The World Bank has disbursed FCFA 250 million as support.

Accounting and auditing experts in the country have begun a one-year evaluation of their profession in order to meet up with the present modern standards. The exercise is a part of activities to celebrate the 10th anniversary of the Institute of Chartered Accountants in Cameroon (ONECCA).

The first in a series of workshops to assess the evolution of the profession in the country, sensitise members on what the profession now holds, improve its competitiveness, and chart the future, held in Akwa, Douala, last week. The financial experts are working in collaboration with lawyers to redefine the role of the professional accountant and auditor in order to modernise the profession and its practice in the country.

The initiative is being implemented by ONECCA and will be conducted within 12 months through workshops with financial assistance worth FCFA 250 million from the World Bank.

Charles Kooh II, accounting expert and Director of the evaluation project, said the exercise is necessary considering that a lot has changed within the profession and to correct malpractices. The balanced sheet to be established will be used to urge State and local institutions to stop using budget gimmicks that obscure true extent of their money problems.

He revealed at the opening of the evaluation exercise that they will impose refresher courses in 2014 on all members, as well as collaborate with CEMAC for international certificates for all accounting graduates in order to meet set objectives. A Disciplinary Committee is expected to be set up at the end of the assessment.

Challenges, however, face the profession. They include insufficient mastery of accounting market which becomes necessary as foreign accounting firms may influx the country, relations with other parties, and the capacity to debate with the administration on development and international competition. Another challenge is how to get very small enterprises switch from being informal to formal.