There is room to appeal for audit firms that are currently facing sanctions over failing to attain the necessary audit quality, The New Times has established.

A total of 23 firms risk a six-month suspension, following an audit quality assurance test that found cases of non-compliance with the auditing standards on fundamental and basic audit procedures.

Speaking to The New Times in an exclusive interview, Amin Mirimago, Chief Executive at Institute of Certified Public Account of Rwanda, also the country’s accountancy watchdog, said that the results were not "final,” adding that disciplinary action is ongoing.

"Disciplinary action is ongoing, it is a preliminary list and the final list will be published mid next month.”

Mirimago said that ICPAR’s disciplinary proceedings are required by law to be kept confidential, until the final decision.

"We also allow for appealing the decision, and we have so far received a number of them.”

Pressed for details, he reiterated that each firm will be handled "case by case.”

"The impact is irreversible really, that is why we are looking to avoid similar situations in the future,” he added.

Mirimago did not disclose the number of firms that appealed.

However, he said that this year’s numbers were alarming, given that only eight firms were sanctioned in the previous assessment.

Rwanda’s accountancy profession was born around 2008 when the law establishing ICPAR was promulgated. After only about 12 years, the profession has made tremendous milestones.

For instance, in 2009, the initial members who registered with ICPAR were around 98, but as of 2020, the institute counted up to 700 members.

In 2012, ICPAR had about 165 students when it was starting the Certified Public Accounting (CPA) and Certified Accounting Technician (CAT) programs, and by 2020, the institute boasted about 4,500 students.

An economy like Rwanda, according to him, needs around 10,000 certified public accountants and certified accounting technicians.