme d’expertise comptable (DEC). Obtaining the DEC consists of three stages that the candidate must pass. The first is an aptitude exam to assess the candidate’s ability to participate in an advanced accountancy training program. Candidates must have a bachelor’s degree to sit for the exam. Candidates may then progress to the advanced program and the accompanying diploma (Diplôme d’Etudes Comptables Supérieures – DECS), which assesses technical knowledge. The candidate is required to undergo a three-year internship in a chartered accountancy firm. Subsequently, the DEC is awarded to candidates who have undergone the highest level of training in accounting, auditing, organization, management, and management information systems. 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 IES requirements.

After obtaining the DEC and presenting a dissertation, individuals must receive authorization from CEMAC and register with a PAO in their jurisdiction as a Public Accountant to offer any accountancy services. The implementation of the education and training process varies by CEMAC member states, however, due to capacity.

At a national level, the Association for the Development of Accounting Studies (ADEC) has set up a French National training course in chartered accounting Diploma, in partnership with the National Institute of Economic and Accounting Techniques (INTEC) in Paris.

Additionally, among the Organization for the Harmonization of Business Law in Africa (OHADA), of which Gabon is also a member state, CEMAC, and the West African Economic and Monetary Union (WAEMU), there is a Chartered Accountant Diploma and curriculum reform under consideration that would enable accountancy education (IES 1–4) to align with the latest IES requirements and the French licence-master-doctorat (Bachelor's-Master's-Doctorate) system.

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 membres de 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, which includes Gabon, must be conducted in accordance with ISA as issued by the IAASB including effective date, amendments, and revisions.

Current Status: 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 members 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 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).

Section 5 of the Law No. 2011/009 Relating to the Practice of the Accounting Profession and the Functioning of the ONEC-Gabon authorizes ONEC-Gabon to set ethical requirements nationally for professional accountants. The ONEC Code of Ethics was developed in line with the requirement of the 2018 International Code of Ethics. ONEC indicates that it continuously trying to converge its own Code of Ethics and the IESBA Code.

Current Status: Partially Adopted

At the regional level, the Economic and Monetary Community of Central Africa (CEMAC) has set general rules on public accounting (Directive n° 02/08-UEAC-190-CM-17) and a government accounting plan (Directive n° 05/08-UEAC-190-CM-17).

In 2011, CEMAC issued Directive No. 02/11-UEAC-190-CM-22 which aimed to align public sector accounting standards with international best practices and standards.

At the national level, the National Accounting Council (CNAC) is responsible for adopting public sector accounting standards in Gabon. IPSAS have not yet been formally adopted in Gabon.

Current Status: Not Adopted

At the regional level, the World Bank is supporting the Organization for the Harmonization of Business Law in Africa (OHADA) in the development of an I&D system for its member states. There is no further information available currently on the status of a regional I&D system. There are provisions within the OHADA’s Uniform Act on Accounting Law and Financial Information (AUDCIF) that stipulate sanctions for non-compliance with the Act and these have been transposed into legislation at the national level.

Furthermore, at the national level, Law No. 022/201 of January 26, 2018, establishing ONEC and regulating the title and profession of Chartered Accountant in Gabon, authorizes ONEC-Gabon to establish and I&D system for professional accountants for breaches of conduct and non-compliance.

There are to be two bodies responsible for the I&D of its members: an Investigation and Disciplinary Committee and a Trial and Appeals Chamber. However, at this time, the ONEC Council is carrying out I&D procedures.

ONEC-Gabon conducted a self-assessment—located within its SMO Action Plan—of its existing I&D mechanisms against the SMO 6 requirements. The self-assessment indicates that there are areas for further improvement in meeting the SMO 6 benchmark.

Current Status: Partially Adopted

The corporate financial framework of Gabon is determined by legislation issued by the Organization for the Harmonization of Business Law in Africa (OHADA). Gabon 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 in order 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 and combined 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

Ordre National des Experts Comptables du Gabon (ONEC Gabon)

Organization for the Harmonization of Business Law in Africa (OHADA)

Economic and Monetary Community of Central Africa (CEMAC)

Relevant Legislation

Law No. 022/2017 of January 26, 2018, establishing ONEC Gabon

Decree No.001558/MEFSN of October 11, 2019, approving ONEC Code of Ethics and Decree No.001559 of October 11, 2019, approving ONEC Gabon Bylaws

Bylaws for ONEC Committees

HYPERLINK "http://www.juriscope.org/uploads/pdf/ohada/OHADA_en/comptable-gb.pdf" 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

Relevant Publications

IFRS Foundation, IFRS Jurisdictional Profile: Gabon

International Budget Partnership, Are New PFM Reforms in the WAEMU and the CEMAC Working? Lessons from the Open Budget Survey, February 2014.

International Finance Corporation, “Legal and regulatory work for 14 countries in Francophone Africa - CIMA (Regional insurance industry body).”

ONEC Gabon, SMO Action Plan, 2024.

World Bank, Implementation Status & Results Report: Improved Investment Climate within the Organization for the Harmonization of Business Law in Africa (OHADA) (P126663)

World Bank, Report on the Observance of Standards and Codes (ROSC)—Accounting and Auditing: Chad, 2014 [Chad is a CEMAC Member State]