MOSAIC Steering Committee Meeting: IFAC, An Overview

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Presentation given by Russell Guthrie from the International Federation of Accountants at the Steering Committee meeting for MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration), Jaipur, India, February 2012.

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  • Global organization for the accountancy professionComprised of 167 Members and Associates in 127 countriesMembers and Associates are Professional Accountancy OrganizationsRepresents 2,5 millions accountants in public practice, business, government, and academiaOne thing we have learned – different ways to effectively organize the profession, different legislative frameworks, different stakeholder expectations and capacity – we have a developed a global framework
  • Going to focus on Compliance Program and PAO Development specifically.
  • The Member Body Development team includesseventechnical staff who support both the Compliance Program and PAO Development Committeestrategy. Theyholdregional portfolios in Africa, Americas and Caribbean, AsiaAustralasia-Oceania, Middle East and Europe and Central Asia.Combined, the staff has proficiency in six languagesincludingArabic, French and Spanish.
  • The staff holdregional portfolios covering Africa, Americas and Caribbean, AsiaAustralasia-Oceania, Middle East; and Europe and Central Asia. Combined, they have proficiency in six languagesincludingArabic, French and Spanish.
  • Can be used as a basis for identifying donor collaboration / mentoring opportunities!
  • Program and Compliance Advisory Panel (CAP) launched in 2004 as part of IFAC reforms. PIOB Oversight – Observers at CAP meetings since 2007Established the 7 Statements of Membership Obligations (SMOs) which serve as the Program’s basis and provide benchmarks for PAOsEncourage continuous improvement and developmentEvaluate the extent to which members are meeting the SMO requirementsAssist members in adopting and implementing international standards and best practicesDemonstrate progress being madePromote transparency through publication of responses on the IFAC website. IFAC’s 167 members and associates are required to participate in the Compliance Program to demonstrate that they are maintaining their good standing and addressing the requirements of IFAC membership. Through the Compliance Program IFAC gathers and publishes a great deal of information relating to the work of its member bodies around the world and the developments within national professions. This information can be leveraged by donors, regional bodies, regulators and indeed mentors interested in development of the profession.
  • How does the PAO Development Committee achieve this objective? Through three strategic activity streams:Developing the capacity of the accountancy profession to produce high-quality financial information and sound financial management systems capable of supporting financial stability, economic growth, and social progress. The Committee produces tools and guidance and conducts technical assistance to facilitate capacity development at both the national and regional levels. Increasing awareness building and knowledge sharing around adoption and implementation of international standards. The Committee works to enhance the understanding of the importance that IFAC, PAOs, regional organizations and accountancy groupings, and the donor community play in international development. It also encourages and supports the mentoring of PAOs in developing and emerging economies by regional organizations, accountancy groupings, and more developed bodies. Engage and deepen development partnerships with the international donor community, regional organizations, and public/private sector stakeholders. The Committee shares resources, knowledge, and experience, and deliver guidance, advice, and assistance in an efficient and effective manner.
  • The Committee’s ongoing activities:Supporting implementation of MOSAICDevelopment and implementation of regional strategies Coordination of activities with ROs/AGsOutreach to support national PAOsInput into Mentoring Program
  • MOSAIC Steering Committee Meeting: IFAC, An Overview

    1. 1. IFAC: An OverviewRussell GuthrieExecutive Director, Quality andMember Relations, IFACMOSAIC Steering Committee MeetingJaipur, IndiaFebruary 2012 Page 1 | Confidential and Proprietary Information
    2. 2. IFAC – Current Membership Coverage Page 2 | Confidential and Proprietary Information
    3. 3. What Does IFAC Do?• Serves the public interest• Establishes and promotes adherence to high quality professional standards and furthers their adoption and implementation of such standards• Supports the global development of the accountancy profession, professional accountants in business and small and medium practices• Shares in the regulation of the profession• Speaks out on public interest issues where the profession’s voice is most relevant Page 3 | Confidential and Proprietary Information
    4. 4. An Overview of IFAC IFAC Structure, Oversight, and ConsultationKEYACCOUNTABILITYOVERSIGHTCONSULTATION/ADVICE Monitoring IFAC Group COUNCIL Public Audit Nominating Interest Committee Committee Oversight Board IFAC IFAC Regulatory BOARD Liaison Group Planning and Finance Committee Forum Consultative Consultative Consultative Consultative of Firms Advisory Advisory Advisory Advisory Group Group Group Group Professional Professional Small and International International International International Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector Auditors Organization in Business Practices Advisory Panel Assurance Education Standards Accounting Committee Development Committee Committee Standards Standards Board for Standards Committee Board Board Accountants Board Page 4 | Confidential and Proprietary Information
    5. 5. IFAC Capacity Development Our journey begins in February 2004 Page 5 | Confidential and Proprietary Information
    6. 6. Member Body Development CAP/ PAO Compliance Development Program Committee Member Body Development Team Page 6 | Confidential and Proprietary Information
    7. 7. Member Body Development Team• Russell Guthrie – Development/PAODC• Sylvia Tsen – Quality/CAP• Szymon Radziszewicz – Team Leader• Thomas Zimmerman/Darlene Nzorubara – West Europe and Africa• Joseph Bryson – Latin America and Caribbean• Daria Koukhar – North/Cent/East Europe and Central Asia• Gabriella Kusz – Southern Europe and Middle East• Marta Russell – Asia - Pacific Page 7 | Confidential and Proprietary Information
    8. 8. Compliance Program: Purpose• Encourage continuous improvement and development• Evaluate the extent to which members are meeting the SMO requirements• Advise PAOs and other stakeholders in adopting and implementing international standards and best practices• Demonstrate progress being made• Promote transparency through publication of responses on the IFAC website Page 8 | Confidential and Proprietary Information
    9. 9. Focus on the Compliance Program7 Statements of Membership Obligations SMO1 Quality Assurance SMO2 International Education Standards SMO3 International Standards on Auditing SMO4 International Code of Ethics SMO5 International Public Sector Accounting Standards SMO6 Investigation and Discipline SMO7 International Financial Reporting Standards Page 9 | Confidential and Proprietary Information
    10. 10. Compliance Program Self -Assessment Overview of national Benchmarking against the 7 regulatory and standard- SMOs setting framework Action Plan Strategic document illustrating a PAOs progress toward, or continued compliance with, SMO requirements Page 10 | Confidential and Proprietary Information
    11. 11. The PAO Development CommitteeThe 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 private and public sector accountancy related topics Page 11 | Confidential and Proprietary Information
    12. 12. The PAO Development Committee Developing the capacity of the accountancy profession Increasing awareness building and knowledge sharing around adoption and implementation of international standards Engaging and deepening development partnerships with the international donor community, regional organizations, and public/private sector stakeholders Page 12 | Confidential and Proprietary Information
    13. 13. The PAO Development Committee Regional Implementation Support of PAFA launch ADVANCE Initiative IO Collaboration Joint PAO workshop with CAPA in Vietnam Ambassadors Key issues discussion at PAODC meeting Regional Collaboration Mentoring Baltic/CIS States standard- setter event CReCER Page 13 | Confidential and Proprietary Information
    14. 14. Mentoring Insights Workshop – February 17, 2012• Attended by representatives of 25 PAOs/ROs/AGs currently providing or interested in mentoring• Objectives – Raise awareness of responsibilities and successes of mentoring for capacity development – Obtain further input for development of Mentoring Guidelines/Toolkit• Panel Discussion with 3 developing PAOs – Benin – Kosovo – Mongolia Page 14 | Confidential and Proprietary Information
    15. 15. Where we are today• Established technical architecture for PAOs – SMOs – Action Plans• Clear strategic commitment to development of the profession – PAODC• Engagement with Donor Community – MOSAIC Page 15 | Confidential and Proprietary Information
    16. 16. Mutual Interests - But more to be done Private Public Sector SectorDonors √ √ IFAC √ √ Page 16 | Confidential and Proprietary Information
    17. 17. MOSAIC – The opportunities• MoU represents an achievement for mutual understanding and future cooperation• Accountancy profession has proven it can be a effective development partner• IFAC and the wider accountancy profession are prepared, with your support, to take the important next steps Page 17 | Confidential and Proprietary Information
    18. 18. Thank You Page 18 | Confidential and Proprietary Information

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