FROB Launches Gambia’s Accounting, Auditing & Corporate Governance Standards Committee

By Fatou Sillah 

The Gambia Financial Reporting Oversight Board (FROB) has officially launched the Gambia Accounting, Auditing, and Corporate Governance Standards Committee, in line with Section 66 of the Financial Reporting Act 2013. The ceremony was held at the Sir Dawda Kairaba Jawara International Conference Center in Bijilo.

The newly established committee will be responsible for adopting, issuing, and maintaining financial reporting, auditing, and quality management standards for both the public and private sectors, including the International Financial Reporting Standards (IFRS) for Small and Medium Enterprises (SMEs). Additionally, the committee will provide implementation guidelines and collaborate with regional and international regulatory bodies to promote strong corporate governance principles.

Abdoulie Jallow, Permanent Secretar, Ministry of Finance and Economic Affairs, emphasized that the launch of the committee marks a significant milestone in enhancing transparency, accountability, and good governance within The Gambia’s financial reporting framework.“The standards committee will serve as a beacon of guidance, ensuring that accounting auditing in corporate governance practices within our public interest entities is not only compliant with international standards, but also reflective of best practices,” He Said. 

Paul Mendy, Second Deputy Governor of the Central Bank, who represented the governor, stated that the establishment of the committee is pivotal in aligning Gambia’s standards with international best practices.

“These efforts will foster trust among stakeholders, including investors, regulators, and the public. On the second objective, which is something in corporate governance, effective governance is a foundation of organizational resilience and long-term value creation. This committee will establish frameworks to guide ethical leadership, risk management, and strategic decision-making; with the support from FROB and GICA it will provide institutions with the tools to navigate challenges while they are safeguarding stakeholder interests,” Mendy explained. 

Abdoulie Jallow, Chairman of the Financial Reporting Oversight Board, expressed confidence that the committee would work closely with national and international stakeholders to align Gambia’s standards with global benchmarks.

“The standards committee will work collaboratively with national and international stakeholders to ensure that our standards align with global benchmarks, thus enabling The Gambia to thrive in an increasingly interconnected financial world, as we today inaugurate this committee. We reinforce our dedication to principles of transparency, accountability and good governance. I am confident that this standard committee will play an instrumental role in guiding public interest entities in upholding these principles,” he said.

Key financial experts, including Paul Gaye from the Gambia Institute of Chartered Accountants, Sulayman Foday Drame from the Financial Reporting Oversight Board, and a representative from Nigeria’s Financial Reporting Council, highlighted the committee’s importance.

Dr The event also saw the signing of Memoranda of Understanding (MOUs) between the Financial Reporting Council of Nigeria and The Gambia’s Financial Reporting Oversight Board, as well as between PURA and FROB.