| Abbreviation | OECT |
|---|---|
| Formation | 1983 |
| Headquarters | Tunis, Tunisia |
Region | Tunisia |
Official language | French, Arabic |
President | Mohamed Néji Hergli |
| Website | www |
The Ordre des Experts Comptables de Tunisie (Institute of Chartered Accountants of Tunisia) or OECT is a professional association of accountants in Tunisia. It was created in 1983 and placed under the Ministry of Finance. [1]
Tunisia, officially the Republic of Tunisia, is a country in the Maghreb region of North Africa, covering 163,610 square kilometres. Its northernmost point, Cape Angela, is the northernmost point on the African continent. It is bordered by Algeria to the west and southwest, Libya to the southeast, and the Mediterranean Sea to the north and east. Tunisia's population was 11.435 million in 2017. Tunisia's name is derived from its capital city, Tunis, which is located on its northeast coast.
The OECT is responsible for ensuring the normal functioning of the accountancy industry, for ensuring that members respect all relevant rules and obligations and for defending the honor and independence of the profession. [1] The institute is a member of the International Federation of Accountants (IFAC) and of the International Federation of Francophone Accountants (FIDEF). [2] [3]
The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has more than 175 members and associates in more than 130 countries and jurisdictions, representing nearly 3 million accountants employed in public practice, industry and commerce, government, and academe. The organization supports the development, adoption and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business and small and medium accounting practices.
The International Federation of Francophone Accountants is an organization that promotes exchange and cooperation between accountants in the French-speaking community. As of 2015 the organization had 31 full members and 16 associate members in 36 countries, representing 100,000 accounting professionals.
The institute participated in the national campaign for creation and development of SMEs, which was launched in April 2005 by the Ministry of Industry, Energy and SMEs. [4] In May 2007 the institute and FIDEF held a major meeting to discuss the implications and costs involved in moving to the International Financial Reporting Standards (IFRS) for SMEs standard of accounting. [5] In October 2009, in response to the late-2000s financial crisis, the OECT held a seminar to discuss banking ethics with the assistance of the Central Bank of Tunisia (BCT) and the Professional Association of Tunisian banks and financial institutions (APTBEF). The objective was to raise awareness of this vital subject and reduce risks. [6]
International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external. IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm. IAS 2 is related to inventories in this standard we talk about the stock its production process etc IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonization has occurred. Standards that were issued by IASC are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards".
The Central Bank of Tunisia is the central bank of Tunisia. The bank is located in Tunis and its current governor is Marouane Abassi, who replaced Chedly Ayari on 16 February 2018.
The board of the OECT repeatedly raised concerns about the conduct of members of the Committee of State Auditors, both before and after the Tunisian revolution. On 3 June 2011 a group of 50 accountants filed a complaint of corruption by this body with the high court. [7] Following the confiscation of more than 287 companies belonging to the Ben Ali / Trabelsi clan, in June 2011 the institute held a press conference calling for resolution of the legal status of these companies, which employed about 15,000 people and held investments in many of Tunisia's largest companies. [8]
Zine El Abidine Ben Ali, commonly known as Ben Ali, is a Tunisian former politician who served as President of Tunisia from 1987 until his ousting in 2011. Ben Ali was appointed Prime Minister in October 1987, and he assumed the Presidency on 7 November 1987 in a bloodless coup d'état that ousted President Habib Bourguiba, who was declared incompetent. Ben Ali was subsequently reelected with enormous majorities, each time exceeding 90% of the vote; the final re-election was on 25 October 2009.
Leïla Ben Ali is the wife of Zine El Abidine Ben Ali, who was President of Tunisia from 1987 to 2011. She married Ben Ali in 1992.
