The committee’s primary mandate is to develop accounting, auditing, and corporate governance standards tailored to The Gambia’s unique context while ensuring they align with internationally accepted practices. Comprising nine accomplished professionals in chartered accountancy and finance, the committee is poised to spearhead the country’s efforts toward global alignment and enhance the comparability of financial and non-financial information across industries and sectors. This step aims to position The Gambia on a stronger competitive footing in the global economy.
The committee is responsible for adopting, issuing, and maintaining up-to-date financial reporting standards and interpretations from international bodies such as the International Accounting Standards Board (IASB), the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the International Public Sector Accounting Standards Board (IPSASB). This includes standards for private and public sectors, as well as the International Financial Reporting Standards (IFRS) for SMEs.
Additionally, it will oversee the adoption and maintenance of high-quality auditing and management standards, issue implementation guidelines, and facilitate the consistent adoption of standards. The committee is also tasked with participating in regional and international cooperative arrangements to ensure compliance and excellence in financial reporting.
FROB’s CEO, Mr. Suleiman Fode Drame, emphasised the significance of this milestone during the inauguration ceremony. “This marks a historic achievement as the first-ever body dedicated to setting and maintaining international standards in accounting, auditing, and governance in The Gambia,” he noted.
He reaffirmed FROB’s commitment to strengthening financial reporting, auditing, and corporate governance, institutionalising frameworks that ensure transparency, accountability, and efficiency in the financial and corporate sectors.
FROB Board Chairman Abdoulie Jallow highlighted the pivotal role of the Financial Reporting Act of 2013 in establishing a robust regulatory framework. He emphasised that accurate and reliable financial reporting and good corporate governance are essential for decision-making by institutions such as the FPAC, the Central Bank of The Gambia, and the Gambia Revenue Authority, among others.
“The work of this committee will have far-reaching benefits for both public and private institutions. Public Interest Entities (PIEs), which contribute significantly to our GDP and economic development, rely on accurate, audited financials for strategic decision-making,” Jallow stated.
Dr. Iheanyi O. Anyahara, a representative from the Financial Reporting Council of Nigeria (FRCN), shared insights from Nigeria’s experience with standard-setting. He reflected on the history of the FRCN, which began in 1982 as a private-sector-led initiative to address inconsistencies in financial reporting.
Dr. Anyahara’s remarks offered valuable context, highlighting the importance of collaboration and standardisation in achieving transparency and credibility in financial reporting.
“This historical perspective underscores the strides made in Nigeria’s financial sector and the vital role of regulatory bodies like FROB in fostering consistency and trust,” he remarked.
In his closing remarks, the permanent secretary of the Ministry of Finance, Abdoulie Jallow, reaffirmed the government’s support for FROB and the Standards Committee. In representing the minister of Finance and Economic Affairs, he emphasised the indispensable role of effective oversight in achieving national development goals.
“We are committed to providing the resources and collaboration necessary for FROB and the Standards Committee to deliver on their mandate. Public Interest entities must fulfill their obligations to ensure compliance with these standards,” he concluded.
