Compagnie Fiduciaire Expert & Conseil en Afrique

Frameworks & standards

Accounting frameworks, the same rigour.

From Revised SYSCOHADA to IFRS, from the banking chart of accounts to the CIMA Code: we prepare, convert and audit your accounts in the framework required by your legal status, your supervisory authority, your shareholders or your donors. Our audits follow ISA or PCAOB standards; our internal control work follows the COSO framework and the Sarbanes-Oxley Act. We also support NGOs, development projects and public-sector entities with donor reporting under INPAS, IPSAS or GASB standards, according to the applicable framework and financing agreements.

Statutory accounts

Revised SYSCOHADA

Revised OHADA accounting system

Companies in the 17 OHADA member states

This is the general framework for companies in Burkina Faso and throughout the OHADA zone. It governs bookkeeping and the presentation of annual financial statements.

Standard setter
OHADA, Organisation for the Harmonisation of Business Law in Africa
Reference text
Uniform Act on accounting law and financial information, adopted on 26 January 2017
In force
Since 1 January 2018 for individual accounts and 1 January 2019 for consolidated and combined accounts
Financial statements
Balance sheet, income statement, cash flow statement, notes

What we do

  • Bookkeeping, review and closing of accounts.
  • Annual financial statements and tax return package.
  • Consolidated and combined accounts.
  • Statutory and contractual audit.
  • Training of accounting teams.

SYCEBNL

OHADA accounting system for non-profit entities

NGOs, associations, foundations and development projects

SYCEBNL gives non-profit organisations and development projects an accounting framework of their own, suited to tracking the funding received and how it is used. It replaces the varied practices that prevailed until then.

Standard setter
OHADA
Reference text
Uniform Act on the accounting system for non-profit entities, adopted in Niamey in December 2022
In force
Since 1 January 2024
Entities concerned
Associations, professional orders and similar entities; development projects and similar

What we do

  • Diagnosis and SYCEBNL transition plan.
  • Chart of accounts, software configuration and procedures.
  • Annual financial statements of the entity and of its projects.
  • Tracking of restricted funding, by donor and by project.
  • Audit of accounts and staff training.

WAMU PCB

Revised Banking Chart of Accounts of the West African Monetary Union

Banks and financial institutions in the WAMU

Credit institutions are not subject to SYSCOHADA. In Burkina Faso, as in the seven other WAMU states, banks and financial institutions of a banking nature keep their accounts under the West African banking chart of accounts, issued by the BCEAO.

Standard setter
BCEAO, Central Bank of West African States
Reference text
Decision No. 357-11-2016 of 15 November 2016 establishing the Revised Banking Chart of Accounts of the WAMU (plan comptable bancaire révisé de l’UMOA), supplemented by BCEAO instructions
In force
Since 1 January 2018, in the eight member states of the West African Monetary Union
Financial statements
Balance sheet, off-balance sheet, income statement and notes; consolidated accounts under Instruction No. 033-11-2016

What we do

  • Audit and review of financial statements prepared under the revised PCB.
  • Support for closing the accounts and for the regulatory returns sent to the BCEAO and the Banking Commission.
  • Review of non-performing exposures and their impairment.
  • Restatements between the revised PCB and IFRS for the reporting of banking groups.
  • Training of accounting and finance teams.

SFD framework

Specific accounting framework for decentralised financial systems (SFD) in the WAMU

Microfinance and mesofinance institutions in the WAMU

Microfinance institutions, which the BCEAO texts call “decentralised financial systems” (SFD), are not subject to SYSCOHADA: mutuals, cooperatives and companies keep their accounts under a framework of their own. Mesofinance institutions, which finance SMEs, apply it when they are licensed as microfinance institutions.

Standard setter
BCEAO, Central Bank of West African States
Reference text
Instruction No. 025-02-2009 of 3 February 2009 establishing a specific accounting framework for decentralised financial systems (systèmes financiers décentralisés, SFD) in the WAMU
In force
Since 1 January 2010; a simplified version is provided for small institutions
Financial statements
Balance sheet, income statement and notes
Legal framework
Uniform law regulating microfinance in the WAMU, adopted by Burkina Faso on 13 February 2025

What we do

  • Audit and review of financial statements prepared under the SFD framework.
  • Support for closing the accounts and for the regulatory returns sent to the supervisory authorities.
  • Review of the loan portfolio, of non-performing loans and of their provisions.
  • Assessment of internal control in local units, branches and network head offices.
  • Training of accounting and finance teams.

CIMA Code

Insurance chart of accounts of the CIMA Code

Insurance and reinsurance companies in the CIMA zone

Insurance and reinsurance companies are not subject to SYSCOHADA. Their accounting follows the chart of accounts of the CIMA Code, built around premiums, claims, technical provisions and the investments that cover them.

Standard setter
CIMA, Inter-African Conference on Insurance Markets
Reference text
Insurance Code of the CIMA member states, Book IV: accounting rules applicable to insurance undertakings
In force
In the fourteen CIMA member states, including Burkina Faso
Financial statements
Balance sheet, general operating account, general profit and loss account, and the regulatory statements sent to the Regional Insurance Control Commission and to the minister in charge of insurance

What we do

  • Audit and review of financial statements prepared under the CIMA Code.
  • Support for closing the accounts and for the regulatory statements.
  • Review of technical provisions, regulated commitments and the assets that cover them.
  • Restatements between the CIMA chart of accounts and IFRS, including IFRS 17, for group reporting.
  • Training of accounting and finance teams.

International reporting

IFRS

International Financial Reporting Standards

Groups, listed companies and international reporting

IFRS is the accounting language of financial markets and international groups. The Burkinabè subsidiaries of these groups produce IFRS reporting packages alongside their statutory accounts.

Standard setter
IASB, International Accounting Standards Board
In the OHADA zone
IFRS financial statements are mandatory, in addition to SYSCOHADA accounts, for listed entities and those making public offerings, since 1 January 2019
Entities concerned
Listed companies, subsidiaries of international groups, companies seeking international financing

What we do

  • IFRS reporting and consolidation packages.
  • Restatements between Revised SYSCOHADA and IFRS.
  • First-time adoption and choice of accounting policies.
  • Technical topics: leases, revenue recognition, financial instruments, mining assets, restoration provisions.
  • Audit of packages under the group auditor’s instructions.

US GAAP

Generally accepted accounting principles in the United States

Subsidiaries of US groups and reporting to the United States

US GAAP applies to entities that report to a US parent. Its rules differ from IFRS and SYSCOHADA on structural points: the differences must be identified, quantified and documented.

Standard setter
FASB, Financial Accounting Standards Board
Reference text
Accounting Standards Codification (ASC)
Entities concerned
Subsidiaries and branches of US groups, entities reporting to a company listed in the United States

What we do

  • US GAAP reporting packages.
  • Restatements from Revised SYSCOHADA and reconciliation of differences.
  • Documentation of accounting positions.
  • Support for group auditors.
  • SOX testing and work under PCAOB standards, for groups listed in the United States.

French PCG

Plan comptable général (French GAAP)

Subsidiaries and branches of French groups

The plan comptable général is the framework for annual accounts in France. Entities in Burkina Faso that report to a French parent use it for their reporting, alongside their statutory accounts under Revised SYSCOHADA.

Standard setter
ANC, Autorité des normes comptables (France)
Reference text
ANC Regulation No. 2014-03 of 5 June 2014 on the plan comptable général, as currently in force
Recent change
Financial statements modernised by ANC Regulation No. 2022-06 of 4 November 2022, in force since 1 January 2025
Entities concerned
Subsidiaries, branches and offices of French groups; entities reporting to a parent company established in France

What we do

  • Reporting packages under the French PCG.
  • Restatements between Revised SYSCOHADA and the PCG, with a documented bridge.
  • Mapping of charts of accounts and software set-up.
  • Support for the group’s statutory auditors.

INPAS

International Non-Profit Accounting Standard

NGOs and non-profit organisations

A standalone international accrual-based framework for non-profit organisations, addressing grants, restricted and unrestricted funds, and narrative reporting. Its use depends on organisational and donor requirements; it does not replace local obligations, including SYCEBNL in the OHADA area.

Official source ↗

Standard setter
INPRF
Scope
NGOs and non-profit organisations

What we do

  • Assess the applicable framework and map accounts.
  • Prepare financial statements and reporting notes.
  • Review adjustments and document transitions between frameworks.

IPSAS

International Public Sector Accounting Standards

Governments and other public-sector entities

IPSAS address public-sector financial reporting internationally. The applicable framework depends on adoption by the jurisdiction and on entity or partner requirements. Accrual-based standards and the cash-basis standard provide distinct frameworks.

Official source ↗

Standard setter
IPSASB
Scope
Governments and other public-sector entities

What we do

  • Assess the applicable framework and map accounts.
  • Prepare financial statements and reporting notes.
  • Review adjustments and document transitions between frameworks.

GASB

Governmental Accounting Standards Board standards

U.S. state and local governments

Governmental Accounting Standards Board standards establish U.S. generally accepted accounting principles for state and local governments. They address this specific U.S. framework; relevance depends on the entity and reporting requirements.

Official source ↗

Standard setter
GASB
Scope
U.S. state and local governments

What we do

  • Assess the applicable framework and map accounts.
  • Prepare financial statements and reporting notes.
  • Review adjustments and document transitions between frameworks.

Accounting frameworks at a glance

FrameworkStandard setterFor whomWhat we do
Revised SYSCOHADAOHADACompanies in the OHADA zoneBookkeeping, financial statements, consolidation, statutory and contractual audit
SYCEBNLOHADANGOs, associations, foundations, development projectsTransition, financial statements, audit, training
WAMU PCBBCEAOBanks and financial institutions of a banking natureAudit, closing of accounts, regulatory returns, IFRS restatements
SFD frameworkBCEAOMicrofinance and mesofinance institutionsAudit, closing of accounts, portfolio review, training
CIMA CodeCIMAInsurance and reinsurance companiesAudit, closing of accounts, regulatory statements, IFRS 17 restatements
IFRSIASBListed companies, subsidiaries of international groupsReporting packages, restatements, audit of packages
US GAAPFASBSubsidiaries of US groupsReporting packages, restatements, support for group auditors
French PCGANCSubsidiaries and branches of French groupsReporting packages, restatements, mapping of charts of accounts
INPASINPRFNGOs and non-profit organisationsAssess the applicable framework and map accounts.
IPSASIPSASBGovernments and other public-sector entitiesAssess the applicable framework and map accounts.
GASBGASBU.S. state and local governmentsAssess the applicable framework and map accounts.

One set of books, several readings.

The same entity may have to produce three sets of accounts: for the authorities, for its group and for its donors. We organise the accounting so that each is produced from a single base, with a documented reconciliation.

A single accounting baseEntries, documents and cost accounting
Statutory accountsRevised SYSCOHADA, SYCEBNL, WAMU PCB, SFD framework or CIMA Code
Group reportingIFRS, US GAAP or French PCG
Donor reportsFormat of each agreement

Audit & internal control

Audit, internal control and prudential compliance

ISA and PCAOB standards govern audits; COSO and the Sarbanes-Oxley Act guide internal control work. For banking institutions within scope, Basel III adds expertise in risks, capital and prudential reporting under its local implementation.

ISA

International Standards on Auditing

All our audit engagements

Our audits are conducted under International Standards on Auditing (ISA), and under each donor’s own terms of reference for funded projects.

Standard setter
IAASB, International Auditing and Assurance Standards Board
In the OHADA zone
Applicable under Regulation No. 01/2017/CM/OHADA of 8 June 2017
Related engagements
ISRE for reviews, ISAE for assurance engagements, ISRS for agreed-upon procedures

What we do

  • Risk-based planning and materiality thresholds.
  • Assessment of the audited entity’s internal control.
  • Documentation of the work and independent review before the report is issued.
  • Reports that follow the formats set by the standards and by donors.

PCAOB

Auditing standards for US-listed companies

Audit work for groups listed in the United States

The accounts of groups listed in the United States are audited under PCAOB standards rather than ISA. When the group auditor assigns us work on a subsidiary in Burkina Faso, we carry it out under those standards and in line with the group auditor’s instructions.

Body
Public Company Accounting Oversight Board, created by the Sarbanes-Oxley Act of 2002 and overseen by the SEC
Scope
Audits of companies listed in the United States and of SEC-registered brokers and dealers
Standards
Auditing standards (AS) and quality control, ethics and independence standards

What we do

  • Audit work on subsidiaries, under the group auditor’s instructions.
  • Testing of internal control over financial reporting.
  • Work documented to the level PCAOB standards require.
  • US GAAP packages and reconciliation with the Revised SYSCOHADA accounts.

COSO

Internal Control — Integrated Framework

Assessing and structuring internal control

COSO is the most widely used internal control framework. We use it in our own procedures: to assess internal control during our audits, to evaluate our clients’ systems and to build their procedures manuals.

Body
Committee of Sponsoring Organizations of the Treadway Commission
Reference text
Internal Control — Integrated Framework, issued in 1992 and updated in 2013
Structure
Five components and seventeen principles

The five components of internal control

  • Control environmentIntegrity, governance, organisation and competence.
  • Risk assessmentObjectives, risks, fraud and change.
  • Control activitiesControls, information systems and procedures.
  • Information and communicationReliable information, shared with those who need it.
  • Monitoring activitiesOngoing evaluations and correction of deficiencies.

What we do

  • Assessment of the internal control system against the five components.
  • Risk map and control matrix.
  • Procedures manuals built on the framework.
  • Continuous monitoring: the “monitoring” component put into practice.

SOX

Sarbanes-Oxley Act

Internal control of groups listed in the United States

The Sarbanes-Oxley Act requires companies listed in the United States to document, test and certify their internal control over financial reporting. Their subsidiaries in Burkina Faso fall within that scope when they are significant to the group: we document their controls, test them and follow up the correction of the weaknesses found.

Text
Sarbanes-Oxley Act, a US federal law of 2002
Section 302
The chief executive and the chief financial officer certify the financial reports and the controls behind them
Section 404
Management assesses internal control over financial reporting every year; for the larger companies, the auditor also reports on it
Assessment framework
Most often COSO

What we do

  • Documentation of processes and key controls: narratives and risk and control matrices.
  • Tests of the design and operating effectiveness of controls, on behalf of management.
  • Evaluation of deficiencies and follow-up of remediation plans.
  • IT general controls and segregation of duties.

Basel III

International banking prudential framework

Banking institutions within the applicable prudential regulatory scope

Basel III strengthens banks through capital, risk management, liquidity and leverage requirements, together with prudential disclosures. It is a prudential framework, distinct from accounting frameworks and auditing standards. In the West African Monetary Union (WAMU/UMOA), our work follows the local prudential framework implementing Basel II and III for credit institutions and financial holding companies, supervised by the BCEAO and the Banking Commission. Scope, implementation and thresholds depend on the local rules in force; the framework does not automatically apply to all microfinance institutions or insurers.

Official source ↗

WAMU prudential framework — BCEAO ↗

Standard setter
Basel Committee on Banking Supervision (BCBS)
Coverage
Capital, risks, liquidity, leverage and prudential disclosures
Application in WAMU
Local prudential framework implementing Basel II and III; requirements depend on the institution’s status

The three prudential pillars

  • Pillar 1Minimum capital requirements and risk measurement.
  • Pillar 2Internal capital adequacy assessment, governance and supervisory review.
  • Pillar 3Market discipline and prudential disclosure transparency.

What we do

  • Review of risk data, ratio calculations and their controls.
  • Reconciliation of prudential reporting with accounting and management systems.
  • Assessment of liquidity and leverage controls under applicable requirements.
  • Review of the internal capital adequacy assessment process (ICAAP/PIEAFP), governance and stress testing.
  • Review of prudential disclosures and monitoring of remediation plans.

Let’s talk about your priorities.

An audit, an inventory, a recruitment or a digitalisation project: we start by understanding what you need.

+226 25 40 81 99

Quartier Bilbalogho, Secteur 01, Ouagadougou, Burkina Faso

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