Find Accountancy, Audit and Tax expertise in Sierra Leone

Overview

Accountancy firms in Sierra Leone are primarily located in Freetown. The market for auditing services in the country is relatively small, due to low demand, and is dominated by the large international accounting firms. Most financial sector companies, as well as large corporations, are audited by audit firms affiliated with international networks. Not so many small and medium enterprises have their financial statements audited. The Bank of Sierra Leone is empowered to regulate financial reporting by non-bank financial institutions under the Other Financial Services Act of 2001 and regulates banks under the Banking Act of 2000. Adoption of International Financial Reporting Standards (IFRS) is advanced in Sierra Leone. All companies are required to conform and banks are starting to adopt IFRS for all their financial reporting. The World Bank Ease of Doing Business Index (2011) ranks Sierra Leone at 155 out of 183 countries with regards to resolving insolvency, with neighbouring Liberia in 158th position. In terms of strength of auditing and reporting standards, Sierra Leone scores 3.7 out of 7, below the world mean of 4.6, according to the World Economic Forum’s Global Competitiveness Report (2012-2013).

Accountancy, Audit and Tax organisations in Sierra Leone
Association of Chartered Certified Accountants of the United Kingdom
Bank of Sierra Leone
Guru Group
Institute of Chartered Accountants of Sierra Leone, The
Institute of Public Administration & Management (I.P.A.M.)
National Revenue Authority (NRA)

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