33 C
City of Banjul
Tuesday, September 22, 2020

GAA holds AGM, defers election

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Speaking at the event, vice president Baboucarr Khan, said the GAA had registered milestones in the development of the accountancy profession in the country.

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He stated: “In the face of rapid changes and complexities in the modern financial, accounting, regulatory, reporting and ethical issues facing the business leaders, government, non-governmental organisations and the multi-lateral donor communities, there is a need to ensure our members are suitably qualified, knowledgeable, experienced and well-respected as creators, enablers, preservers and reporters of value, all of which are anchored on the principles of performance and conformance. 

“These are critical contributions that members of the accountancy profession make worldwide, cutting across all economic sectors and The Gambia is no exception. We have seen an increase in the number of paying members of accountants compared to the past four years, currently standing at 114. You will agree with me that this number is way too low. I am quite sure we are missing colleagues who are qualified but for one reason or the other have not made the move to register with the association.”

Khan called on professional accountants to register with the association. He warned that once the Financial Reporting Act of 2013, which has been enacted, is gazetted, non-registered accountants will not have operating licences. 

“This Act has given rise to the establishment of the Gambia Institute of Chartered Accountants, GICA, and a council. This Act represents the biggest transformation of our profession in our history. GICA under the Act will be governed by Financial Reporting Oversight Board and an accountants’ council. The institute will be responsible for registering members who qualify as chartered accountants as well as students pursuing professional accountancy training, practising auditors, issue practising certificates, conducting national professional qualification examinations, establishing a code of professional conduct and ethics including disciplinary procedures and carrying out research on issues affecting the profession.”

Also speaking, Lamin Njie, treasurer of the association, reported that the financial position of GAA had improved over the past four years.

“The collection of subscriptions which is the principal source of revenue for this association has increased to D718,500 in 2013. In 2012, we collected D462,787. In 2011, we collected D350, 627. And in 2010, we collected D324,850. There is a steady increase in the subscription of the members for the association. This trend was mirrored into surplus of income over expenditure of D313,684, D142,187, D84,641, and D1, 873,674 for the financial years 2013, 2012, 2011, and 2010, respectively.

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