Sierra Leone Report on the Observance of Standards and Codes (ROSC) - Accounting and Auditing

Jul 19, 2026

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Second-generation assessment of Sierra Leone’s accounting and auditing standards under the Report on the Observance of Standards and Codes (ROSC A&A), produced in response to the Government’s request and updating the 2006 review. It evaluates progress on policy recommendations, the status of institutional pillars supporting reform, and observed reporting practices. The assessment applies the revised ROSC A&A 2 diagnostic methodology benchmarked to IFRS and ISA, and examines statutory, education, professional organization capacity, and oversight mechanisms. Implementation is expected to strengthen governance and the business environment through improved financial information quality and human capital development.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages40

Reading Time1 h 41 min

Executive Summary

Introduction

Objective

Approach

Country and Economic Context

Link between the Assessment and the 2019 NDP and World Bank Country Partnership Framework

Assessment

Accounting, Auditing, and Ethics Standards

Institutional Framework for the Accountacy Profession

Observed Reporting Practices and Perspectives

Status of Policy Recommendations from the 2006 ROSC A&A

Policy and Institutional Recommendations

Appendix A: Prioritized Policy Recommendations in the 2020 ROSC A&A

Appendix B: Status of Implementation of Policy Recommendations in the 2006 ROSC A&A

Appendix C: Summary of Financial Reporting, Publication, and Filing Requirements for Company Categories

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 02 Currency Equivalent Abbreviations and Acronyms 03 Preface 04 Acknowledgement 05 Executive Summary 10 Introduction 10 Objective 10 Approach 11 Country and Economic Context 13 Link between the Assessment and the 2019 NDP and World Bank Country Partnership Framework 14 Assessment 14 Accounting, Auditing, and Ethics Standards 15 Institutional Framework for the Accountacy Profession 23 Observed Reporting Practices and Perspectives 25 Status of Policy Recommendations from the 2006 ROSC A&A 28 Policy and Institutional Recommendations 33 Appendix A: Prioritized Policy Recommendations in the 2020 ROSC A&A 36 Appendix B: Status of Implementation of Policy Recommendations in the 2006 ROSC A&A 39 Appendix C: Summary of Financial Reporting, Publication, and Filing Requirements for Company Categories Box 1: Good Practices Introduced by Professional Accountants in the Public Sector 21 Figure 1: ROSC A&A 2. 11 Table 1: Registered Companies: Categories and Numbers. 15 Table 2: ICASL and ACCA: Member and Student Numbers. 19 Table 3: Estimate of Number of Accountancy Professionals and Technicians. 20 Table 4: ICASL’s Revenue Composition (US$) 21 Table 5: Summary of Progress on Key Recommendations of the 2006 ROSC A&A 25 (Exchange Rate Effective October 31, 2019) Currency Unit = Leones (Le) US$1 = Le 9,566 .43 2 A&A ABWA ACCA AfDB ATSWA AQR BSL CBO CEO CIMA CPA CPD CPF CSAAG EU FDI GDP IAASB ICAN ICASL ICT IDF IES IESBA IFAC IFMIS IFRS IMF IPSAS Accounting and Auditing Association of Accountancy Bodies in West Africa Association of Chartered Certified Accountants African Development Bank Accounting Technician Scheme for West Africa Audit Quality Review Bank of Sierra Leone Community-based Organization Chief Executive Officer Chartered Institute of Management Accountants Certified Public Accountant Continuing Professional Development Country Partnership Framework Council for Standards of Accounting, Auditing, Corporate and Institutional Governance European Union Foreign Direct Investment Gross Domestic Product International Auditing and Assurance Standards Board Institute of Chartered Accountants of Nigeria Institute of Chartered Accountants of Sierra Leone Information and Communications Technologies Institutional Development Fund International Education Standard International Ethics Standards Board for Accountants International Federation of Accountants Integrated Financial Management Information System International Financial Reporting Standards International Monetary Fund International Public Sector Accounting Standards ISA ISSAI ISQC IT MMA MOPED MoU MSMEs NASSIT NCGC NCP NDP NGO NMA NRA PAFA PAO PFM QA ROSC SLAF SLANGO SLICOM SMEs SMO SMP SOE UN International Standards on Auditing International Standards of Supreme Audit Institutions International Standard on Quality Control Information Technology Mines and Minerals Act Ministry of Planning and Economic Development Memorandum of Understanding Micro, Small, and Medium Enterprises National Social Security and Insurance Trust National Corporate Governance Code National Commission for Privatization National Development Plan Non-governmental Organization National Mining Agency National Revenue Authority Pan-African Federation of Accountants Professional Accounting Organization Public Financial Management Quality Assurance Report on the Observance of Standards and Codes Sierra Leone Accountability Foundation Sierra Leone Association of NGOs Sierra Leone Insurance Commission Small and Medium Enterprises Statement of Membership Obligation Small and Medium Practitioner State-Owned Enterprise Statement of Regulated Practice United Nations The World Bank conducted the second Sierra L

FAQs

What is the purpose of the Sierra Leone ROSC Accounting and Auditing report?

It reviews how Sierra Leone’s accounting and auditing framework is being implemented, updates findings from the 2006 review, and assesses progress on policy recommendations supporting reform of the accountancy profession.

Which standards and frameworks does the assessment benchmark against?

The assessment uses the revised ROSC A&A 2 methodology benchmarking against IFRS for financial reporting and ISA for auditing, along with requirements established by IFAC.

What institutional pillars are evaluated in the report?

The report evaluates the statutory framework for the accountancy profession, accountant education and training, capacity and operations of professional accountancy organizations, and monitoring, enforcement, and oversight of the profession and financial reporting.

Jul 19, 2026

Upload by Ophelia