The Botswana Financial Reporting Act of 2010 empowers the Authority to inspect files of Auditors of Public Interest Entities periodically to show compliance with Auditing Standards.
New and sophisticated financial techniques and instruments (IFRS9, IAS32) are in principle a positive development insofar as they reduce the likelyhood of risk being concentrated in, or more on, the financial institutions sector of the economy.
Botswana Accountancy Oversight Authority (BAOA) and Non-Bank Financial Institutions Regulatory Authority (NBFIRA) signing of the Memorandum of Understanding.
“Sometimes it is necessary that the police are themselves policed”. These were the words uttered by the late Honourable Baledzi Gaolathe commenting on the need to pass law that was to establish an independent accountancy oversight authority in Botswana.
BAOA hosted a one week IPSAS training at which BAOA and Government officers were facilitated on the International Public Sector Auditing Standards. This training was part of the World Bank capacity building project which is aimed equiping the regulator with requisite expertise in reviewing the public sector audits.Participants at the workshop were grateful for the opportunity to learn at the same time with BAOA reviewers. The facilitator, Mr. Gavin has worked with BAOA before where he facilitated capacity building in IFRS.
