Sierra Leone Accountability Foundation Ltd. (SLAF) is a company registered by guarantee in Sierra Leone that was established in 2008 by ICASL in the public interest.

Its primary objectives are:

1. To develop, in the public interest, a set of high quality, understandable and enforceable accounting standards that are consistent with generally acceptable global standards that require high quality, transparent and comparable information in private, public and Not For Profit financial statements and other financial reporting to help participants in the Sierra Leone’s capital markets, taxpayers and other users make economic decisions and to assess the stewardship of their funds entrusted to public or private agents;
2. To develop, in the public interest, a set of high quality, understandable and enforceable auditing and assurance standards that are consistent with generally acceptable global standards in the audits of private, public and Not For Profit entities to provide providers of funds and other stakeholders with the confidence and trust in economic relationships that is consistent with the minimum of waste in transaction costs and the optimal operating environment for sustainable economic activities;
3. To develop, in the public interest, a set of high quality, understandable and credible corporate and institutional governance standards and guidelines that are consistent with best international practice in private, public and Not For Profit entities in Sierra Leone;
4. To develop, in the public interest, any other standards and guidelines for any standard setting bodies other than CSAAG established with the approval of its members;
5. To promote the use and rigorous application of those standards and guidelines;
6. In fulfilling the objectives associated with (a), (b), (c), (d) and (e), to take account of, as appropriate, the special needs of the Sierra Leonean context; and to develop and manage such organisational structures as are necessary to encourage compliance with its standards;

Download an Overview of the structure of SLAF (pdf download).

Read or see the Memorandum and Articles of Association (M&A) of SLAF (pdf download).

The principal organs of SLAF Ltd.. are:

1. Council for Standards of Accounting, Auditing, Corporate & Institutional Governance (CSAAG).
   CSAAG is responsible for setting Standards of practice.

   An overview of CSAAG can be accessed HERE (Section E. of CS2)

   Financial Reporting Standards issued:

   • CS1 – Composite Financial Reporting Standard for Public Benefit Entities

     An Exposure Draft of CS1 was issued on 25th August 2008. The comment period expires on 25th October 2008. Download the The Exposure Draft.

   • CS2 – Composite Financial Reporting Standard for Commercial Entities.

     An Exposure Draft of CS2 was released on 8th September 2008. The comment period expires on 25th October 2008. Download the Exposure Draft.

   • Both CS1 and CS2 are intended for mandatory application for all accounting periods starting on or after 1st January 2009.
2. Audit Quality Review Unit (AQRU)

   SLAF is currently developing an Audit Quality Review Scheme that is intended for application from 1st January 2009.

   Auditing Standards issued:

   An advance working draft of CS3 – The Composite Auditing and Assurance Standard (issued 20th September 2008) can be downloaded HERE. The Exposure Draft will be formally issued on 28th September 2008. The Comment Period will expire on 25th October 2008.

3. Financial Reporting Compliance Unit (FRCU)

   The FRCU will review selected published financial reports to assess them for compliance with standards issued by CSAAG. It is expected to be operational in 2010 when the first set of CSAAG compliant financial statements will be subjected to external audit and publication.