The Pan African Federation of Accountants (PAFA) is the regional body that is aimed to represent African professional accountants with one voice. It is particularly in relations with the International Federation of Accountants (IFAC). The PAFA was inaugurated in Dakar, Senegal on 5 May 2011.
Inauguration of the PAFA.
The first president was elected at the inaugural meeting in Dakar, Senegal. He was Major General Sebastian Achulike Owuama. Owuama is also president of the Institute of Chartered Accountants of Nigeria and of the Association of Accountancy Bodies in West Africa. Dr. Mussa J. Assad of the National Board of Accountants and Auditors in Tanzania was named vice president. 37 Professional accountancy organizations from 35 countries are members of PAFA. It has the strong support of the World Bank and IFAC. The South African Institute of Chartered Accountants in Johannesburg hosts the PAFA Secretariat.
- Provide a forum for co-operation and assistance among African professional accountancy organizations for the further advancement of the status of the accountancy profession.
- Provide encouragement for and assistance with the formation and development of national professional accountancy organizations in Africa.
- Engage in the development and enhancement of the accountancy profession in the African continent through participation in the development and the dissemination of the standards, guidelines and other pronouncements of the International Accounting Standards Board (IASB) and the independent standard-setting boards under the auspices of the International Federation of Accountants (hereinafter referred to as “IFAC”) and the establishment and implementation of appropriate strategies and work programs.
- Promote the development of common technical, ethical and educational guidelines for the accountancy profession in Africa.
- engage national governments, regional trading and economic blocs and development organizations in the development of the accountancy profession in the African continent.
- Facilitate the development of a continental approach to accounting education and training by way of shared curricula and expertise.
- Share and exchange information and best practices on technical matters, regulatory frameworks and corporate governance principles.
- Identify and highlight challenges affecting the accounting profession in the African continent and formulate proposals towards the solution of these challenges.
- Provide African accountants with a platform for the exchange of relevant significant information on the accountancy profession.
- Work in co-operation with other organizations whose development efforts may be complementary to that of PAFA;
- Communicate with and participate in the work of IFAC and IASB boards and committees in agreed areas and liaise with other international and regional organizations.
- Influence and represent the African accountants in international accounting and other organisations.