Illegal accountancy practice carries up to five years in prison
By the AFREEQUE newsroom, based on Midi Madagasikara
Madagascar’s Order of Chartered Accountants and Financial Experts recalls that illegally practising the profession is an offence punishable by two to five years in prison and a fine of 1 to 10 million ariary. The sanctions also apply to title impersonation, according to the Order.
The Order of Chartered Accountants and Financial Experts of Madagascar (OECFM) recalls that illegally practising the profession or impersonating the title of chartered accountant and financial expert is an offence punishable by two to five years in prison and a fine of 1 to 10 million ariary, or either of these two penalties, according to the legislation recalled by the Order.
The OECFM is targeting in particular unauthorised external service providers who offer accounting services to several clients. It points out that mastery of accounting software, professional experience or ownership of a firm do not replace registration with the Order. Suspended or struck-off professionals who do not comply with decisions by the Disciplinary Chamber are also subject to sanctions.
The Order also recalls that accounting auditing that allows an opinion to be given on the fairness and regularity of financial statements falls within its remit, while statutory auditing of companies is reserved, except for exceptions provided for by law, for professionals registered on Table A of the OECFM.
