ICAC 30th Caribbean Conference of Accountants

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Presentation by Warren Allen Deputy President of the International Federation of Accountants, to the Institute of Chartered Accountants of the Caribbean (ICAC)'s 30th Caribbean Conference of Accountants on June 22, 2012. The presentation discusses IFAC, the partnership between IFAC and ICAC, and challenges facing the accountancy profession globally.

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ICAC 30th Caribbean Conference of Accountants

  1. 1. ICAC 30th CaribbeanConference of AccountantsWarren Allen, Deputy PresidentInternational Federation of AccountantsJune 22, 2012Antigua & Barbuda
  2. 2. The International Federation of Accountants • The global organization of the accountancy profession • Approximately 2.5 million accountants in public practice, education, government services, industry, and commerce, in 127 countries • Supports four independent standard-setting boards – Audit and assurance – Ethics – Education – Public sector accounting
  3. 3. The International Federation of Accountants• IFAC has three constituency-focused committees: – Professional Accountancy Organization (PAO) Development Committee – Professional Accountants in Business (PAIB) Committee – Small and Medium Practices (SMP) Committee• IFAC has a Compliance Advisory Panel Responsible for admission of new Member Bodies (MB) Responsible to ensure MBs comply with Statements of Membership Obligations (SMOs) Currently revising SMOs
  4. 4. IFAC Vision• That the global accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets and economies.
  5. 5. IFAC MissionTo serve the public interest by:• Contributing to the development, adoption and implementation of high-quality international standards and guidance;• Contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants;• Promoting the value of professional accountants worldwide;• Speaking out on public interest issues where the accountancy profession’s expertise is most relevant.
  6. 6. Partnering with ICAC• ICAC has raised its profile and contribution at the international level and is building strategic relationships: – Recognized by IFAC as an ―Acknowledged Accountancy Grouping‖ (2006) – Joined the Caribbean Association of Industry and Commerce (2008)• Recent Collaborative Activities by ICAC: – IFAC’s Chief Executives Strategic Forum, New York, NY (2011 and 2012) – First Congress of the Pan African Federation of Accountants (PAFA), Kenya, (November 2011) – IFAC Council Meeting, Berlin, Germany (November 2011) – IFAC Consultative Meeting of Regional Organizations (RO) and Acknowledged Accountancy Groupings (AG), Berlin, Germany (November 2011)
  7. 7. The Accountancy Profession• Challenges We Face Today – There are doubts, particularly aimed at the audit profession, stemming from the recent financial crisis, which not only entangled the United States but nations far beyond – The crisis deeply affected—with differing intensities—the entire world – In this post-financial crisis world, many professions and industries are now under a microscope – We must take a lead, proactively face and overcome these challenges
  8. 8. The Accountancy Profession• Challenges We Face Today – As professional accountants, we should welcome scrutiny because it prompts us to remember that trust needs to be continuously earned – There is a global shortage of professional accountants - economic growth in many countries is seriously impeded by this – ICAC sets an example with its commitment to upholding and promoting the fundamental values of the accountancy profession - truth and fairness, integrity, justice and prosperity – ICAC’s motto - Veritas et Viritus (Truth and Virtue) resonates in today’s business environment
  9. 9. The Accountancy Profession• Accountants play key roles: – Providing insights into business, the economy, risks – Acting as gatekeepers against corruption – Serving as trusted advisors to SMEs• PAOs are vital to the profession, providing: – Recruitment, certification and training – Ethics and investigation – Dialogue/communications with government stakeholders• Regional Organizations like ICAC offer solutions: – Quality assurance and monitoring programs – Mentoring partnerships – Cohesion and self-regulation
  10. 10. Critical Actions• Adoption and implementation of international standards strengthens regional and global economies by: – Promoting more efficient markets – Reducing economic uncertainty – Enhancing international financial stability – Strengthening economic growth and development in emerging economies – Increasing Foreign Direct Investment (FDI) – Aiding the growth and development of small- and medium-sized entities, key drivers of economic growth
  11. 11. Critical Actions• Regulatory convergence• Reporting and risk management• Public sector reporting and financial management reform• Emerging economies• SMEs and PAIBs – SMEs are the ―engines of economies‖ – PAIBs drive ―sustainable success‖
  12. 12. Looking Ahead• PAOs make a difference in the donor community because they: – Increase the reliability of partner country systems – Strengthen the systems of monitoring and evaluation – Support sound donor decision-making• Professionals should be members of their respective PAO – PAOs provide strong value proposition – Governments prefer dealing with "all-inclusive" PAOs – Excellent avenue to volunteer expertise for benefit of public interest• ICAC’s success is due to its forward-looking leaders and active and engaged PAOs
  13. 13. Looking Ahead• In the 24 years since ICAC’s formation, accountancy and business have undergone dramatic changes• IFAC stands ready to assist ICAC with new challenges – Greater interest in environmental, social and governance (ESG) factors – Integration of ESG factors into investment decision-making processes• Together, IFAC, ICAC and the Caribbean accountancy profession will help write the next quarter-century of business history for the region and beyond
  14. 14. www.ifac.org

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