Ivory Coast

The corporate financial reporting framework of Côte d’Ivoire 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). 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 Côte d’Ivoire as well as on the accountancy profession. Côte d’Ivoire, as a member of the 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 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.

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.

However, 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 Côte d’Ivoire as of the date of the assessment.

Chartered Accountants in Côte d’Ivoire are first regulated at the regional level by West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA. Côte d’Ivoire, as a member country of the WAEMU, must apply the regional requirements at the national level. The Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) was established by Law No. 92-568 of September 11, 1992, as amended by Order No. 2009-387, 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 juridiction.

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.

At the national level, Law No. 92-568 of September 11, 1992 transposes the entry conditions set at the regional level to the national level, authorizes the Ministry of Finance (MoF) to determine the qualification requirements in accordance with regional requirements, and establishes the OEC-CI with MoF oversight.

Per Decree No. 95-904 of November 3, 1995, approved by the Ministry of Finance and which established OEC-CI’s internal regulations, OEC-CI is permitted to offer qualified individuals the title of Chartered Accountant if they satisfy the regional educational requirements or hold the Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC-French institute) Diplôme d’expertise comptable (DEC) qualification.

OEC-CI 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 Côte d’Ivoire.

Auditors in Côte d’Ivoire are first regulated at the regional level by West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA, which introduced the Degree in Accounting and Finance (DECOFI) as a mandatory qualification for Chartered Accountants, who are the only individuals permitted to practice auditing in WAEMU countries. The WAEMU Conseil Permanent de la Profession Comptable (CPPC) is responsible for defining auditing, ethical and quality control standards based on WAEMU Regulation No. 01/2009/CM/UEMOA. 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) review 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 standards with international best practice. The regulation, effective from January 1st, 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). Further, 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, as well as the relevant parts of the OHADA Uniform Act on Accounting Law and Financial Information (AUDCIF).

The Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) was established by Law No. 92-568 of September 11, 1992, as the national professional accountancy organization (PAO) responsible for regulating professionals within the juridiction under oversight of the Ministry of Finance. The OEC-CI’s functions include: (i) maintaining a register of Chartered 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 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.

Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI)

The OEC-CI was originally established in accordance with Decree No. 95-904 of November 3, 1995, as the Ordre des Experts-Comptables et des Comptables Agréés (OECCA-CI). Under Order No. 2009-387 of December 1, 2009, the institute was renamed the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI). Its membership comprises Certified Accountants and Chartered Accountants. Membership in the institute is mandatory and only Chartered Accountants registered with OEC-CI are permitted to offer audit services.

The OEC-CI’s functions include: (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 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. Law No. 92-568 authorizes the Ministry of Finance to oversee the activities of the institute.

In addition to being a member of IFAC, the OEC-CI 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, 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 membres de l’OHADA mandating PAOs within OHADA member states, which includes Côte d’Ivoire, to develop and implement QA review systems.

The Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) has prepared for the creation and implementation of a system by drafting Ministerial Order No. 224 MPMEF/CAB and receiving approval from the Ministry of Finance in October 2014. With the passage of Regulation No. 01/2017/CM/OHADA, the OEC-CI reports that it formed a Quality Assurance Committee and the committee produced guides and in 2019, trained its quality controllers. The institute expects to begin inspections of members in 2020. The OEC-CI has reviewed the SMO 1 requirements and identified areas for further enhancements as the QA system is formalized and begins operations.

Current Status: Partially Adopted

Chartered Accountants in Côte d’Ivoire are first regulated at the regional level by West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA. Côte d’Ivoire, 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 title 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, Law No. 92-568 of September 11, 1992 transposes the entry conditions set at the regional level to the national level, authorizes the Ministry of Finance (MoF) to determine the qualification requirements in accordance with regional requirements, and establishes the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) with MoF oversight.

Per Decree No. 95-904 of November 3, 1995, approved by the Ministry of Finance and which established OEC-CI’s internal regulations, OEC-CI is permitted to offer qualified individuals the title of Chartered Accountant if they satisfy the regional educational requirements or 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 2015 IES requirements.

Through Decree No. 95-904 of November 3, 1995, the OEC-CI has also set a CPD requirement whereby all members must complete 40 hours of CPD per year.

It is not clear from the available information if all the IPD requirements (e.g. practical experience; final assessment) align with the 2019 IES requirements. There is also no local Cote d’Ivoire specific examination, which is outlined in IES 6. Moreover, within the Organization for the Harmonization of Business Law in Africa (OHADA), another regional group in Africa that Cote d’Ivoire has membership, 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.

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 Côte d’Ivoire, must be conducted in accordance with ISA as issued by the IAASB. The regulation also states that amendments and revisions are automatically adopted without further action.

OEC-CI 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 Cote d’Ivoire, 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).

At the national level, the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI), is authorized by Law No. 92-568 of September 11, 1992, to set ethical requirements for its members subject to the approval of the Ministry of Finance. The institute indicates that in the jurisdiction the OHADA Code of Ethics has been applicable since January 2018 alongside other ethical requirements outlined in national legislation such as the Companies Act. OEC-CI states that the OHADA Code of Ethics is more stringent than the IESBA Code in certain cases.

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 Côte d’Ivoire. Article 6 of that directive indicates that the government’s general accounting should be based on IPSAS. OEC-CI reports that 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 will be subject to the review of the WAEMU in 2020.

At the national level, the Conseil National de la Comptabilitié (CNC)-Côte d’Ivoire, established by Law No. 2003-120 of May 2003, and led by the Chairman of the Treasury, has official responsibility for transposing any regional requirements and adopting public sector accounting standards. In 2017, the CNC transposed the 2009 WAEMU directive and designed standards based on IPSAS but adapted to the local reality. The CNC has been engaged in elaborating manuals and a chart of accounts that enables implementation of the set standards.

Current Status: Partially 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. The West African Economic and Monetary Union (WAEMU) will adopt the OHADA system for its member states. 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 law.

Furthermore, at the national level, in accordance with Order No. 2009-387 of December 2009, the Ordre des Experts-Comptables de Côte d’Ivoire (OEC-CI) has established its own I&D procedures for its members. The procedures outline initiation of proceedings, sanctions, and administrative procedures. The institute’s Disciplinary Council may receive and investigate complaints and recommend sanctions to the institute’s Chamber of Discipline, which is chaired by a magistrate. For appeals resulting from decisions made by the National Chamber, individuals refer to the Administrative Chamber of the Supreme Court.

The OEC-CI conducted a self-assessment of its I&D system against the SMO 6 requirements and has identified some gaps in alignment—for example, a link with QA reviews is to be established, administrative procedures such as targets for disposing cases and monitoring progress, and a regular review of the system’s effectiveness.

Current Status: Partially Adopted

The corporate financial reporting framework of Côte d’Ivoire 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). Côte d’Ivoire, 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

• Ordre des Experts-Comptables de Côte D’Ivoire (OEC-CI)
• Organization for the Harmonization of Business Law in Africa (OHADA)
• West African Economic and Monetary Union (WAEMU)

Relevant Legislation

• 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
• Order No. 2009-387

Relevant Publications

• OEC-CI, SMO Action Plan, July 2020.
• IFRS Foundation, IFRS Application Around the World Jurisdictional Profile: Côte D’Ivoire, January 2018.
• Sarr, Babacar, “Are New PFM Reforms in the WAEMU and the CEMAC Working? Lessons from the Open Budget Survey,” February 2014.
• World Bank, Report on the Observance of Standards and Codes—Accounting and Auditing: Côte d’Ivoire, June 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.