We are delighted to share the successful outcome of our recent stakeholder
engagement meeting with the Public Interest Entity Auditors, hosted by the
Gambia Financial Reporting Oversight Board (FROB) on December 28th, 2023.
The meeting was a significant milestone in fostering collaboration, and
underscores FROB’s commitment in fostering communication and setting
expectations for review engagements between the FROB and the audit firms in the
country.
Agenda Highlights:
The meeting covered crucial agenda items aimed at updating audit firms on
upcoming developments in the Public Interest Entities (PIE) regulatory space. The
discussions were structured around key areas such as PIE thresholds, draft rules
affecting; (a) audit firms (like firm tiering), (b) the PIEs, (c) professionals involved
in the financial reporting process, and (d) renewal of registration.
Upcoming Developments:
The meeting delved into upcoming developments in the PIE regulatory space,
including new PIE thresholds, rules affecting audit firms, and the introduction of a
three-tier system for audit firms based on size and capacity. These discussions
aimed to enhance audit quality, independence, and promote healthy competition
within the audit market.
New PIE Threshold Section 2(e) FR Act 2013:
The presentation unveiled the new PIE thresholds to the audit firms and what this
would mean for them in terms of an increase in the base of existing PIEs in the
country and in the increase in scope of FROB oversight responsibilities.
Tiering of Audit Firms
Renewal of Registration:
The importance of renewal of registration was highlighted, outlining the
procedures, access to registration forms online, and the duty of auditors under the
Companies Act in reference to the Financial Reporting Act 2013.
Interactive Discussions:
The agenda allowed for open floor discussions and feedback, providing a platform
for audit firms to share their experiences, address compliance challenges, and
contribute to the effective implementation of the Financial Reporting Act 2013.
Next Steps:
We appreciate the active participation and valuable insights shared by the attending
audit firms. The feedback received will contribute to the ongoing efforts of FROB
to champion and excel as a regulator over audit and assurance engagements,
financial reporting, and corporate governance practices in the Gambia.
Acknowledgments:
We extend our gratitude to all participating audit firms for their commitment to this
collaborative engagement. Your dedication to upholding the highest standards in
the accounting profession is essential for fostering trust and promoting public
confidence.
Stay Informed:
We remain committed to transparency and open communication.
