The African Forum of Independent Accounting and Auditing Regulators (AFIAAR) and ACCA (Association of Chartered Certified Accountants) announced the signing of a Memorandum of Understanding (MoU). This document aims to strengthen cooperation between independent audit regulators.
Goals of the Partnership
According to the statement, a key feature of this partnership is the recognition of the complementary roles of regulators and the professional community in providing high-quality accounting and auditing services. AFIAAR, as a forum for independent audit regulators, promotes quality through supervision, monitoring, and ensuring compliance with norms in the public interest. In turn, ACCA, as a leading global professional organization in accounting, supports audit quality through professional education, training, and continuous development.
Enhancing Reporting Quality
The partnership is aimed at improving the quality of accounting by aligning professional capabilities with reliable and credible oversight. Representatives from ACCA, including Jamil Ampomah, Director for Africa; Jane Ohadike, Regional Head of Public Relations for Africa; and Madhavi Ramdin Clarke, Head of New Markets for Mauritius and signatory of the MoU from ACCA, participated in the signing ceremony.
Location and Participants of the Signing
The MoU was signed in Mauritius during a hybrid ceremony. Attendees included representatives of the AFIAAR Board of Directors and regulatory members such as the Financial Reporting Council of Mauritius (FRC Mauritius), the Independent Regulatory Board for Auditors South Africa (IRBA South Africa), and the National Board of Accountants and Auditors Tanzania (NBAA Tanzania).
Significance for Africa
Jamil Ampomah noted that strong institutions depend on trust, and trust, in turn, depends on both professional competence and effective oversight. He emphasized that the joint work of AFIAAR and ACCA in aligning professional excellence with robust oversight will help strengthen audit quality, support future talent, and contribute to increasing confidence in reporting, governance, and investments across Africa. Vishwajit Singh Tuhobol, Chairman of AFIAAR, stated that high-quality audits are the foundation of public trust, investor confidence, and the effective functioning of markets.
The statement also clarified that AFIAAR promotes quality through independent supervision, inspections, and enforcement, while ACCA strengthens quality through education, training, and professional development. Admaire Ndurunduru, CEO of AFIAAR, added that this MoU provides a practical platform for regulators and the professional community to address common tasks and challenges, which will enhance both regulatory effectiveness and professional capabilities in the interest of protecting the public.