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BAOA & NBFIRA Signs MoU
The Botswana Accountancy Oversight Authority (BAOA) and the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) on 1st April 2014 signed a memorandum of understanding premised on the need for Botswana Accountancy Oversight Authority to advise the Non-Bank Financial Institutions Regulatory Authority on issues relating to improved transparency, accurate and timely information on exposures and underlying risks, which may affect, or trigger, investor confidence among entities regulated by NBFIRA on the basis of their audit reports.
Speaking at the signing ceremony held in Gaborone at the NBFIRA head-office, Mr. Ramasedi, NBFIRA CEO, said the collaboration will help NBFIRA with insight on issues of common interest. He noted that auditors help the public by providing an opinion on the financial position of the regulated entity to the shareholders, whereas as the regulators, they are interested in protecting the consumers of financial services through a focus on the continuing viability of the regulated entities, safe and prudent financial management through maintenance of sound systems of internal control, existence of proper accounting and assessing the quality of the regulated entities corporate governance arrangements.
Mr. Ramasedi pledged NBFIRA’s continued support for BAOA, through the MoU, in supervising how the professional accountancy bodies regulate and monitor their members and in promoting adherence to high professional standards and ethics in the accountancy and auditing profession.