The COBAC instruction I-2004/01 governs the aspect of the compatibility of certain activities with the mandate of auditor of a credit institution in Cameroon.
In addition to the incompatibilities and prohibitions listed in articles 378 and 697 to 700 of the OHADA Uniform Act on the law of Commercial companies and Economic Interest Groups, activities which constitute interference in the management or are of a nature to be considered as a threat to the integrity of the company are incompatible with the exercise of the mandate of statutory auditor in a credit institution activities which constitute an interference in the management or are of such a nature as to alter the independence required for expressing an opinion on the regularity and sincerity of the summary financial statements which must give a true and fair view of the result of the operations of the past financial year as well as of the financial situation and the assets of the institution at the end of the financial year. These include the following transactions, carried out directly or through an intermediary:
- Preparation of accounting entries in the context of the day to day management of the institution.
- Keeping of accounting books.
- Preparation of financial statement.
- Execution of duties relating to internal control and in particular those mentioned in articles 10 and 12 of COBAC regulation R-2001/07 relating to internal control in credit institutions.
- Update of the procedure manual mentioned in articles 18, 19, 20 and 26 of COBAC regulation R-2001/07 relating to internal control in credit institutions.
- Design, implementation and supervision of institution’s information system.
- Drafting of legal acts relating to the organization of the institution or its commitments to third parties etc.
The following activities are not incompatible with the exercise of the mandate of statutory auditor in a credit institution: activities which contribute, without interfering in the management, to forming an opinion on the fairness and accuracy of the summary financial statements, which must give a true and fair view of the results of the operations of the past financial year, and of the financial position and assets of the institution at the end of the financial year. These include the following transactions:
- Issuance of opinions on the methods of accounting for the institution’s operations.
- Issuance of opinions on the methods of valuation of the institution’s assets.
- Assistance in the preparation of the institution’s tax returns.
- Assistance or representation of the institution in its relations with the tax authorities.
- Evaluation of the information system and the internal control system of the company and its subsidiaries etc.