The Gambia Financial Reporting Oversight Board (FROB) is pleased to announce the successful launch of the Gambia Accounting, Auditing and Corporate Governance Standards Committee (GAAGSC). The inaugural ceremony, held on Wednesday, January 29th, 2025, marked a significant milestone and a historic national event in the financial reporting and governance ecosystem in the country.
The Minister of Finance and Economic Affairs, represented by his Peramanent Secretary inaugurated the Committee a and the event was graced by high-level delegation representatives and representatives from both the public and private sectors consisting lawmakers, policymakers, industry leaders, sector regulators, sub regional sister regulators, representatives from the accounting profession, and other key stakeholders. Welcoming remarks were made by FROB CEO and inaugural statements were made by representatives from the Gambia Institute of Chartered Accountants (GICA), Governor of the Central Bank of the Gambia (CBG), the Financial Reporting Council (FRC) of Nigeria, the Board Chairman of FROB and the Permanent Secretary of the Ministry of Finance & Economic Affairs. Their various statements underscored the need for the national standard-setting body as it is set to spearhead Gambia's effort to align with international financial reporting standards, auditing, and corporate governance standards to meet the needs and requirements of our local jurisdiction.
The event further highlighted the hallmark of strategic collaborations with key partners and stakeholders, marking a resounding success and the beginning of a new era of enhancing financial reporting credibility, improving governance standards, and overseeing audit and assurance engagements in The Gambia. At the Inaugural ceremony, FROB entered into a memorandum of understanding (MoU) with the FRC Nigeria, a sister regulator pivotal in FROB's growth and journey. This was followed by another MoU signing ceremony with the multi-sectoral utility regulator (PURA), formalizing our working relationship between two vital public institutions.
In case you missed our radio show program on January 23rd on Coffee Time with Peter Gomez, here is the list of the inaugural members of the GAAGSC in no particular order:
1. Mr. Essa A.K. Drammeh – Former Deputy Governor of Central Bank
2. Mr. Attikan Dibba – Current Finance Director of CBG
3. Mr. Modou Ceesay – Current Auditor General
4. Madam Nenneh M Njie – Current Internal Audit Specialist for GIRAV, Previous Country Head of Internal Audit of Standard Chartered Bank
5. Mr. Abdou Joof – Current Partner & Co-founder of HAD & Co Chartered Accountants
6. Mr. Bakary Sanyang – Current Managing Partner Foresight Chartered Cert & Manag Accountants
7. Mr. Omar Mboob – Current Deputy Managing Director of Trust Bank
8. Mr. Tijan Touray – Current CEO of Salaam Family Takaful Gambia
9. Mr. Lamin Njie – Current Senior International Portfolio Financial Management Specialist
The GAAGSC is mandated in accordance with the FR Act 2013 to adopt, issue, and keep up- to-date financial reporting standards and interpretations issued by the IASB, AAOIF, and IPSASB for private and public sectors respectively, including IFRS for small and medium enterprises. Additionally, the committee is responsible for adopting, issuing, and keeping up- to-date auditing and quality management standards issued by the IAASB. The issuance of implementation guidelines and rules to facilitate common adoption of financial reporting, auditing, and quality management standards is also within their purview. Furthermore, the GAAGSC will participate in cooperative arrangements with other accounting and auditing regulatory agencies, regional and sub-regional bodies, and international bodies. Establishing and maintaining corporate governance standards consistent with internationally accepted governance principles is another key responsibility. The committee will also publish notices and invite comments on drafts from interested persons. These responsibilities aim to enhance the quality and consistency of financial reporting, auditing, and corporate governance practices in The Gambia.
We extend our deep appreciation to all our stakeholders for making this event a resounding success, marking the dawn of a new era. As we continue on our journey of fostering trust and public confidence in the financial reporting ecosystem through our shared interest, joint efforts, and close working relationships as key stakeholders and partners, we have every confidence in meeting our objectives.
We acknowledge the tireless efforts and support of:
· Our Board, the Chairman, the Management & Staff of FROB
· The former & current GICA Council & the Secretariat
· The Executive Secretary and Representatives of FRC Nigeria
· Public interest entities (PIEs), members of the profession, and our community of PIE professionals
· Our wider key stakeholders for their support throughout our various stakeholder engagement campaigns (GRA, PURA, EU, FPAC)
· UNDP, WB, CBG, GBA, NA, FIU, GCCI, MOJ, GT Board, CPCU MOFEA, SOE
Commission, GCCI, etc.)
· Our line Ministry Minister of Finance & Economic Affairs (MOFEA)
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