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Companies in Tunisia adhere to national accounting standards called the Tunisian Accounting Standards (TASs). The World Bank, in a 2004 assessment of accounting and auditing practices in Tunisia, observed that Tunisia's Law on the Enterprise Accounting System in 1997 changed TASs dramatically, achieving greater harmonization with International Financial Reporting Standards (IFRSs). However, significant differences still exist, because some of TASs are based on an earlier version of IFRSs. Moreover, the World Bank pointed out that financial institutions and insurance companies demonstrated low compliance with TASs. It therefore recommended adopting IFRSs for all public interest entities while maintaining the use of TASs by Small and Medium-size Enterprises. The World Bank also recommended that Tunisia strengthen its legal framework and financial transparency requirements, as well as upgrade its academic and professional education and training in the field of accountancy.

ccording to the 2004 World Bank assessment (updated in 2006), Tunisia has two professional accountancy bodies that are authorized to conduct statutory audits. Originally, the Institute of Chartered Accountants (Ordre des Experts Comptables de Tunisie, or OECT) had the exclusive right to conduct audits, but this right was later extended to another professional body, the Society of Accountants. The OECT adopted International Standards on Auditing (ISAs) in 1999, effective for periods beginning in 2000. Prior to the adoption of ISAs, the OECT issued auditing standards which, according to the World Bank, were "seriously deficient." This prompted Tunisia to switch to international standards. The Society of Accountants, on the other hand, has never adopted ISAs. This has raised concerns about the quality of audits performed by this organization. The World Bank recommended all statutory audits be conducted in accordance with ISAs. It also pointed out discrepancies in the legal and regulatory framework, stressed the necessity to resolve these discrepancies, and recommended upgrading academic and professional education and training.