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Sunday, July 21, 2024
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FROB holds high-level stakeholder meeting

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By Olimatou Coker

The Financial Reporting Oversight Board (FROB) held a 3-day high-level meeting on the new public interest entities in line with its Act 2013.

Public interest entities under the FROB Act are institutions that issue equity or debt securities for public subscription, insurance companies, banks and deposit taking institutions subject to supervision by the Central Bank of The Gambia or other statutory bodies.

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Suleiman Fode Drame,  the CEO, said the establishment of FROB is a testament to  their collective commitment to enhancing transparency, accountability, and integrity in financial reporting. “This meeting is not just a formal gathering but a collaborative platform to engage, discuss, and forge pathways that will strengthen our financial reporting framework and bolster investor confidence in our market.”

“As key stakeholders in our financial ecosystem, your insights and experiences will be invaluable in shaping policies that are not only effective but also practical and relevant to our local context”.

“The successful organization of this event is a reflection of your commitment to our shared mission. I am confident that, together, we will navigate the complexities of financial reporting with integrity and excellence.”He said

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Gibou Joof, Deputy Director of Inter Audit at Pura,  said the  promulgation of the Financial Reporting Act, 2013 was a turning point, not only in the reporting of financial activities of key businesses, but also in the protection of the interest of stakeholders in those institutions.  “It is important that businesses that significantly impact society are identified and their relationship with the society properly managed for the benefit of both the businesses and those they are interacting with, that is, the society. This could be through equity or debt contribution, employment or the supply or consumption of goods and services. The identification and regulation of Public Interest Entities (PIEs) is therefore long overdue.”

Samba Sallah, the representative of the Commissioner General of GRA, said they find it difficult to enforce compliance with some of the tax laws relating to financial reporting. “All large taxpayers for instance, are obligated to file their tax returns with audited financial statements. Although most taxpayers comply with these obligations, some do not. Nevertheless, even for those who comply with this requirement, some of the audit reports submitted along with the Tax Returns, lack the minimum standard expected of an external Audit Report.”

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