By Fatou Dahaba
The Financial Reporting Oversight Board (FROB) of The Gambia has inaugurated the Gambia Accounting, Auditing, and Cooperation Governance Standard Committee in accordance with Section 66 (1) of the Financial Reporting Act of 2013. The event took place on Wednesday, January 29, 2025, at the Sir Dawda Kairaba Jawara International Conference Center in Bijilo.
The Committee’s mandate is to collaborate with national and international stakeholders to ensure their standards align with global benchmarks, enabling The Gambia to thrive in an increasingly interconnected financial world.
The Committee will also be responsible for issuing, adopting, and updating the standards in accordance with international best practices and carefully considering the local environment to ensure that they are relevant, feasible, and impactful.
According to officials, establishing this CommitteeCommittee will begin the journey toward strengthening financial oversight and enhancing corporate governance. ‘The inauguration is a decisive step in solidifying the foundation of financial transparency, accountability, and integrity throughout the nation.’
Suleiman Fode Drame, FROB’s Chief Executive Officer, said the Committee’s Committee’s formation underscores its commitment to fostering transparency, accountability, and good governance in the financial and corporate sectors.
He added that the Standard Committee will play a critical role in aligning The Gambia’s financial reporting practices with global benchmarks, thereby building investor confidence and fostering sustainable economic growth.
Abdoulie Jallow, FROB’s Board Chairman, said the Committee’s establishment reflects the evolving nature of global financial practices and responds to the unique needs of the national landscape.
He confirmed that compliance with robust accounting, auditing, and corporate governance standards is critical for maintaining the integrity of financial systems and for fostering public trust and confidence.
Mr. Jallow highlighted that the Central Bank of The Gambia, the Gambia Revenue Authority, the SOE Commission, Businesses, potential Investors, and the Gambia Securities and Exchange Commission all need accurate and reliable audited financials to make strategic decisions. Under its mandate, FROB would conduct quality assurance on all PIE auditors to ensure that your decisions are based on tested information of international quality and standards.
Andouille Jallow, Permanent Secretary of the Ministry of Finance and Economic Affairs, said the inauguration signifies Gambia’s dedication to promoting transparency, enhancing accountability, and cultivating trust in institutions.
PS Jallow reassured local and international investors and development partners that the Gambia is a sound investment with an oversight mechanism ensuring ethical and accountable practices across all sectors.
Dr. Iheanyi O Anyahara, the head of the delegation from the Financial Reporting Council of Nigeria, highlighted the need for effective collaboration among the committee members, noting that they cannot do the job alone and need support from other stakeholders.
He urges the Committee to criticize cooperation governance, as there is no single or global code. This is what led Nigeria to issue the Nigerian Code of Conduct on cooperation governance in 2018.
“I urge the Committee to take their time to look at the global codes and domesticate them to address the peculiarities of the Gambia. If you have a good cooperative governance code, expect to have a good outcome.”
Hae tasked FROB and the Committee to be effCommittee sustainability reporting, as profitability may negatively impact the environment or even on people.
The Auditor General and eight other professional chartered accountants were commissioned as members of the accounting, auditing, and cooperative governance standard committee.
