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401.&-/,\ ., ;J&r ;JlttTJ FEDERAL NEGARIT GAZETTE
OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETIDOPIA
'I IFf 'l_'}' ~C 'itli h-'I.h Mq "'Ie ~I +1 11t~ ....
nh.-l·rA·' LI.&-"I'f -1.lJ"h&-n.n tTillLh fmlHl +(DIIf"';f· S""hC 1\')' miltH-· flJ)lTl
20'" Year No. 81 ADDIS ABABA 5
th December, 201 4
"(J):"l CONTENTS
htp1: 4!'T'C ~f:nJ~7tX ~.9" PrOclamation No. 847120 14
f~J',<;')1I 6TC,j- hH7)f)!'j-" h.,.&-l-o h'l'~ .... 7" ~lUfI!! Financial Reporting Proclamation ............ Page 7714
liT!! "''I'C $f!/YlliS PROCLAMATION No, 84712014
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FINANCIAL REPORTJNG
WHEREAS, it has become necessary to establish a sound, transparent, and understandable financial
reporting system applicable to entities in both private and public sectors;
WHEREAS, having a unifonn financial reporting
law enhances transparency and accountability by centralizing the hitherto decentralized financial reporting
structures of Ethiopia;
WHEREAS, to support various building blocks of the economy and to reduce the risk of financial crisis, corporate failure and associated negative economic
impacts; it is necessary to ensure that the provision of financial information meets internationally recognized reporting standards;
WHEREAS, it is necessary to establish a body that
Moat- >''1 f'"l.4llTJtnC nl']l\ 6lJ**r nillA1. r.rc: undertakes regulatory responsibilities in financial
Rou'J1'J: ! reporting;
Oll.fflt.r "-U~'!! 'I.'I"hMI.!''!! 6T-oII.h ,M """711+ h,.,." n (j) dOlPl+ f."h'h\(J): "'(J):~III"
I'J~~. 41.10
NOW, THEREFORE, in accordance with Article
55(1) of the Constitution of the Federal Democratic Republic of Ett.io.,ia, it is hereby proclaimed as follows:
').u+ .,.. .. T."'.+' "fill Negartt G. P.O. Box 80001
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FedCTal Ncgar il Qazene No. SI S· December, 201 4 . _. pag.: 77 IS
I. Short Title
PARfONE GENERAL
This Proclamation may be cited as the "Financial Reporting Proclamation No. 847/2014",
2. Definitions In this Proclamation unless the context otherwise requires:
I I "accounting period~' means a year ending on a balance sheet date of the reporting entity; provided, however, that as a resu It of the date of the fonnation or incorporation of the reporting entity or a change of the balance sheet date of the reporting entity, the period ending on that date is longer or shorter than a year, that longer or shorter period is an accounting period;
21 "audit firm" means a finn licensed by the Board to provide audit service;
31 "balance sheet date" means any month and date which a reporting entity adopts as its balance sheet date;
41 "certified auditor" means a certified public accountant who is registered as a certified auditor by the Institute and received a practicing certificate;
51 "certified public accountant" means an accountant who is registered by the Institute as a certified public accountant and received certificate of registration;
61 "company" means a commercial business organiz ation established in accordance with the
Commercial Code of Ethiopia and having legal personality;
71 "director· means the ultimate responsible person 01
one of the ultimate responsible persons of an)
reporting entity whatever his designation;
81 " financial statement" shall have the meaning giver to it by the standards to be issued by the Board an(
shall include the balance sheet, profit and los: account. statement of change in equity. cash flov statement and explanatory notes thereon. whethe interim or final;
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Federal Negaril Gazette No. 81 5'" Dcecmbcr, 20 14 .... page 77 16
91 "Institute" means the Institute of Certified Public· Accountants of Ethiopia to be established by regulation to be issued by the Council of Ministers;
IOr 'consolidated financial statement" means a financial sJatement comprising individual financial statements of companies belonging to a group;
III"public auditor" means a certified auditor who is licensed by the Board to act as an auditor for public interest entities;
12/"overseas company" means a company incorporated outside Ethiopia that carries on business in Ethiopia within the meaning of the Commercial Code;
131 "Minister" or "Ministry" means the Minister or Ministry of Finance and Economic Development. respectively;
14r 'professional accountancy body" means an associatiOn of accountants hav ing as its ·objectives the regulation of professional competency of its members and the development of the accounting profession, which is accredited or recognized by the Board pursuant to Article 26 of this Proclamation;
lSI "partnership" shall have the meaning given to it under the Co~mercial Code;
161 "public body" means any entity falling under the definition given to public body by a relevant law or designated as such by the law establishing it;
17/"public interest entity" means a reporting entity that is of significant public relevance as the Board may decide from time to time because of the nature of its business, its size or its number of employees, and includes, in particular, a company whose securities are admitted to trading on a regulated capital market, banks, insurance companies and any other financial institutions and public enterprises;
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Federal Negarit Gucttc No. 81 S· Oceembcr. 2014 . .. page 77 17
181 " reporting entity" means any entity. other than
public bodies and micro enterprises. required by
law to submit financial reports;
19f'micro enterprise" means an enterprise considered
as such in accordance with the criteria set by
directives issued by the Board;
201 "sm811 or medium enterprise" means an enterprise
which is a reporting entity and does not f811 under
the definition given to a public interest entity
under sub-article ( 17) of this Article and other than charities and societies;
21 1 "standards" mean the financial reporting. and
auditing standards stipulated in thi s Procla'ihation;
221 "group" shall have the meaning given to it by the
standards to be issued by the Board;
231 " person" means any natural or legal person;
241 any expression in the masculine gender includes
the feminine.
3. Scope of Application
This Proclamation shall apply to 811 reporting entities
established in accordance with the Ethiopian law or
operating in Ethiopia.
PART TWO ESTABLISHING A BOARD
4. The Accounting and Auditing Board of Ethiopia 11 The Accounting and Auditing Board of Ethiopia
(hereinafter the "Board") shall be established by regulation to be issued by the Council of
Ministers.
21 The Board shall have the powers and duties to:
a) issue standards and directives relating to
financi81 reporting and auditing and ensure compliance therewith;
b) conduct inquiry or investigation and impose
administrative sanction in accordance with the provisions of this Proclamation where appropriate on public interest entities and
public auditors to enforce compliance with
financial reporting and auditing standards;
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Federal Nql:ml Gazelle No gl S"' Dceembcr, 2014 page 7718
c) cooperate with. or become a member or an
affiliate of, any international body, the
objectives or funct ions of which are similar to
or connected with those of the Board:
d) set criteri a to distinguish reporting entities as either public interest enti ties or small and
medium enterprises and regi ster them
accordingly:
e) register and license public auditors;
t) provide accreditation to loca l pro fessional accountancy bodies that meet required
standards and recognize professional account
ancy bodies constituted outside Ethiopia pursuant to the requirement prescribed by it:
g) receive and register financial statemenls of
reporting enti ties;
h) review and monitor the accuracy and fairness
of financial statement to enforce compliance with the reponing standards;
i) establish an independent investigation and disciplinary scheme to investigate complaints
for public interest purposes;
j) estab lish procedures for coordination of
disciplinary responsibilities with the Institute;
k) oversee pro fessional accountancy bodies;
I) conduct quality assurance reviews of public
auditors, audit firms and persons associated with them to determine whether they have
complied wi th the applicable auditing standards;
m) coll ect fees for services provided by it at the rate detemlined by the Government;
n) impose and collect such penalties as arc
prescribed in thiS Proclamation. the regulations issued hereunder and in the
directives of the board;
0) advise the Government on any matter relating
to financial reporting, accounting, auditing and
corporate governance.
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Federal Negarit Gau:ttl: No. 81 j llo December, 2014 .. ,,, page 7719
p) own property, enter into contracts sue and be sued in its own name;
q) perfonn other related functions necessary for the achievement of its abjective .
PARTTRREE FINANCIAL REPORTING AND AUDITING
STANDARDS
CHAPTER ONE
FINANCIAL REPORTING STANDARDS
S. Applicable Financial Reporting Standards I I The financial reporting standards to be used when
preparing financial statements shall be:
a) international financial reporting standards; or
b) international financial reporting standards for small and medium enterpiises;
c) lntematinaJ Public Scector Accounting standards applicable to charities and societies.
issued by the International Accounting Standards Board or its successor or issued by the International Public Sector Accounting Standards Board or its
successor as adopted, adapted or amended by the Board.
21 Any public interest entity shall, without prejudice to the provision of sub article I (e) of this Anicle. be required to comply with international financial reporting standards referred to in sub-article ( I ) (a) of this Article.
31 The Board shall specify, in the financial reponing standards, the minimum requirements for ree ognition, measurement, presentation, and di sclosure in annual financial statements, group annual financial statements or other financial reports which every public interest entity or small or medium enterprise shall comply with, in the preparation of financial statements and reports.
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F~dera.I N~garil Gazett~ No. 81 S· December, 2014 ..... page 7720
6. Financial Statements of Reporting Entities Incorporated outside Ethiopia
Where the Board is satisfied that:
11 the financial statements of a reporting entity that is incorporated outside Ethiopia comply with the
reqUirements of the law in force in the country where the reporting entity is incorporated or
constituted; and 21 the requirements of the country of incorporation are
substantially the same as those provided for in this Proclamation;
the fmancial statements shall be taken to comply with the applicable financial reporting standards under this p:roclamation.
7. Financial Statements of Groups Incorporated outside Ethiopia
Where the Board is satisfied that:
11 the consolidated financial statement of a reporting entity representing a group that is incorporated outside Ethiopia comply with the law in force in the country where the reporting entity is incorporated; and
21 the requirements of the country of incorporation are
substantially the same as those of this
Proclamation;
the consoHdated financial statement shall be taken to comply with the applicable financial reporting standards under this Proclamation.
8. Obligation. to Submit Financial Reports 11 Any reporting entity shall submit to the Board its
financial report in accordance with the schedule to be set by the Board.
2J The provisions of sub-article (1) of this Article
may not preclude reporting entities from submitting their financial reports to the competent public bodies in accordance With other laws.
31 The financial report to be submitted to the competent public body in accordance with other laws shall be the original copy of the financial report submitted to the Board pursuant to subarticle (I) oflhis Article.
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Federal Negan! Gazelle No. 81 ~~ December, 201 4 .. p3ge 7721
9. Obligation to Audit Financial Statements a nd Consolidated Fi nancial Statements I I The Director of a reporting entity shall ensure that
the finan~ial statements of the reporting entity and the consolidated financial statements, if the reporting entity is required to prepare consolidated financial statements, are audited.
21 The audit on the financial statement shall be conducted and the auditor's report on the financial statements or consolidated financial statements shall be prepared according to the International Standards for Auditing approved by the Board or in the case of reporting entities constituted or incorporated outside Ethiopia, pursuant to auditing standards applicable in the country where those reporting entities are incorporated or constituted so long as it is substantially the same with this Proclamation.
10. Auditors Qualified to Audit Financial Statements of Reporting Entities The financial statements and any consolidated financial statements shall he audited by:
II if the reporting entity is a local company or a company constituted or incorporated outside
Ethiopia, an auditor appointed in accordance with the Commercial Code of Ethiopia or other relevant laws. as the case may be;
21 if the reporting entity is constituted or incorporated under any other law that provides for the appointment of an auditor, by an auditor appointed under that law;
31 if the reporting entity is not constituted or incorporated under a law that provides for the appointment of an auditor. an auditor appointed in accordance with the provisions of the Commercial Code or other relevant laws applicable to similar reporting entities.
It. Registration of Financial Statements 11 The Di rector of a reporting entity shall ensure that
copies of financial statements and an) consolidated financial statements together with I
copy of the auditor's report on those statement: are delivered to the Board for registration withil 20 working days from the date financia statements and any consolidated financia statements of the reporting entity, as the case mao be, are required to be signed.
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Federal Negarit Gawte No. 81 511 Oe<:ember. 2014 ... page 7722
21 Reporting entities which are constituted or incorporated outside Ethiopia shall register their financial statements in accordance with subarticle (I) of this Article.
31 Reportirtg entities sha1l pay to the Board the prescribed registration fee when registering their financial statements.
41 Any person who has vested interest may, on proof of such interest and on payment of the prescribed fee, inspect or take the copies of a reporting entity's financial statements and auditor's report on those statements delivered to the Board for registration under sub-article (1) or (2) of this Article.
CHAPTER TWO AUDITING STANDARDS
12. Applicable Auditing Standards 1/ The auditing standards to be used by auditors in
Ethiopia shall be the International Standards for Auditing issued by the International Federation of Accountants or its successor as adopted, adapted or amended by the Board .
21 Every public auditor shall, in the exercise of his profession, comply with:
a) such minimum requirements as shall be specified by the Board as minimum requirements for providing auditing and assurance services for public interest entities; and
b) respect: any regulations, directives, and code of conduct issued under th,is Proclamation.
31 Every certified auditor shall, in the exercise of his profession, comply with such minImum requirements as may be specified by the Board in the separate auditing standards for certified auditors.
PART FOUR PROCEDURE FOR ADOPTING. ADAPTING
AND AMENDING STANDARDS
13. Consultation
11 The Board shall engage in consultation with key stakeholders before adopting. adapting or amending financial reponing and auditing standards.
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Federal Negarit Gazelle No. III Sill December. 20 14 ..... page 7123
21 Without prejudice to the provision of sub-article (I) of this Article, the Board may consult with any appropriate person or organization in the development of financial reporting and auditing standards.
14. Public Comment II Where the Board intends to issue or amend any
standard, it shall, as part of the consultation process, invite comments from all interested persons by causing a notice to be published in its website, in not less than two leading daily newspapers of national circulation for three consecutive days and if it deems neccessory through other means of communication.
21 Any person who wishes to submit any comment may, within 60 days from the last date of publication of the notice specified in sub-article (I) of this Article, submit his comments in writing to
the Board.
31 The Board may, in deciding whether to approve or amend the standards, take into account comments submitted under sub-article (2) of this Article.
15. Publication of Standards 11 The Board shall communicate the standards it
approves for implementation in Ethiopia through an official publication called "Public Notice for Financial Reporting and Auditing Standards" to all stakeholders by posting it on its website.
21 In addition to the means of publication stated under sub-article (I) of this Article, the Board shall communicate the standards through notices published on not less than two daily newspapers 01
national circulation, for three consecutive days and if it deems necessary through other means 01
communication.
16. Contents of Publication or Standards
The notice published as set forth in Article 15 of thi: Proclamation shall clearly describe:
II the standards .approved or the amendments mad, to the existing approved standards;
21 the suspension for a definite or indefinite period 0
time or the revocation of standards;
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FedeTal Negarit Gazette No. 81 5- December. 2014 .. . PlSC m4
31 the effective date of new standards or amendments and the reporting entities affected by such standards.
17.Non-Conformity of the Board's Standards with the International" Standards
If there is a discrepancy between financial reporting and auditing standards adapted or amended by the Board and the International Financial Reporting and Auditing Standards due to failure to amend, suspend or withdraw, the Board shall state the difference and explain the reasons for the decision not to modify, suspend or withdraw standards that is not in conformity with the international standards.
PART FIVE LICENSING AND ACCREDITATION
18. Licensing of Public Auditors 1/ Notwithstanding any provision in the Commercial
Code or any other law, no person may hold any appointment, or offer any service, as an auditor for public interest entities, unless he is licensed by the Board as a public auditor under this Proclamation.
21 An application to practice as a public auditor may be filed by any person holding a practicing certificate.
31 An application filed under sub·anicle (2) of this Article shall be accompanied by a receipt of the prescribed fee and such information as may be determined by the Board in its directive.
41 Where, after consideration of an application, the Board is satisfied that the applicant:
a) holds a practicing certificate issued by the Institute;
b) if he is a member or employee of a firm, has provided evidence that the finn's quality assurance procedures are appropriate;
c) meets such requirements as may be specified by the directi ves of the Board; and
d) provides professional indemnity insurance in an amount to be prescribed by it;
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FcdenI Negarit Gazette No. 81 S· December, 2014 .... page 1725
shall issue a license to the applicant entitling him
to practice as an auditor of a public interest entity.
51 A license issued in accordance with sub-article (4)
of this ~rticle shall be val id for a period to be determined by the Board.
61 The Board shall enter the name of the auditor and
other relevant information in the register of public
auditors .
19. Renewal of License
11 Any public auditor shall renew his license by filing a written application to the Board, not later than
one month before the expiry of the license, in such
form and manner as the Board may prescribe.
21 Where the Board is satisfied that the applicant
continues to meet the requirements for the issuance
ofa license, the Board shall renew the license.
31 Where the Board has not de,alt with an application
for the renewal ofa license before the expiry of the license, the license ana registration shall continue
to be valid until the application for renewal is dealt with and any renewal in such case shall be taken to
have commenced from the day when the license would have expired but for the renewal. .
41 The Board shall refuse to renew the license and
registration of a public auditor where the applicant:
a) does not satisfy the requirements set forth in
sub-article (4) of Article 18 of th is Proclamation; or
b) has had his license or approval to practice as a
certified auditor withdrawn. suspended or cancelled in any country.
20. Cancellation of License The Board may. at any time, cancel the license issued to a public auditor where the public auditor no longer
satisfies the requirements for audit license set forth in sub-article (4) of Article 18 ofthis Proclamation.
21. Practice in Firm with Anproved Name II No public auditor may practice as an auditor, on
his own account or in partnership with other persons, in a name of a finn unless the Board has approved the name of the finn.
21 Any public auditor who wishes to practice in the
name of a firm, either on his own account or in partnership with other persons, shall apply in
writing to the Board in a fonn and manner as may be prescribed by the Board.
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Federal Ncgaril Gattttc No. 81 jill Occcmber. 20 14 ..... page 7m
31 Where a public auditor intends to provide audit service in partnership with other persons in a firm , he shall submit to the Board, as part of his application for the registration of the name of the audit firm, the names of partners who are public auditors and who are not public auditors.
41 An application filed under sub·article (2) of this Article shall be accompanied by a receipt of the prescribed fee, evidence of professional indemnity insurance in an amount prescribed by the Board. a description of the quality assurance procedures of the firm and any other relevant information as may be requi red by the Board in its directives.
51 The Board may not approve the proposed name or any proposed change in the name of an audit firm where the proposed name or proposed change in the name: a) is the same as a firm name already approved
by the Board;
b) so closely resembles a firm name that it is likely to cause confusion;
c) is, in the opinion of the Board. misleading or contrary to public interest; or
d) contravenes the Commercial Code.
61 An audit firm whose name has been approved in accordance with this Article shall inform the Board forthwith of any change occurring with respect to the partners including resignation and admission.
11. Unauthorized Audit Practice II No public auditor or audit finn may employ a
person whose registration has been suspended or who has been suspended from practicing as a public auditor or a certified auditor to carry out work in connection with his audit practice.
21 No public auditor may practice under the name of a firm, unless prior notification has been made to the Boud: .
a) in the case of a partnership, of the names and initials of the partners ofthe finn ;
b) where a letterhead is used, of a copy of the letterhead;
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Federa.l Negarit Gautte No. III S'" December, 201 • .. .. page 7727
c) where the name of the finn is similar to, or includes the name of a regional or i ntematianal network. or where the name of the firm mentions that it is part of a network in its letterhead or any other document, of the nature of such association or relationship with the regional or international network.
23. Obligation to Furnish Information flI nl1.u II.,.)'; OOIPI.·)· )'·))',T-I1I1.h ~.Il .. ,.c II Any person who is registered as a public auditor
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under this Proclamation shall :
a) notify the institute, the Board and any person to whom he or his firm acts as a public auditor of any change in the name, composition or address of such firm within 14 days of the occurrence of such change;
b) furnish the following information within 14 days of receipt of a request thereof from any person for whom he or his firm acts as a public auditor or who proposes to appoint him or his firm as a public auditor:
(I) any finn name or title under which he
practices;
(2) the place of business of any partnership in which he is in practice as a partner;
(3) the full names of his partners;
(4) his nationality;
(5) if he is an Ethiopian, his name with his father's and grandfather's name or if he is a foreign national, his forenames or the initial thereof, his surname and any surname which he may have borne previously; and
(6) his ordinary business and residential addresses.
21 When two or more persons are practicing in partnership, the particulars referred to in subarticle (I) of this Article may be furnished in
the name of the finn and any such
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FedcnI Nepril Gueut No II j. Occcmber, 2014 ..... pqe rnl
communication shall be regarded as sufficient compliance by the individual partners of that
finn with the provisions of sub-article (1) of this Article.
31 For the ~urposes of sub-article (') of 'his Article, the expression "any surname which he may
have borne previously" may not include:
a) in the case of a person adopted as a child. his surname before his adoption:
b) in the case of any person, any surname previously borne by him which was changed or disused before he attained the age of 18 years or has been changed or disused for a period of not less than 20 years; or
c) in the case of a married or divorced woman or a widow, the surname borne by her before her marriage.
24. Monitoring of Financial Statements and Reports II The Board may review the financial statements
and reports filed with it pursuant to Article 8 of this Proclamation to detemline whether the financial statements and reports are in compliance with this Proclamation.
21 In reviewing the financial statement and report pursuant to sub-article (I) of this Article, the Board may seek further information or clarification from: a) any officer or Director of the reporting entity;
b) any employee of the reporting entity responsible for preparing the financial statements and reports; or
c) the public auditor, certified auditor or audit finn responsible for the audit of the financial statements of the reporting entity.
25. Quality Assurance Rel'icw of Auditors
II The Board, or other country's accountancy regulatory agency, regional or sub-regional accountancy body or any other international accountancy body. authorized by the Board in writing, may review the practice of a public auditor and for that purpose, is authorized to:
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Federal Neganl Gaztone No. 81 SOlo Decem~, 20 14 .. .. pagt 7729
a) inspect any relevant book, audit working
papers and files, documents and records in
possession, or under the control of the auditor, his partner, employee or associated
persons and make copies of or take any
abstract of or extract from any such book,
documents and records~ and
b) Seek information or clarification from the
auditor, any partner, employee or person associated with the auditor.
21 Any public auditor, his partner, employee or person associated with him shall, at the request of the Board or any person authorized by it in writing, produce any relevant book, audit working papers and files, documents or records in his possession or under his control for the purposes of sub-article (1 ) of this Article.
11'1.11'1."111 ao-Y "'Iunlr-r hhll.!!.1'1I') ~'i 6a>~<; 26.Accreditation and Recognition of Professional ,,,,aanm.}- Accountancy Bodies 61 (lCI\. ~,}1. '//111 uo-Y "'Iunc IIhll.-'I.'~7i') II The Board shall accredit as a professional
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accountancy body, an organization which files ar application and meets the criteria established by i to obtain accreditation as set forth in sub-articll (2) of this Article.
21 To qualify for accreditation, a professiom accountancy body shall demonstrate, to th satisfaction of the Board that:
a) it complies with the requirements fc professional development and achievement f
professional competence prescribed by tI Board;
b) it has appropriate mechanisms for ensuring th its members participate in cont'"U!! professional development as recognized prescribed by the Board;
c) it has mechanisms to monitor and ensure tl its members are disciplined;
d) it keeps a register of its members in the fc prescribed by the Board; and
e) it meets any other requirements prescribed the Board from time to time.
----
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Federal Negarit Gazelle No. 81 5'" December, 2014 .... page 7730
3/ To retain its accreditation. a professional accountancy body, at least once a year, at a time prescribed by the Board, shall satisfy the Board that it continues to comply with the requirements for ac~reditation as provided in sub-article (2) of this Article.
41 The Board shall recognize professional accoun tancy bodies that are constituted outside Ethiopia in accordance with the criteria to be prescribed by it.
27. Public Interest Oversight 11 The Board shall ensure that a professional
accountancy body:
a) fulfills its public interest obligations;
b) maintains and promotes the highest standards of professional and business conduct; and
c) develops the accountancy profession and accomplishes the other pubtic interest objectives set forth in its constitution and under this Proclamation.
21 Any professional a~ountancy body shall furnish to the Board within six months of the end of its financial year:
a) an annual report of its activities regarding the
fulfillment of its public interest obligation~; and
b) an assessment or review of its activities against the performance indicators set forth in the directives of the Board.
31 If the Board finds that a professional accountancy body is not meeting, or has not met its public interest obligations to: a) maintain high professional standards;
b) develop the accounting profession; or
c) accomplish other public interest objectives set forth in this Proclamation or its constitution;
it shall, upon 30 days written notice, suspend the accreditation of the professional accountancy body until it is satisfied that the professional accountancy body has instituted practices and procedures that will enable it to successfully discharge its responsibilities.
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Federal Negarit Gazette No. 81 S·h December. 20 14 . .. .. page 7731
41 For the purpose of this Article, " public interest obligation" means the responsibility that a
professional accountancy body and its members have to discharge in the interest not only of their
principals but also in the interest of the public, as
may be determined by the Board from time to time in its directives.
28. Cancellation of Accreditation II The Board may cancel the accreditation of a
professional accountancy body if that
professional accountancy body fails to rectify,
within 30 days of notice of the suspension given
under sub-article (3) of Article 27 of this Proclamation, the deficiencies that resulted in
the suspension.
21 When deciding to cancel the accreditation of a professional accountancy body, the Board may:
a) give written notice of its intention to cancel
the accreditation of the professional accountancy body concerned, stating the
reasons for such cancellation; and
b) afford the professional accountancy body a
period of not less than 21 days and not more than 30 days in which to submit its objection
to the cancellation of its accreditation stating
the reasons for its objection.
31 If the Board considers that the cancellation of the
accreditation of the professional accountancy
body would critically affect the interests of the public, the accounting and auditing profession or
the members of the professional accountancy
body, it may extend the accreditation on such conditions as it considers appropriate.
41 The accreditation of a professional accountanc)
body shall 'aps. automatically if it:
a) ceases to exist; or
b) fails to pay the prescribed fee or partiol thereof within such period as may be prescribed by the Board.
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PART SIX STANDARDS OF PRACTICE FOR AUDITORS
29. Auditors' Report and Opinion II Any person acting in the capacity of certified or
public auditor to any reporting entity shall not, certify or report or express an opinion to the effect that any financial statements, including any annexure thereto, which relates to such reporting entity. presents fairly. or gives a true and fair view of, or reflects correctly the affairs of such reporting entity and the results of its operations, or the matters dealt with in such financial statement or annexure, as the circumstances may require, unless:
a) he has carried out such audit free of any restrictions whatsoever;
b) he has proper accounting records in connee tion with the reporting entity in question. so as to reflect and explain all its transactions and record all its assets and liabilities correctly and adequately;
c) he has obtained all infonnation, vouchers and other documents which in his opinion were necessary for the proper perfonnance of his duties;
d) he has, in the case of a reporting entity regulated by any law, complied with all the requirements of that law relating to the audit of that reporting entity;
e) he has by means of such methods as are reasonably appropriate having regard to the nature of the reporting entity in question satisfied himself of the existence of material assets and liabilities shown on such financial statements or annexure;
f) he is satisfied, as far as is reasonably practicable having regard to the nature of the reporting entity in question and of the audit carried out by him, as to the fairness or the truth or the correctness. as the case may be, of such financial statements or annexure;
g) any matter referred to in Article 31 of this Proclamation had at the date on which he so certified or reported or expressed such opinion, been adjusted to his satisfaction.
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21 Where the annual report of a reporting public entity discloses the extent of compliance with any regulatory requirements to which the entity or its officers and Di rectors are subject, the auditor shall report whether the disclosure is consistent with such regu latory requirements,
30. Period of Time for Giving Opinion . M-t-ff·)· OII"tOTo-l' 1 tL
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made or opinion to be expressed by a certi fied auditor or public auditor in his capacity as cert ified auditor or public auditor in pursuance of any assignment carried out by him, shall be given or made or expressed within a period of four months from the date on which the assignment was completed.
2/ 1fsuch certified auditor or public auditor is unable to give an unqualified cert ificate or make an unqualified report or express an unqualified opinion, he shall, within the time period stated in sub·article (I) of this Article, give that certificate or make that report or express that opinion subject to such qualifications as he may deem necessary, and may if he considers it advisable, endorse on that certificate, report or opinion the reason for any such qualification,
31. Materiallrregulari tv I I If any person acting in the capacity of a certified
auditor or public auditor to any reporting entity is satisfied or has reason to believe that in the conduct of the affairs of such reporting entity a material irregularity has taken place, he shall without delay:
a) notify, if! writing, the officers and all the members of the Board of the reporting entity of the irregularity, by giving particulars of the irregularity; and
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b) request every person referred to in paragraph (a) of this sub-article, either individually or collectively, to acknowledge receipt , in writing .. of the notice and to take such actions as he may deem necessary.
21 For the purpose of this Article "material irregularity" means any unlawful act or omiss ion by any person in the conduct of the management or control of a reporting entity, which is fraudulent or amounts to theft, or represents a material breach of any fiduciary duty owed by such person to the reporting entity itself or any partner, shareholder or creditor of the reporting entity or any person hav ing financial interest . in that report ing entity, or under any law applying to the reporting entity or the conduct or management thereof, which has caused or is likely to cause material financial loss to the reponing entity or to any partner, shareholder or creditor of the reporting entity or any person ha.vingfinanciai interest in that reporting entity.
31 The certified auditor or public auditor sh<~JI,
within 30 days of the issuance of notice referred to in sub-article l(a) of this Article, notify the Board of the material irregularity together with such other infonnation as he deems fit, unless he is satisfied by infonnation received that no such irregularity has taken place or is taking place or that the officers or the members of the Board of the reporting entity referred to in sub-article (1) of this Article, have taken adequate steps to remedy the irregularity.
41 The Board may disclose to the Ministry of Justice or any public officer or any partner, shareholder, creditor or any other person having financial interest in the reporting entity concerned, any infonnation supplied to it pursuant to_sub-article (3) oflhi. Article.
51 For the purpose of detennining whether any irregularity has taken place or is taking place, any auditor may carry out such investigati ons as he may deem fit .
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32. Materiallrregulatity Prior to Bankruptcy If any person who was acting in the capacity of
certified auditor or public auditor regarding any reporting ehtity immediately prior to its bankruptcy or liquidation, whether provisional or final, is satisfied or has reason to believe that:
11 at or before the date of the bankruptcy or liquidation, as the case may be, a material irregularity in the conduct of the affairs of such reporting entity was taking place or had taken place, or
21 When such material irregularity had caused or was likely to cause Financial loss to the reporting entity or its partners, shareholders, creditors or to any person who has a pecunioary interest in the reporting entity; or
31 when he did not comply with the provisions of sub-article I (b) of Article 31 of this Proclamation in respect of such irregularity before the said date;
He shall forthwith dispatch a report in writing giving particulars o( such irregularity, to the person appointed as trustee or provisional trustee or as liquidator or provisional liquidator, as the case may be, of such reporting entity and at the same time supply copies of such report to the person in charge of such reporting entity and to the Board.
33. Independence of Auditor I I A public auditor or certified auditor shall carry out
his functions in full independence and shall not:
a) act in any manner contrary to any code 01 professional conduct and ethics adopted by th( Board or the Institute; or
b) engage in any activity that is likely to impai his professional independence as an auditOi whether independence in appearance 0
independence of mind.
21 If any certified auditor or public auditor or hi partner or any person employed by him or an person working under his supervision and contn or under the supervision and control of his partnl was responsible for keeping the books, records ( accounts of any reporting entity, except to tl
extent of making closing entries or assisting wi
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any adjusting entries or framing any balance sheet, accounts. statement or other document from existing records, such certified auditor or public auditor shall in certifying or reporting on anything in conne~tion with the business or financial affairs of such reporting entity, indicate that he or his partner or a person working under his supervision and control or under the supervision and co~·ltro l of his partner, as the case may be, was responsible for keeping such books, records or accounts.
31 Nothing in sub-article (2) of this Article shall be construed to permit to any person to act as an accountant and as an auditor at the same time to the same reporting entity.
41 A public auditor who contravenes any requirement set forth in sub-article (1) of this Article shall be subject to the disciplinary proceedings of the Board and be liable to be sanctioned by the Board in accordance with the provisions of Part Seven of this Proclamation.
51 A certified auditor who contravenes any requirement set forth in sub-article (I) of this Article shall be subject to the disciplinary proceedings of the Institute and be liable to be sanctioned by the Institute in accordance with the relevant provisions of the regulation establishing the institute to be issued pursuant to this Proclamation.
61 For the purpose of sub-article (I) of this Article:
a) "independence of mind" means the state of mind that pennits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity. and exercise objectivity and professional skepticism;
b) " independence in appearance" means the avoidance of any fact or circumstance creating on an informed and reasonable observer the impression that the integrity, objectivity or professional skepticism of a finn or member of an audit team has been compromised.
34. Conflict of Interest of Auditors
Where an auditor whether an individual or a finn considers that it may have a conflict of interest or lack professional independence in relation to a reporting entity for which such auditor has been engaged as such, shall withdraw from auditing that reporting entity.
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35. Professional Misconduct by Auditors 11 If a person who has been registered as public
auditor or certified auditor under the provisions of this Proclamation or the regulation issued hereund.er: a) fails to perfonn any duties devolving upon him
in the capacity of a public auditor or certified auditor to any reporting entity with such a degree of care and skill as is reasonably expected of him; or
b) is on the basis of prima facie evidence presented to the Board or the Institute, pursuant to the provisions of this Proclamation or the regulations issued hereunder, is negligent in the perfonnance of such duties;
the Board may. whether or not such public auditor or certified auditor is liable to be or has been crimina11y charged or has been convicted in respect of such failure or negligence, commence its own inquiry into the circumstances pursuant to the procedures of Part Seven of this Proclamation or cause the Institute to enquire in the circumstances pursuant to the regulation issued hereunder.
21 Subject to sub-article (3) of this Article, jf the evidence presented to the Board pursuant to subarticle (1) of this Article proves such failure or negligence to its satisfaction, the Board may. pursuant to the procedures set forth in Part Sever of this Proclamation impose upon that person an)
of the penalties prescribed in this Proclamation 8!
applicable.
3/ No action may be instituted against any persOI registered as a public auditor or certified audita under this Proclamation or the regulation issuo hereunder in respect of any opinion expressed (l
certificate given or report or statement made c statement, account or document certified by him i the ordinary course of his duties, unless it is prove that such opinion was expressed or such certifiea1 was given or such report or statement was made ( such statement, account or document was cenific maliciously, negligently or with fraudulent intent.
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Federal Negarit GII7.elte No. 81 ~'" December, 2014 .. . , page 7738
PART SEVEN ENFORCEMENT
36. Authority to Investigate I I The Board may authorize persons possessing the
necessary professional competence to conduct investigati'on on behalf of the Board in respect of the following matters:
a) any complaint of dishonest practice, negligence, professional misconduct, or malpractice made against a public auditor;
b) any breach of the Code of Professional Conduct by a public auditor;
c) any material irregularity notified to it pursuant to Article 31 of this proclamation.
d) any fai lure to provide reports or documents required by Article 25 of this Proclamation;
e) any failure of a public auditor to m,aintain the necessary qualifications for a license; or
f) any other violation of this Proclamation, or regulations directives issued hereunder.
21 If investigation in respect of matters specified in sub-article (I) of this Article is conducted by the Board itself, the Chief Executive Officer of the Board or any person authorized by him shall assign the investigating officer.
31 The Chief Executive Officer of the Board shall notify the nature of the complaint to the auditor or public interest entity under investigation.
4/ For the purpose of investigating any allegation, complaint or charge of misconduct which violates this Proclamation or the regulations or directives issued hereunder, the investigating officer may:
a) inspect or require the production of any book, document or thing in the possession of or under the control of a public interest entity, or current or fonner public auditor against whom the allegation, complaint or charge has been made, or in the possession of or under the control of officers of the public interest entity the partner or employee of the public auditor or persons associated with such auditor;
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Federal Negarit Gu:ne No. 81 Sill December, 2014 ..... p.ge 7739
b) retain any such book, document or thing or make copies thereof, and use in evidence in any investigation or hearing concerning the allegation, complaint or charge of misconduct;
c) question any person who may have information relating to the events that form the basis of the allegation, complaint or charge; and
d) review any financial statement and report filed with any government department or authority.
5/ A person may refuse to answer a question ·put to him or refuse to furnish any information, document, record or book, where the answer to the question or the production of the document, record or book might, in his opinion, tend to incriminate him.
61 Nothing in this Article shall be construed to compel the production by the auditor, his partner, employee or associated persons, the public interest entity or its officers of any book, document, record or any other material containing:
a) any information which is confidential under the Commercial code or any other law in force~ and
b) privileged communication by or to a legal practitioner in that capacity~
except in so far as the disclosure of the information is made in accordance with the law.
M.fa,1 _'1M:" Ot!!!NJt NIC+ QII"'I.tCil 37. Report of Possible Violations to the Board 67'C-l-
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Notwithstanding the provisions of any other law, whenever it appears to an official of any governmental agency regulating any public interest entity that there is prima facie proof of conduct on the part of a current or former public auditor which violated or violates this Proclamation or the regulation or the directive issued hereunder, such official shall report such conduct to the Board for investigation.
38. Initiation of Proceedings
I I If it appears to the investigating officer that a violation of this Proclamation or the regulations or the directives issued hereunder~ has occurred, the investigating officer may recommend to the Chief
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Federal Negarit Gaulle No. 81 ,III ~ember. 201 4 ... page 7740
Executive Officer of the Board that a proceeding be instituted against the public auditor, public interest entity. or any person alleged to have committed the violation.
21 The Chief Executive Officer. on his own initiative or on the recommendation of the investigating officer, may institute proceedings.
31 If the Chief Executive Officer of the Board decides to institute proceeding pursuant to sub-article (2) of this Article, he may appoint three persons of whom one is a lawyer, from among the staff members of the Board who were not involved in the investigation, to act as Hearing Examiners.
41 The public interest entity or person against whom the proceeding has been brought shall have the right to counsel in the proceedings.
39. Procedure at the Disciplinary Hearing I I For the purpose of any hearing that is pan of the
proceedings stated in Article 38 of this Proclamation, the Hearing Examiners, at the request of either party may: a) summon any person who, in their opinion, may
be able to give material information concerning the subject of the hearing or who is believed to have in possession or custody or under control any book, document or thing which has any bearing on the subject of the hearing, to appear before them at the time and place specified in the summons, and to be interrogated or to produce such book, document or evidence and may retain for examination any book, document or evidence;
b) administer an oath to, or accept an affirmation from the person summoned under sub-article I(a) of this Article and require him to answer questions put forward to him and to produce any boo~ document or any other evidence in his possession or custody or under his control.
21 The respondent in the disciplinary hearing shall be informed of the nature of the complaint made against him and shall be entitled to appear personally or by counsel to produce evidence. call and examine witnesses and cross-examine other witnesses.
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Federal Negarit Gazene No. 81 .5 '" December, 20 14 .... page 7741
31 A summon for the attendance before the Hearing
Examiners of any person or for the production of
any book, document or other evidence shall be in
the fonn prescribed by the Board, and shall be signed ~y one of the Hearing Examiners and shall be served in the same manner as it would have
been served if it had been a subpoena in a civil
matter ina court.
41 Any witness who, having been duly sworn or
having made an affinnation, gives a false answer
to any question lawfully put to him or makes a
false statement on any matter, knowing such
answer or statement to be false, commits perjury
and shall be held criminally liable in accordance with the Criminal Code.
51 In any investigation or disciplinary proceeding, it
shall be sufficient, for the purpose of proving the
proper execution or the tenns or the content or the
authenticity of a document, for a copy of the
document purporting to be a copy of the original to
be used in evidence, subject to the right of any
person to adduce evidence that any copy so
presented in evidence is not authentic.
40. Failure to Appear 11 without prejudiey to the previsions of sub articles
(5) and (6) of Article 36 on this Proclamation, if
any person who has been duly summoned fails without sufficient cause, to attend at the time and
place specified in the summon, or to remain in
attendance until excused from further attendance
by the Hearing Examiners, or refuses to swear or to
affinn as a witness or fails without sufficient cause
to answer fully and satisfactorily to the best of his knowledge and belief, all questions lawfully put to
him concerning the subject of the hearing or to
produce any book, document or thing in his
possession or custody or under his control which
he has been required to produce, he shall be criminally I iable in accordance with the relevant
provision of the Criminal Code.
21 The law relating to privilege of a witness
subpoenaed to give evidence or to produce any
book., document or other evidence before a court of law shall apply to a witness summoned to give
evidence or to produce any book, document or
other evidence in accordance with this
Proclamation.
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Federal NegarU Guette No. 81 5'" Deeember, 20 14 ... page 7142
4 1. Imposition of Sanctions II After hearing all of the arguments and evidence at
the hearing, the Hearing Examiners shall decide if the respondent has violated this Proclamation or the regulation or directive issued hereunder.
21lf the Hearing Examiners decide that the respondent has violated this Proclamation or the regulation or directive issued hereunder. they shall impose a sanction in accordance with Articles 42
and 43 of this Proclamation. 31 If no appeal is filed by the respondent as provided
in Article 47 of this Proclamation, the decision of the Hearing Examiners shall be deemed the final decision of the Board.
!if. "Tl1l1.h ~!l.1"C 1.<; f~!I.+ 1:C~+ 1If. M"'LOJ(\1: 42. Sanctions on Public Auditors and Audit Firms
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Where the Hearing Examiners determine that a public auditor or audit firm has committed a contravention of this Proclamation or any regulation or directive issued hereunder, the Hearing Examiners may as appropriate take anyone or more of the following measures: 11 issue a warning to the public auditor or audit firm;
21 order the public auditor or audit firm to meet
prescribed requirements;
31 require the public auditor or partners or employees of the firm to undergo training to improve their capacity to provide high quality audit services;
41 suspend the license of the public auditor or the audit firm;
51 revoke the license of the public auditor or the audit firm ;
61 impose administrative penalty against the public auditor or audit firm not exceeding Birr 25,000.
43.Sanctions on Reporting Entities and their Directors
II Where the Hearing Examiners reach a final decision to the effect that a reporting entity has failed to comply with any financial reporting and auditing standard or directives issued under this Proclamation, the Hearing Examiners may either
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Federal Ncgarit Gazette No. 81 ,. December, 20 14 .... page 7743
issue a warning to the reporting entity or serve a notice on the entity fOt an ifhmediate restatement of ititinancial stat~n1ents or report, or both.
21 Where a notice is served on a reporting entity under sub-article (I) of this Article, it shall, within 30 days of the service of the notice, restate its financial statements or reports and resubmit them to the Board and to the relevant government department or authority,
31 If any reporting entity fails to comply with the provisions of sub-article (2) of this Articlel the Hearing Examiners shall impose administrative penalty not exceeding Birr 10,000, or may refer the matter to the relevant government department Of
authority for appropriate action,
41 In the event that the Hearing Examiners find that a Director willfully caused a failure'to comply with either sub~article (1) or (2) of this Article or was
responsible for a serious distortion of the reporting entity's financial statements or reports, the Hearing Examiners may:
a) impose administrative penalty not exceeding Birr 10,000 on such Director;
b) suspend the Director for a period not less than 8
year or not more than five years or disquaJify any such Director from serving in that capacity for that or any other public interest entity; provided. however. that the administrativf penalties imposed on the Director ir accordance with this sub-article may not span him from criminal or civil liability;
c) refer the matter to any other relevan government department or agency fo appropriate action.
51 Where the Hearing Examiners find that th Director of a reporting entity who willfull caused a failure to comply with either sub-artic! (I) or (2) of this Article or was responsible for serious misstatement in the reporting entity" financial statements or reports. is a public audito the Hearing Examiners shall, in addition to It
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FcdenI Negarit Gazette No. 81 S" I:>e«mber, 20 14 .... page 7744
sanctions under paragraphs (b) and (c) of sub-article (4) of this Article, impose sanctions
against the Director as a public auditor in accordance with Article 42 of this Proclamation
or if the Director is a certified auditor, the
Hearing Examiners shall refer the information
about such contravention to the Institute or
accredited professional accountancy body for appropriate disciplinary action.
44. Criminal Offences
I I Any person who:
a) fraudulently makes, causes or permits any false
or incorrect entry in a register under this Proclamation or any copy thereof; or
b) fraudulently procures or attempts to procure,
whether for himself or for any other person,
registration as a certified public ~ccountant,
certified auditor or public auditor;
c) knowingly and willfully makes any statement which is faJse in a material particular, or which
is misleading, with a view to gaining any
advantage, concession or privilege under this
Proclamation, whether for himself or for any
other person;
d) willfully hinders any of the Hearing Examiners,
the Chief Executive Officer or any member or
official of the Board in the exercise of any power conferred upon such person by or under
this Proclamation.;
shall be guilty of an offence and be liable to a fine not exceeding Birr 20,000 or to simple imprisonment not exceeding three years or to both.
21 Any person who contravenes sub-article (2) of
Article 51 of this Proclamation shall be guilty ofan
offence and be liable to a fine of not exceeding Birr 10,000 or to simple imprisonment not
exceeding three years or to both.
31 Any person who contravenes the provisions of sub
article (I) of Article 18 of this Proclamation shall be guilty of an offence and be liable to a fine not
exceeding Birr 1,000 for each day the offence
continues to occur; provided however, that the totll amount of such fine shall not exceed Birr 50,000 06
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Federal Ncprit Queue: N<. . 81 SOlI Occc:mbc:r. 2014 .... _ p!lge 174S
to simple imprisonment not exceeding three years, or to both.
41 A Director. an officer or an employee of a Public intereset entity who, without prejudice to the Provisions of sub articles (5) and (6) of Article 36 of this Proclamation, conceals infonnation or refuses to Provide infonnation or clarification shall be guilty of an offence and be liable to a fine not exceeding Birr 20,000 or to simple imprisonment not exceeding two years, or to both.
51 A public auditor or a certified auditor, a partner, employee or person associated with such publ ic auditor or certified auditor who without prejudice 10 the provisions of sub (5) and (6) of Article 36 of this Proclamation, conceals information or fails or refuses to produce any relevant boo~ document or record in his possession or under his control, when requested by the Board or the Institute for quality assurance purpose, shall be guilty of an offence and be liable to a fine not exceeding Birr 10,000 or to simple imprisonment not exceeding two years, or 10 both.
61 A person who willfully causes a f.ilure of a reporting entity to comply with either sub-article (1) or (2) of Article 43 aflhis Proclamation or was
responsible for a serious distortion of the reporting entity's financial statements or reports or knowingly and wilifulJy aids. abets, assists, incites
or induces another person to prepare or issue an inaccurate or materially misleading financial statement or financial report shall be guilty of an offence and be liable to a fine not exceeding Birr 20,000 or simple imprisonment not exceeding two years, or to both.
71 Any person who practices the accountancy profession without a valid certificate of registration or practicing certificate shall be guilty of an offence and be liable to a fine not exceeding Birr 25,000 or to simple imprisonment not exceeding three years, or to both.
81 Any other act or omission constituting material breach of this Proclamation or regulation, directive or code of conduct issued in accordance with this Proclamation shall be a criminal offence punishable a with a fine Dot exceeding Birr 20,000 or with simple imprisonment not exceeding two years, or with both.
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Feden.l Negaril Gazette No. 81 S" DecembcT. 20 14 .... page 7746
45. Restoratio-:, to Register 11 The Board shall restore to the Register the name of
a person whose registration was cancelled on the ground that he was no longer a member of the Institute, if the lnstitute notifies the Board, in writing, that he has had his membership restored.
21 A person whose license has been cancelled under Article 42 of this Proclamation may apply for his registration to be restored and Articles 18 and 21 of this Proclamation shall apply, mutatis mutandis, as ifhe were applying for registration.
46. Enforcement of any Claim and Sanction of Board
11 Any fee and charge payable to the Board pursuant to the provisions of this Proclamation shall be a debt due to the Board and may be claimed by action in a court of competent jurisdiction.
21 A monetary penalty imposed by the Board as an administrative sanction under this Proclamation shall be recoverable as a fine . impos~d by a competent court and an affidavit sworn by a member of the Board of Directors or the Chief Executive Officer of the Board shall be sufficient proof of the lawful imposition of the monetary penalty to enable a court to issue a warrant in accordance with the provision of this Proclamation
under which the penalty was imposed; provided. however, that no warrant shall be issued until any review required in relation to the matter has been disposed of or the time for applying for such review has expired.
47. Appeals Any party, aggrieved by the decision of the Hearing Examiners, may submit his objection to the Appeals Hearing Panel to be designated in accordance with Article 48 of this Proclamation within 30 days of the receipt of the decision of the Hearing Examiners specifying the grounds for the objection including any facts or analyses of legal, accounting and auditing standards .
48. Appeals Hearing Panel II The Minister shall designate an Appeals Hearing
Panel consisting of three members that examine and pass decision on any appeal lodged by any person against the decision of the Hearing Examiners.
21 The Appeals Hearing Panel shall pass a decision within 60 days of the receipt of the appeal.
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Federal Negaril Gazette No" 8 1 5" December, 20 14 . """ page 7747
31 The Appeals Hearing Panel shall issue its own rules of procedure for the hearing of appeals.
41 If, following an appeal pursuant to Article 47 of this Proclamation, the Appeals Hearing Panel , confirms the decision of the Hearing Examiners it may order the appellant to pay in whole or in part the expenses incurred to dispose of the appeal.
51 Without prejudice to sub·article (3) of Article 41 of this Proclamation, any decision given by the Appeals Hearing Panel under this Article on
factual matters shall be final .
49. Appeals against Decisions of the Appeals Rearing Panel
1/ An appeal may be lodged to the Federal High Court on questions of law by any party aggrieved""by the
decision of the Appeals Hearing panel .
21 The decision of the Appeals Hearing Panel shall be effective during the course of the appeal unless the court of appeal orders a stay of execution pending
decision on the appeal . 31 If the coun of appeal reverses the decision of the
Appeals Hearing Panel on questions bflaw, it shall remand the case to the Appeals Hearing panel for reconsideration of the case in light of its interpretation. The Appeals Hearing Panel shall pass a final decision in conformity with the legal
interpretation given by the court of appeal.
PART EIGHT MISCELLANEOUS PROVISIONS
so. Conflicts of Interest II A person who could, directly or indirectly, derive
benefits from any matter that the Board has the right to determine shall, if being considered fOI
membership of the Board of J?irectors of the Board, disclose with specificity to the nominatin~ body the nature and amount of any such direct 0 1
indirect benefits.
21 A member of the Board of Directors of the BoaT! prior to voting on any matter that could directly 0
indirectly benefit him, shall disclose to the Boarl of Directors with specificity the nature an
amount of any such direct or indirect benefits an
shall excuse himself from participating in any suc
vote. 31 An employee of the Board or a consultant (
advisor to the Board who has a privat
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Federal Negaril Gazette No. 81 5'" December, 2014 ..... page 1748
professional or official interest in, or whose immediate family member is directly or indirectly interested in, any matter being considered by the Board shall disclose such interest.
41 A disclosure of interest made as per sub-article (3) of this Article shall be made to the Chairperson of the Board of Directors of the Board who shall take such decision as he considers appropriate in each case and submit a report thereon to the Board of Directors.
51 On being appointed as a member of the Board of Directors of the Board, a person shall not engage in providing audit or assurance services, either in his own name or in the name of any other person, unless he complies with sub-article (2) of this Article.
61 No member of the Board of Directors of the Board shall engage in, or continue in, any profitable pursuit outside of the Board, unless the member discloses with specificity the nature and extent ·~f such pursuit to the Board.
71 No member of the Board of Directors or employee of the Board shall engage in or carry on any activity, which may, create or have an adverse effect on the discharge of his duties,
81 For the purpose of this Article "immediate family" means spouse, children, father and mother and siblings of the person concerned.
51. Confidentiality II Every member of the Board of Directors of the
Board, member of an advisory committee of the Board, employee of the Board, or a consultant in the service of the Board, shall, upon assumption of his office or duty, take such oath of secrecy as may be approved by the Board.
21 No person may, without the consent in wntmg given by or on behalf of the Board, publish or disclose to any unauthorized person contents of any document, communication or information which relates to, and which has come to his knowledge in the course of his duties.
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F~derBI N~gllnl G:!zea~ No 81 j'" Dec~ml>rr, 20 14 page 7';
52. Publication of Information II The Board shall periodically publish an off
bulletin that shall contain such information tha
Board may deem necessary. 21 The Board may maintain an electronic homel
and publish an e·bulletin thai shall contain:
information thai the Board may deem necessar:
31 The Board may cause to be published in its oft
bulletin, on its homepage, e-bulletin or in a (
newspap(:r, the decisions of the Appeals Hear Panel given in accordance with Article 48 or
Proclamat.ion.
53. Power to Issue Regulation and Directive II The Council of Ministers may issue regulat
necessary for the proper implementation of
Proclamation.
21 The Board may issue directives necessary f01
proper implementation of this Proclamation
regulations issued under sub-article (I) of Article.
54. Transitory Provisions
II Notwithstanding the provision of Article 56 oj
Proclamation the Board is hereby empowere prescribe the time frame for compliance
reporting entities with the provisions of
Proclamation taking into consideration
capacity and preparedness; provided, however! this time frame may not in any event exceed
years.
21Notwithstanding the provision of Article 18 o' Proclamation, any person who, immediately b,
the coming into force of this Prociamation:
a) was providing audit and assurance servic
a public interest entity. may continu provide such services for six years begil
from the closing date for submittin application for registration, if he applie
registration within six months of the ent~ force of this Proclamation notwithstru that he does not meet the requirements 1
as a public auditor set forth in
Proclamation;
b) was providing audit and assurance servil
a public interest entity, whether on his account or in partnership with other pt under a finn name, may continue to pI
such services for six years beginning fro closing date for submitting of applicatil registration, ifhe applies for regi stration
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Federal NCt!8r1l G~z~ue No 81 5" Dc:CC'mbcr. 101 4 pllge 7149
52. Publication of Information II The Board shall periodically publ ish an official
bulletin that shall contain such infonnation that the
Board may deem necessary. 21 The Boa~d may maintain an electronic homepage
and publish an e·bu l1etin that shall contain such information thaI the Board may deem necessa ry.
31 The Board may calise to be pub lished in its offic ial
bulletin. on its homepage, e·bulletin or in a daily
newspaper. the decisions of the Appeals Hearings
Panel given in accordance with Article 48 of this
Proclamation.
53. Power to Issue Regulation and Directive 1/ The Council of Ministers may issue regulations
necessary for the proper implementation .of thi s
Proclamation. 21 The Board may issue directives necessary for the
proper implementation of this Proclamation and
regulations issued under sub·anicle (1) of this
Article. 54. Transitory Provisions
I I Notwithstanding the provision of Article 56 of this Proclamation the Board is hereby empowered to
prescribe the time frame for compliance by reponing entities with the provisions of this
Proclamation taking into consideration their
capacity and preparedness; provided, however, that
this time frame may not in any event exceed five
years.
2/ Notwilhstanding the provision of Article 18 of this Proclamation, any person who, immediately before
the coming into force of lhis Proclamalion: a) was providing audit and assurance services Ie
a public interest entity, may continue tc
provide such services for six years beginnin! from the closing date for submitting 0
application for registration, if he applies fo
registration within six months of the entry inl force of thi s Proclamation notwithstandin that he does not meet the requirements to a(
as a public auditor set forth in thi
Proclamation;
b) was providing audit and assurance services 1 a public interest entity, whether on his 0\.\
account or in partnership with other persol under a firm name, may continue to provi,
such services for six years beginning from tl
closing date for submitting of application f registration. ifhe applies for registration oft
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Feden.l Negaril: Gaune No. 'I S .. December. 20 14 ..... p.age 7750
firm within six months of the entry into force of this Proclamation notwithstanding that he does not meet the requirements to operate under a firm name set forth in this Proclamation.
31 The application of a person or a firm allowed under this Article to continue providing audit and assurance services without registering in accordance with this Proclamation shall be rejected after six years, if such person or firm fails to meet the requirements for registration set forth in this Proclamation within five years from the closing date for submitting of application for registration.
55. Repeal and Inapplicable laws 11 The following are hereby repealed:
a) Sub·articles (16) and (17) of Article 5 of the Office of Federal Auditor General Establ ishrnent Proclamation No. 669/20 10; and
b) The Issuance of Certification of Professional Competence of Private Auditors and
Accountants Regulation No. 4120 I O.
21 The following may not be applicable with respect to
matters provided for in this proclamation:
a) The provisions of the 1960 commercial Code of Ethiopia pertaining to financial reporting.
b) Article 27, sub-article (2) of Article 32 and Article 34 of the Public Enterprises Proclamation No. 2511992.
c) Sub-article (8) of Article 6 of the Ethiopian
Commodity Exchange Autority Establishment Proclamation No.55112007;
d) Article 8 (a) of the Excise Tax Proclamation No.30712002;
e) Article 18, sub-article (2) of Article 22 and Article 59 of the Income Tax Proclamation No.286/2002 (as amended by Proclamation No.693120 I 0);
f) Sub-article ( I) of Article 23, sub-article (3) of article 24 and sub-article (I) of Article 26 of the Banking Business Proclamation No.591J2008;
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g) Sub-article (I) of Article 26 and sub-article (I)
of Article 30 of, the Insurance Business
Proclamation No, 746/2012; and
h) Sub-article (I) of Article 27 and sub-article (3)
of Article 29 of the National payment System
Proclamation No. 718/20 II.
31 No other law may, in so far as it is inconsistent with this Proclamation, be applicable with respect to
matters provided for by this Proclamation.
56. Effective Date
This Proclamation shall enter into force on the date of
its Publication in the Federal Negarit Gazette.
Done at Addis Ababa, this Sill day of December, 2014.
MULATU TESHOME (DR.) PRESIDENT OF THE FEDERAL
DEMOCRATIC REPUBLIC OF ETHIOPIA
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