The African Forum of Independent Accounting and Auditing Regulators (AFIAAR) and ACCA (the Association of Chartered Certified Accountants) have signed a Memorandum of Understanding (MoU) to strengthen collaboration between independent audit regulators and the accountancy profession in support of accountancy quality, public trust and professional development across Africa. 

A defining feature of the partnership is the recognition of the complementary roles of regulators and the profession in delivering high-quality accountancy and audit services. AFIAAR, as a forum of independent audit regulators, promotes quality through oversight, monitoring and enforcement in the public interest. ACCA supports audit quality through professional education, training and continuing development. Together, the partnership aims to strengthen accountancy quality by aligning professional capability with robust and credible oversight. 

The partnership comes at a critical time for Africa's financial sector. According to the African Development Bank, Africa requires sustained private sector investment and stronger financial governance to bridge an estimated infrastructure financing gap of more than US$100 billion annually,while the continent's implementation of the African Continental Free Trade Area (AfCFTA) is expected to create a single market of 1.4 billion people with a combined GDP exceeding US$3.4 trillion. Delivering these ambitions will require transparent financial reporting, robust audit oversight and highly skilled finance professionals capable of supporting investment, capital markets and sustainable economic growth.

Governance and transparency play a central role. The World Bank notes weak financial reporting and audit systems hamper investment and lending. Independent audit oversight can raise confidence in financial statements, which helps promote investment and lending. Similarly, IMF reports find roughly one-third of public infrastructure spending is lost to inefficiency. Strong governance can recapture over half of that waste. Robust institutions—transparent accounting, strong regulators, anti-corruption controls and clear standards—reduce risk premiums and enhance project bankability.

The MoU was signed on Friday 26 June in Mauritius during a hybrid ceremony bringing together AFIAAR Governing Board representatives and member regulators, including the Financial Reporting Council of Mauritius (FRC Mauritius), the Independent Regulatory Board for Auditors (IRBA) South Africa and the National Board of Accountants and Auditors (NBAA) Tanzania. It provides a framework for collaboration on profession attractiveness, professional mobility, audit quality, regulatory capability, future talent development, and joint research and thought leadership in the public interest. 

Jamil Ampomah, Director – Africa, ACCA, said: ‘Strong institutions depend on trust, and trust depends on both professional capability and effective oversight. By aligning professional excellence with robust oversight, AFIAAR and ACCA will work together to strengthen audit quality, support future talent and contribute to stronger reporting, governance and investment confidence across Africa.’

Mr Viswajithsing Tuhobol, Chairperson of AFIAAR, said: ‘High-quality audits are fundamental to public trust, investor confidence and well-functioning markets. This partnership recognises the complementary roles of regulators and the profession in achieving that outcome.’ 

‘AFIAAR promotes quality through independent oversight, inspection and enforcement, while ACCA strengthens quality through education, training and professional development. By bringing these strengths together, we can enhance accountancy quality, accountability and confidence across Africa in the public interest.’

Admire Ndurunduru, Chief Executive Officer of AFIAAR, said: ‘This MoU provides a practical platform for regulators and the profession to address shared opportunities and challenges. Through collaboration, knowledge sharing and joint initiatives, we can strengthen both regulatory effectiveness and professional capability in support of protecting the public interest.’ 

ACCA representatives attending the ceremony included Jamil Ampomah, Director – Africa; Jane Ohadike, Regional Head of Public Affairs – Africa; and Madhavi Ramdin Clarke, Head of Mauritius & New Markets and ACCA signatory to the MoU. 

Madhavi-Ramdin-Clark-Head-of-ACCA-Mauritius

Jamil Ampomah