Benin report - Institut Africain de la Gouvernance

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CHAPTER FIVE: CORPORATE GOVERNANCE__________________________________________________________________________526. Furthermore, it should be pointed out that Benin is a member of the Africanbranch of INTOSAI (AFROSAI), an international organisation of supremeaudit institutions for public finance. This body aims to continuously improvethe auditing of public accounts and to promote sound public managementthroughout the world. Active participation in AFROSAI meetings obligesBenin to comply with the Code of Ethics and International Audit Standards.527. It is within this context that the Association of Chartered and CertifiedAccountants of the Republic of Benin (O.EC.C.A-Bénin) was created by Act2004-03. Its objective is to ensure compliance with the code of ethicsapplicable to chartered and certified accountants. Under this act, a charteredaccount is a person who is registered on the Roll of the Order of CharteredAccountants and whose usual profession entails the following:verifying, assessing, reviewing and correcting the accounts of enterprisesand organisations to which he/she is not bound by a service contract;certifying the reliability and accuracy of the summary financial statementsrequired of enterprises by the laws and regulations in force; andconducting accounting and financial audits.A chartered accountant may also:keep, organise, sign off and supervise all types of accounting;analyse, through accounting procedures, the operations of businessenterprises in terms of economic, data processing, legal and financialaspects;exercise the mandate of judicial expert in accounting and as licensedtrustee, official receiver or provisional administrator; andgenerally give any advice and make recommendations on corporateorganisational management and taxation.528. The chartered accountant prepares, in his/her name and under his/herresponsibility, a report on the observations, findings and recommendations.While quality human resources are available thanks to the establishment of theO.EC.C.A-Bénin, it is unfortunate to note that very few enterprises,particularly in the private sector, resort to authorised professionals for theaudit and control of their financial reports.529. To solve this problem in small enterprises (and particularly those in theinformal sector), the government of Benin took measures to assist businessesin management and bookkeeping. These include Decree 2001-271 of 27 July2001 and Directive 04/97/CM/UEMOA giving legal status for approvedmanagement centres in member states of WAEMU. These centres mainlyprepare annual financial statements and tax returns for their customers.However, they cannot replace authorised chartered accountants to carry outauditing and control assignments, because Article 6 of the aforementioned186
CHAPTER FIVE: CORPORATE GOVERNANCE__________________________________________________________________________decree specifies that the approved management centre cannot carry outfinancial audit assignments for members whose accounts it keeps. However, itmay carry out sectoral studies and project appraisal assignments for them.ii.Conclusions of the CRM530. Disclosure of regulations. Even though Benin has ratified most internationalconventions, and public authorities are making efforts to make the conventionsand laws known, their application does not always follow. This applies mainlyto the Single Act of OHADA, which Benin‟s legal system is increasinglytrying to integrate but which is not yet completely accepted by all players inBenin‟s economy.531. Accounting standards. As far as accounting standards are concerned, Beninrecently created the O.EC.C.A-Bénin, which should organise the chartered andcertified accountancy profession and guarantee the accuracy of accounts ofbusiness enterprises. The auditors swear an oath, after which they areauthorised by the courts to operate. Despite the efforts to harmonise theaccounting and auditing standards with international standards throughSYSCOHADA, the practices are not in line with the directives that are inplace.532. Efforts to comply with International Accounting Standards are thwarted byproblems of regional coordination. Indeed, West and Central Africa aredivided into two „accounting blocks‟ and three „legal blocks‟:The first block comprises West African countries that are members ofWAEMU. The National Accounting Firms Association plays asupranational role in it, and is expected to consider evolving towardsinternational standards.The second block, that of Central African countries, has not adopted thissupranational approach.533. The three legal blocks, which overlap and involve Benin, are: the blockcomprising WAEMU countries; the block of countries that have adhered toOHADA (including Central and West African countries, and with componentsthat go beyond the accounting system); and lastly, the block of ECOWAScountries (including West African Francophone and Anglophone countries).534. SYSCOA has been applied in WAEMU since 1 January 1998 and, therefore,comprises only West Africa. With the creation of OHADA, which covers amuch wider regional framework, a new OHADA Single Act was adopted on24 March 2000 to organise and harmonise SYSCOHADA. However, unlikeSYSCOA, which hinges on BCEAO, a specific supranational body was notcreated – although such a body would have been of enormous assistance to the16 Francophone countries of OHADA. According to a representative of theO.EC.C.A-Bénin, the promoters of OHADA merely took the Frenchaccounting system and introduced some innovations to SYSCOA. In so doing,they paid more attention to relations with France than to matters of economic187
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Finally, the APR Panel would like t
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of democracy, tolerance and fair pl
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COUNTRY FACT SHEETLocation:West Afr
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SOME ECONOMIC AND FINANCIAL INDICAT
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Prospects for economic growth in me
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CSARCSRDCREDEPOLIPODFIDGIDDIVIDNMPE
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SONAPRASONEBSPTSTASTAGSTARSYSCOASYS
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EXECUTIVE SUMMARY__________________
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CHAPTER ONE: INTRODUCTION: THE APRM
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CHAPTER TWO: HISTORICAL CONTEXT AND
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CHAPTER THREE: DEMOCRACY AND POLITI
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CHAPTER FOUR: ECONOMIC GOVERNANCE A
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CHAPTER FIVE: CORPORATE GOVERNANCE_
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CHAPTER SIX: SOCIOECONOMIC DEVELOPM
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CHAPTER SEVEN: CROSSCUTTING ISSUES_
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CHAPTER EIGHT: GENERAL CONCLUSIONS:
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CHAPTER EIGHT: GENERAL CONCLUSIONS:
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APPENDIX I: PROGRAMME OF ACTION OF
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APPENDIX II: BENINESE GOVERNMENT CO
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APPENDIX III: REPORT ON THE PEER RE
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