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2nd Annual Africa Congress of Accountants

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IFAC President, Warren Allen, was in Accra, Ghana May 16, 2013 addressing the 2nd Annual Africa Congress of Accountants

IFAC President, Warren Allen, was in Accra, Ghana May 16, 2013 addressing the 2nd Annual Africa Congress of Accountants

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  • 1. “Governance and Accountability in Africa”Warren Allen, PresidentInternational Federation of AccountantsMay 16, 2013Accra, Ghana2nd AnnualAfrica Congress of Accountants
  • 2. • IFAC overview and vision• Independent standard-setting boards• Public sector financial managementreform• Developing Africa’s PAOs• Financial Reporting Supply Chain• Importance of integration• Accountancy as a profession• ConclusionAgenda
  • 3. International Federation of Accountants
  • 4. “That the global accountancyprofession be recognized as a valuedleader in the development of strong andsustainable organizations, financialmarkets and economies.”IFAC Vision
  • 5. • The International Public Sector AccountingStandards Board (IPSASB)• The International Auditing and AssuranceStandards Board (IAASB)• The International Ethics Standards Board forAccountants (IESBA)• The International Accounting EducationStandards Board (IAESB)Independent Standard-Setting Boards
  • 6. “(T)he sheer symbolism of embracingIPSAS and taking steps to implementthem at a time when more advancedcountries are peering doubtfully at itthrough the window must becelebrated for whatever it is worth.”- Sylva Okolieaboh, assistant director and GIFMISPFM team leader, in Public Finance InternationalPublic Sector Financial Management Reform
  • 7. • IFAC’s PAO Development Committee:• Raises awareness of accountancy;• Brings attention to the need for a formalprofession; and• Highlights the economic and social benefits thata formal profession can bring• Essential to achieving the desired levels oftransparency and accountability• Prerequisite to attracting required level of businessinvestment, whether local or foreignDeveloping Africa’s PAOs
  • 8. Financial Reporting Supply Chain• Preparing, publishing, analyzing, and using financialreporting involves a complex arrangement of:– Participants– Standards– Mandated/voluntary requirements– Behaviors– Interactions
  • 9. “I have no use for bodyguards, but Ihave very specific use for two highlytrained certified public accountants.”- Elvis PresleyAccountancy as a Profession
  • 10. “We must ensure that theglobal market is embeddedin broadly shared valuesand practices that reflectglobal social needs, andthat all the worlds peopleshare the benefits ofglobalization.”- Kofi AnnanImportance of Integration
  • 11. www.ifac.org