FROB CHAIRMAN’s REMARKS
The Commissioner General Gambia Revenue Authority (GRA),
Board Members of the Financial Reporting Oversight Board (FROB),
The Deputy CG, GRA, Chief Executive Officer FROB, Senior
Management teams of GRA and FROB, Members of the Media,
Ladies and Gentlemen.
It is a great pleasure and privilege for us to be part of this historic
event in the signing of a memorandum of Understanding (MoU)
between FROB and GRA. I would like to convey our sincere
gratitude and appreciation to the Commission General and his team
for their cooperation and support since our initial meeting few months
ago in which Director Abdoulie Tambadou lead a team from FROB to
initiate this mutually beneficial relationship.
The Gambia Financial Reporting Oversight Board (FROB)
established under section 48 of the Financial Reporting Act 2013 is a
government regulatory agency. It is mandated to oversee the financial
reporting and corporate governance practices of Public Interest
Entities (PIEs), and the auditing profession in the country to ensure
transparency, accountability, and good governance in PIE’s in The
Gambia. It also has oversight responsibilities over the Gambia
Institute of Chartered Accountants (GICA) and in Mid-2022 the
Board recruited the Senior management of the institution.
The goal of FROB is to establish a framework for a strong partnership
and collaboration with the GRA to enhance the reliability of financial
statements of PIE’s. With our shared interest in credible and reliable
financial reports, this MoU will ensure tax compliance and Financial
Reporting Oversight of PIE’s. We also hope to deepen our
collaboration with the GRA by ensuring the tax laws and regulations
are understood by us as the regulator and most importantly the PIE
professionals involved in the financial reporting process in meeting
their reporting obligations.
We aim to share insights, exchange information and resources to
better serve the public interest, pursuant to our respective visions and
core values.
The Gambia is undoubtedly emerging as a dynamic and resilient
economy, attracting international investors and businesses alike. It is
therefore important to have a robust regulatory framework that
ensures accurate and reliable financial reporting, corporate disclosures
and Good Corporate Governance practices underpinned by enhanced
quality and standards of Auditing in The Gambia. This we hope will
give confidence to investors, especially Foreign Investment
particularly with the establishment of our Stock Market in the country.
The world is witnessing a paradigm shift in the way organizations
operate, emphasizing the importance of environmental, social, and
governance factors. The progressive strides being taken by the
Government of The Gambia in this regard will undoubtedly provide
valuable insights that can shape our future policies and regulations.
In conclusion, I would like to reiterate that our objective is to leverage
this opportunity to enhance our regulatory oversight capabilities and
contribute to the collective growth of the Gambian Economy. It is
through such collaborative efforts that we can collectively address the
challenges that lie ahead and pave the way for a more transparent,
resilient, and sustainable financial ecosystem in the Gambia thus
inspiring investor confidence.
Once again I would like to thank the GRA Management especially the
legal team for working hand in glove with the FROB technical
department to deliver on this very important strategic document that
reflects our commitment and our joint efforts to work together as two
vital institutions in this country to foster trust and improve public
confidence in the financial reporting and corporate governance
landscape in the country. I would also like to thank our Board for
giving its support to this initiative and the Management of FROB for
their commitment in achieving this milestone. We are very hopeful of
similar MoUs’ soon that would also help facilitate the implementation
of our mandate.
Thank you for your kind attention.
