Gambia Institute of Chartered Accountants
Annual General Meeting (AGM)
Mar 14, 2024
On behalf of the Executive Committee, I wish to welcome you all to the 5th Annual General Meeting (AGM) of our profession. .
The Institute was established by an Act of Parliament - The Financial Reporting Act 2013 which repealed the Accountants Act of 1991 thereby replacing the Gambia Association of Accountants (GAA). This landmark Act sponsored by the World Bank through the Report on the Observance of Standards and Codes (ROSC) is a significant milestone in the development of the accountancy profession in The Gambia.
The role of Accountants have been changing and this phenomenon shall continue which requires us to continue to be more courageous, dynamic and responsive to the changes in our environment. The findings from the Commission of Enquiry into the Assets of the former President has exposed the standing our profession. In the area of Public Financial Management we have seen evidence of significant breakdown in governance systems, weak national institutions and rule of law, and lack of commitment to inclusive development culminating in a risky environment to hold assets, conduct business and preclude private sector investment all of which are characteristics of a fragile state. It is the responsibility of Accountants and Auditors to strengthen Governance and Accountability to contribute to restoration of stability and sustained inclusive economic growth for all.
Section 18 of the Act required the establishment of a Secretariat responsible for the day to day operations of the Institute consisting of the Chief Executive Officer and other Officers deemed necessary to carry out its functions. I am pleased to report that the Institute is now housed at the Standard Chartered House along Kairaba Avenue which at the centre of the business community thereby facilitating easy access for members. The position of Chief Executive Officer was also filled to manage the affairs of the Institute. Despite several attempts, the position of Technical Manager to support the Chief Executive still remains vacant and another round of recruitment is at an advanced stage of the process. The Institute currently has four full time staff namely: the Chief Executive, the Office Manager, the secretary and a Clerk.
At this AGM you the members will elect the 11 member Council that will be responsible for the governance of the Institute. The Council will comprise of three practicing auditors; two non-practicing chartered accountants and two academics in accountancy matters as well as The President and Vice President. In this election process, it is important that we are guided by the principles of inclusiveness and diversity. To this end I am calling on members to nominate and vote in women and youth to ensure equal representation and opportunity for all.
The Financial Reporting Oversight Board consisting of The Governor of Central Bank, Auditor General, Director of National Treasury, Two experienced Chartered Accountants nominated by the Institute – Mrs. Nellie Taylor and Abdoulie Tambedou, a Legal Practitioner nominated by the Gambia Bar Association and One Business person nominated by the Gambia Chamber of Commerce and Industry will supervise the auditing profession, monitor compliance with standards and oversee quality assurance and enforce corporate governance standards for public interest entities.
