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The Role of IFAC in Developing the Accounting Profession in the Gulf Cooperation Council
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The Role of IFAC in Developing the Accounting Profession in the Gulf Cooperation Council

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Presentation on the development of professional accountancy organizations in the middle east region, given by Gabriella Kusz, IFAC Technical Manager.

Presentation on the development of professional accountancy organizations in the middle east region, given by Gabriella Kusz, IFAC Technical Manager.

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  • 1. Role of IFAC in Developing theProfession in the GCCGabriella KuszTechnical Manager,IFAC Member Body Development – Middle East RegionMuscat, OmanDecember 4-5, 2011 Page 1 | Confidential and Proprietary Information
  • 2. Overview• Introduction to IFAC• PAO Development Committee Objective and Activities• Development of Profession in the GCC – Current Status – Challenges – Success Factors• Role of IFAC in Developing the Profession in the GCC Page 2 | Confidential and Proprietary Information
  • 3. Introduction to IFAC Page 3 | Confidential and Proprietary Information
  • 4. IFAC PAO Development CommitteeObjectiveThe overall objective is to enable PAOs to be capable of:• Producing competent and capable professionals;• Furthering the adoption and implementation of international standards;• Acting as a voice for the profession; and• Assisting government, regulators and other stakeholders with sound public policy guidance and advice on accountancy related topics Page 4 | Confidential and Proprietary Information
  • 5. IFAC PAO Development CommitteeActivities• How does the PAO Development Committee achieve this objective? Through three strategic activity streams: – Developing the capacity of the accountancy profession (e.g., production of tools and guidance); – Increasing awareness building and knowledge sharing around adoption and implementation of international standards (e.g., outreach, support of mentoring); and – Engage and deepen development partnerships with the international donor community, regional organizations, and public/private sector stakeholders (e.g., facilitation of knowledge sharing). Page 5 | Confidential and Proprietary Information
  • 6. Development of the Profession in the GCCCurrent Status• Development of national-level PAOs has not matched the rapid growth of the financial sector.• STRONG desire among stakeholders to establish and strengthen PAOs – to further support growth and development.• IFAC Current/Prospective Affiliation: – Full IFAC Members: SOCPA (Saudi Arabia), KAAA (Kuwait), BAA (Bahrain) – Several PAOs working toward Associate Membership – Regional org. working toward IFAC recognition: GCCAAO Page 6 | Confidential and Proprietary Information
  • 7. Development of the Profession in the GCCChallenges 1. Lack of Awareness of the Value of Accountancy Mutually Reinforcing Challenges 2. Professional 3. Lack of Accountancy Capacity to Organization Provide Vital (PAO) Activities Weaknesses Page 7 | Confidential and Proprietary Information
  • 8. Development of the Profession in the GCCSuccess Factors• Maintain dialogue/communications with government stakeholders• Build relationships with other peer PAOs• Work with and through regional PAOs• Attend regional/international events on PAO establishment, development and strengthening• Provide communication and feedback regarding PAO development challenges/success factors to IFAC Member Body Development Staff• Work with IFAC Member Body Development Staff Page 8 | Confidential and Proprietary Information
  • 9. Role of IFAC in Developing the GCC Profession• Provision of support, guidance, and assistance to local efforts to establish, develop and strengthen the GCC Profession. – PAO Development Committee meetings in the region (2010 / 2012) – Tailored strategy for engagement in the Middle East region – MENA PAO Development Roundtable Workshop Event 2011 – Participation in key country/regional events – Outreach and provision of technical assistance – Dedicated Staff Manager supporting the development of PAOs in the Middle East region as well as Arabic language capacity – Working in coordination with the World Bank and international donor community Page 9 | Confidential and Proprietary Information
  • 10. Questions? THANK YOU! Page 10 | Confidential and Proprietary Information