Professional accounting bodies responsible for the oversight of accounting and auditing standards joined the Public Accountants and Auditors Board (PAAB) of Zimbabwe for the inaugural meeting of the African Forum of Independent Accounting and Auditing Regulators (AFIAAR) on Friday last week. 

The African Forum was set up as a means to strengthen audit regulation in the region and develop regulatory and legislative provisions in African countries to a level where they can attain international membership to the global forum, the International Forum of Independent Audit Regulators (IFIAR). 

Regulators and professional accounting bodies from Botswana, Ethiopia, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Tanzania, South Africa and Zambia were at the event.  

Admire Ndurunduru, secretary of the Public Accountants and Auditors Board (PAAB) of Zimbabwe – Zimbabwe was elected chair of the forum - said: “Throughout the world, independent audit regulation plays a critical role in building confidence in capital markets and providing confidence to investors in the quality of financial reporting.

“In the context of the development of our continent, this is a momentous initiative for Africa as it will be one of the keys to increasing investment in our economies, public protection and contributing to the development of the continent.”

The initiative to have a common base for accounting and auditing standards in Africa was endorsed by IFIAR.

Four African countries currently met the requirements to be members of the global body of 52 independent audit regulators; these are Botswana, Egypt, Mauritius and South Africa.

The eleven countries at the meeting unanimously agreed and signed up to working towards attaining IFIAR standards.

They also chose the chair [Zimbabwe] and South Africa as the vice-chair. Ethiopia will be the elected third officer.