Economic Governance and Management Chapter 4 technical resources. Mauritius needs to develop institutional and individual capacity and then reinforce it aggressively if it is to build a knowledge-based economy. Mobilising human resources is crucial to ensuring that the people take ownership of the development process and commit themselves to building a sustainable human development economy. Attracting huge FDI continuously requires an appropriate development strategy. Mauritius, however, should not surrender its autonomy to make economic decisions. 388. 4.2 Standards and codes i. Summary of the CSAR 389. Mauritius has subscribed to, and ratified, several international standards and codes. Implementing them testifies that the government intends to promote good governance and transparent management of the economy. However, the CSAR provides inadequate information. This makes it impossible to analyse the country’s level of commitment to implement and respect international norms and standards. The CSAR limits itself to a few codes Mauritius has signed or ratified within the framework of the African Union (AU) without indicating the measures Mauritius took to domesticate and enforce them. 390. 164 Mauritius, no doubt, has been addressing these old and emerging challenges through its economic governance and management system. The sections that follow analyse the way the country has tackled, and continues to tackle, those challenges. They also analyse its achievements and make recommendations to assist Mauritius on the way forward. Moreover, the CSAR provides no information on the following nine instruments: • • • • • • • The Revised Code of Good Practices on Fiscal Transparency and the OECD Best Practices for Budget Transparency. The Guidelines for Public Debt Management. The International Standards in Auditing (ISA) and the International Accounting Standards (IAS). The Code of Good Practices on Transparency in Monetary and Financial Policies. The Core Principles for Systemically Important Payment Systems. The Core Principles for Effective Banking Supervision. The Core Principles for Securities and Insurance Supervision and Regulation. Chapter 4 • • Economic Governance and Management The treaties, conventions and protocols of the Southern African Development Community (SADC). The conventions and protocols of the Common Market for Eastern and Southern Africa (COMESA). ii. Findings of the CRM 391. The CRM observed that some partners, like the EU, the International Monetary Fund (IMF) and the World Bank, have evaluated most of the standards and codes adopted for introducing good governance in the financial sector and in the area of public financial management. Accounting and auditing standards 392. The International Accounting Standards Board (IASB) is the body responsible for developing accounting and auditing standards. 393. The CRM was informed that private- and state-owned enterprises (SOEs) have aligned their accounts to IAS and ISA in accordance with requirements. The country also aligned its accounting, control standards and practices to the standards of the International Organization of Supreme Audit Institutions (IN-TOSAI) and to the International Financial Reporting Standards (IFRS) issued by the International Federation of Accountants (IFAC) in 2007. Table 4.1: Status of signature and ratification of standards and codes Standards and codes Signature or subscription Constitutive Act of the AU (2000) Ratification Internalisation April 2001 No date African Peer Review Mechanism (APRM) exercise New Partnership for Africa’s Development (NEPAD) Framework Document (2001) Automatic subscription since October 2001 Automatic subscription since October 2001 Revised Code of Good Practices on Fiscal Transparency and Best Practices for Budget Transparency Public Expenditure and Financial Accountability (PEFA) Report of June 2007 PEFA report on Mauritius Guidelines for Public Debt Management Public Debt Management Act, 2008 165