The Value of the ROSC A&A Program and Accountancy Development for Results


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Presentation from Samia Msadek, Manager, Financial Management,
East Asia and Pacific Region, The World Bank, showcasing the available tools and diagnostics that support strengthening and development of professional accountancy organizations
(PAOs) through the World Bank Reports on the Observance of Standards and Codes (ROSC).

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  • Lending projects: few stand-alone (Azerbaijan, Bangladesh, China) Financial sector/private sector development projects (Mozambique, Tanzania, Uruguay, Mongolia)
  • The Value of the ROSC A&A Program and Accountancy Development for Results

    1. 1. The Value of the ROSC A&A Program and Accountancy Development for Results Realizing the Power of PAOs Hanoi, 17 August 2012 Samia Msadek, Manager, Financial Management, East Asia and Pacific Region, The World Bank
    2. 2. Professional accountancy development:Why is the World Bank involved?Accountancy Development an essential pillarto poverty alleviation and economicgrowth…The world needs reliable financialinformation Private sector development : Investment climate, Capital market development and Financial sector stability Public sector governance: transparency, financial accountability, proper use of public funds and fight against corruption 2
    3. 3. Sustainable growth Employment generation Improved business environment and investment climateFinancial Financial Improved Improved governance and sector sector access to accountabilitystability development credit Financial sector Capital markets Tax & statistics regulators and General public & investors authorities banks Reliable, transparent and comparable financial information Strong professional accountancy
    4. 4. Professional accountancy development:How is the World Bank involved? Diagnostic and Regional Initiatives analytical work (ROSC (Vienna Centre, A&A, publications) CReCER, Singapore) ADR Knowledge Sharing (CoP, global and Technical Assistance regional conferences, GDLN) 4
    5. 5. Reports on the Observance of Standards andCodes - Accounting and Auditing (ROSC A&A)  WB-IMF initiative since 2001  Over 120 ROSC A&A reports conducted around the world  Aim is twofold:  Provide a snapshot of where the country stands on its path toward developing a high-quality CFR framework (one chapter deals with the accounting profession, specifically); and  Assist in developing programs to carry out CFR reform and build capacity to apply international standards (IFRS and ISA)  Forms the basis of engagement with country and 5 initiation of policy dialogue, technical assistance, and
    6. 6. World Bank technical assistance by theme Standard Setting PAO Development Legal Framework CAPAccountingEducation M&E 0 10 20 30 40 50 6 * cross-cutting projects may be categorized inmore than one theme
    7. 7. ADR at work: some examples East Asia-Pacific Europe and Central Asia • TA in Western Balkans and Moldova • Twinning in Cambodia (REPARIS) • GDLN series on IFRS • CoP in Accounting Education, Financial • TA in Reporting, Auditing, and Financial Sector China, Indonesia, Lao Supervision PDR, Mongolia, Philippines, • Twinning in Serbia Thailand, and Vietnam • Events in Bosnia & Herzegovina and North (strengthen PAO, enhance Middle-East, capacity in A&A, strengthen Kosovo Africa M&E of requirements) • TA in South AsiaLatin Egypt, Jordan, Lebanon, • TA in Sri Lanka toAmerica/Caribbean West Bank-Gaza, Yemen strengthen independent• CReCER conferences to strengthen A&A audit regulator(2007-2011) • CAP in Morocco • Twinning in Africa Bangladesh• CReCER CoP • Twinning in• TA Accounting Botswana, MozambiquEducation in Central e, Malawi, andAmerica Rwanda • ROSC A&A Roundtable Conference (2010) in Addis Ababa
    8. 8. Going forward: raising our game More change agents … more leaders… preparing the future & our 2030 strategy Reinventing vs restructuring : 5 elements : the purpose - incentives – power structure – accountability – culture Creating an increase of efficiency, effectiveness, adaptability, and capacity to innovate 8