Unearthing the Power of Professional Accountancy Organizations (PAOs) - Presentation to the Board of Directors Kuwaiti Association of Accountants and Auditors (KAAA)
Presentation by Gabriella Kusz, IFAC Technical Manager, to the Board of Directors of the Kuwait Association of Accountants and Auditors in February 2012. The presentation explains the connection between strong professional accountancy organizations and a strong, stable economy and IFAC's activities to support organizations and the global economy.
Presentation on current strategic initiatives and objectives of the International Federation of Accountants (IFAC) by Gabriella Kusz, IFAC Senior Technical Manager, at the United Nations Conference on Trade and Development (UCTAD) and its International Standards of Accounting and Reporting (ISAR) conference on accounting standards, corporate transparency, and developing countries, given on November 2, 2012.
Presentation given by Manuel Sánchez y Madrid, Chair of the IFAC Compliance Advisory Panel, and Russell Guthrie, IFAC Executive Director, Quality and Member Relations, at the International Organization of Securities Commissions (IOSCO) Technical Committee Meeting in March 2012.
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.
The document discusses the International Federation of Accountants (IFAC), which sets standards for accounting and auditing globally. IFAC works to strengthen professional standards and practices through standard-setting boards. It also advocates for adoption of accrual-based International Public Sector Accounting Standards to improve transparency and protect investors. Recent initiatives include enhancing auditor reporting and developing ethics standards for responding to illegal acts.
IFAC is the global organization for the accounting profession with 167 member organizations representing over 2.5 million accountants. Its mission is to serve the public interest by contributing to the development of high-quality international standards, strengthening professional accountancy organizations, and promoting the expertise of professional accountants. IFAC has close relationships with other standard-setting organizations like the IAA to facilitate regulatory convergence and development of consistent standards. It oversees several standard-setting boards that develop auditing, education, ethics, and other standards used by its members.
Afri map submission project for streamlining and fast tracking the implementa...Dr Lendy Spires
The document discusses proposed revisions to the African Peer Review Mechanism (APRM) methodology and processes. It notes delays in appointing new members to the panel of eminent persons and the executive secretary. It provides recommendations to strengthen the APRM, including publishing criteria for appointments, clarifying roles for national focal points and governing councils, ensuring research institute independence, and exploring involvement of other countries' officials in peer reviews. It calls for revising the assessment questionnaire to address manageability issues while adding questions on important uncovered issues.
The document discusses challenges faced by the Lebanese Association of Certified Public Accountants (LACPA) in meeting international ethics standards. It outlines LACPA's code of ethics and efforts to align it with the International Federation of Accountants (IFAC) code. However, some Lebanese laws conflict with ensuring auditor independence. LACPA works to amend these laws and build public trust in the audit profession through outreach, training programs, and cooperation with regulatory bodies. While progress has been made, continued efforts are needed to fully comply with global standards.
Presentation on current strategic initiatives and objectives of the International Federation of Accountants (IFAC) by Gabriella Kusz, IFAC Senior Technical Manager, at the United Nations Conference on Trade and Development (UCTAD) and its International Standards of Accounting and Reporting (ISAR) conference on accounting standards, corporate transparency, and developing countries, given on November 2, 2012.
Presentation given by Manuel Sánchez y Madrid, Chair of the IFAC Compliance Advisory Panel, and Russell Guthrie, IFAC Executive Director, Quality and Member Relations, at the International Organization of Securities Commissions (IOSCO) Technical Committee Meeting in March 2012.
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.
The document discusses the International Federation of Accountants (IFAC), which sets standards for accounting and auditing globally. IFAC works to strengthen professional standards and practices through standard-setting boards. It also advocates for adoption of accrual-based International Public Sector Accounting Standards to improve transparency and protect investors. Recent initiatives include enhancing auditor reporting and developing ethics standards for responding to illegal acts.
IFAC is the global organization for the accounting profession with 167 member organizations representing over 2.5 million accountants. Its mission is to serve the public interest by contributing to the development of high-quality international standards, strengthening professional accountancy organizations, and promoting the expertise of professional accountants. IFAC has close relationships with other standard-setting organizations like the IAA to facilitate regulatory convergence and development of consistent standards. It oversees several standard-setting boards that develop auditing, education, ethics, and other standards used by its members.
Afri map submission project for streamlining and fast tracking the implementa...Dr Lendy Spires
The document discusses proposed revisions to the African Peer Review Mechanism (APRM) methodology and processes. It notes delays in appointing new members to the panel of eminent persons and the executive secretary. It provides recommendations to strengthen the APRM, including publishing criteria for appointments, clarifying roles for national focal points and governing councils, ensuring research institute independence, and exploring involvement of other countries' officials in peer reviews. It calls for revising the assessment questionnaire to address manageability issues while adding questions on important uncovered issues.
The document discusses challenges faced by the Lebanese Association of Certified Public Accountants (LACPA) in meeting international ethics standards. It outlines LACPA's code of ethics and efforts to align it with the International Federation of Accountants (IFAC) code. However, some Lebanese laws conflict with ensuring auditor independence. LACPA works to amend these laws and build public trust in the audit profession through outreach, training programs, and cooperation with regulatory bodies. While progress has been made, continued efforts are needed to fully comply with global standards.
17 hallstrom franzel_public sector auditing structure and standards_engOwais Ahmed
This document discusses the structure and goals of government auditing standards as established by the International Organization of Supreme Audit Institutions (INTOSAI). It outlines the four levels of INTOSAI standards, including the Lima Declaration, Code of Ethics, Auditing Standards, and guidance materials. It also describes INTOSAI's collaboration with the International Auditing and Assurance Standards Board to develop financial audit guidelines that incorporate public sector considerations into international standards.
The Publish What You Pay movement began in the early 2000s to advocate for transparency in payments made by oil, gas, and mining companies to governments. It has grown into a global coalition of over 650 civil society organizations campaigning for disclosure. The movement calls for mandatory reporting rules to ensure consistent and comprehensive disclosure, as voluntary initiatives like EITI have limitations. Laws like Section 1504 of the Dodd-Frank Act in the US represent progress, but international accounting standards and agreements are still needed to achieve full transparency worldwide.
The Institute of Chartered Accountants of India (ICAI) was established in 1949 under the Chartered Accountants Act to regulate the profession of accountancy and provide education and training for chartered accountants; ICAI has over 150,000 members and 520,000 students and works to maintain accounting standards, provide continuing education and engage in other professional development activities; ICAI also aims to align Indian accounting standards with international standards and play an advisory role to the Indian government on financial and economic policy matters.
The document discusses international developments in auditing practices in different regions. In the UK, the Auditing Practices Board was established in 1991 to strengthen auditing processes and standards following some audit failures. In the US, the Sarbanes-Oxley Act of 2002 led to the creation of the Public Company Accounting Oversight Board to regulate auditors and restore investor confidence. For countries in the Southern African Development Community region, the Eastern, Central and Southern African Federation of Accountants aims to harmonize auditing and accounting standards to support public financial management and economic development across the region.
This document discusses a Deloitte webcast on private equity trends in China presented by three Deloitte partners. It provides an agenda that will discuss recent PE/VC activity in China, investment prospects in China's seven new strategic sectors, future fund of funds opportunities, and a question and answer segment. Participant information provided during the webcast may be used by Deloitte for publications, studies and services.
The Compensation Committee is responsible for assisting the Board of Directors of AutoNation, Inc. in overseeing executive compensation. The Committee reviews compensation for directors and officers, sets performance goals and evaluates performance of executives including the CEO, and reviews succession planning and management development. It has authority to retain outside advisors and conduct investigations to assist in its duties. The Charter establishes the Committee's membership, procedures, and annual self-evaluation requirements.
2015 rotary china district assembly - billingualRandal Eastman
2015 Rotary China District Training Assembly - delivered in Shanghai to prepare our incoming Rotary club leaders in China for the Rotary year that runs 1 July 2015 to 30 June 2016.
Institute Of Chartered Accountants Of Indiaimran037
The Institute of Chartered Accountants of India (ICAI) was established in 1949 under the Chartered Accountants Act to regulate the profession of chartered accountancy in India. ICAI is governed by a council consisting of 40 members, 32 elected from among ICAI members and 8 appointed by the Indian government. ICAI plays an important role globally through involvement in international accounting organizations and has over 130,000 members today, growing significantly from just 1,600 at inception.
This document summarizes an evaluation of 30 public-private dialogue platforms supported by the World Bank Group. It finds that while over 400 reforms have been achieved across various sectors and countries, the results are concentrated in a small number of platforms. Key factors for success include strong consultation processes, broad participation, and the use of regulatory impact assessments. However, challenges also exist such as limited analysis, outreach, and capacity building for local secretariats and business membership organizations. The evaluation provides recommendations on improving entry and exit strategies, knowledge management, and ensuring initiatives remain demand-driven and country-based.
Leisure Expert Panel Terms of Reference February 2016 v4Chris Gill
The Leisure Expert Panel (LEP) was formed to bring together stakeholders in the leisure industry to discuss health, safety, security and risk management. The panel aims to (1) reduce injury and loss risks in line with principles of safety and accountability, (2) promote consistency in operations and regulation, and (3) provide advice on legislation, standards and guidance to third parties. The LEP will meet quarterly and is open to operators, advisors and specialists in health clubs, hotels, entertainment venues and more.
The document outlines the charter of the Compensation Committee of the Board of Directors of L-3 Communications Holdings, Inc. The committee is responsible for assisting the board in overseeing executive compensation, evaluating CEO performance and compensation, reviewing incentive plans, and preparing compensation disclosures. Key duties include setting compensation for executive officers and directors, monitoring incentive plans, retaining compensation consultants, and reporting to the full board. The committee will also annually review its own performance and the adequacy of its charter.
Presentation by Szymon Radziszewicz, IFAC Senior Technical Manager, regarding the context of international standards on accounting and auditing and IFAC's Statements of Membership Obligations and policy statements.
The document discusses the role of the accounting profession in today's globalized and complex environment. It outlines how the International Federation of Accountants (IFAC) works to promote high-quality standards and oversight on a global level by establishing Statements of Membership Obligations for professional accounting organizations. National accounting bodies play an important role by supporting the implementation of standards and advocating for the profession.
This document introduces the SAI Performance Measurement Framework (PMF), which is intended to provide a high-level assessment of Supreme Audit Institution (SAI) performance against INTOSAI guidance and standards. The PMF analyzes 7 domains of SAI performance and aims to assess the value and benefits of SAIs. It can be used for SAI self-assessments, peer reviews, or external assessments. The PMF is being developed by the INTOSAI Working Group on the Value and Benefits of SAIs and will undergo piloting and revisions before finalization. The document outlines the benefits of SAIs using the PMF and risks that need to be mitigated.
Presentation by Amarjit Chopra, member of the IFAC Professional Accountancy Organization (PAO) Development Committee, on how the committee supports the development and growth of PAOs around the world, and how these PAOs lead to stronger more stable financial systems around the world.
Name of Business/Entity:
Contact Person:
Phone:
Email:
Working Group to which issue should be addressed (check one):
___ Trade
___ Access to Finance
___ One Stop Shop
___ Investment Promotion
___ Training Co-ordination
___ Infrastructure
___ Integration to Region/Europe
Brief Description of Problem/Challenge (2-3 sentences):
Action Desired (1-2 sentences):
Signature: Date:
Please return completed form to: advocacymechanism@riinvest.net
Administrative Support will forward your issue to the appropriate Working Group. You will be
notified when a resolution has been
Apresentação barclays capital 2010 latin america regulated industries confe...algar_ri
The document provides an overview of the Algar Group, a Brazilian telecommunications company. It discusses Algar Telecom, the group's telecom segment, including its strategy, business areas, financial results, and debt levels. It also summarizes other Algar Group business segments such as Algar Tecnologia, which focuses on IT, BPO, and consulting solutions. The document highlights the group's growth areas, strategic focus on customers, and solid financial and governance structure.
The document discusses resources and tools provided by the IFAC SMP Committee to help small- and medium-sized practices (SMPs) implement IAASB standards. It outlines guides on using ISAs in SME audits and quality control for SMPs, which provide practical assistance for applying standards cost-effectively. It also describes an e-news publication and translations of materials to further support SMPs. The presentation highlights key differences between audits, reviews, and compilations based on IAASB standards to help SMPs properly implement the appropriate level of assurance engagement.
This document discusses the role of IFAC in developing the accounting profession in the GCC region. It provides an introduction to IFAC and outlines its PAO Development Committee objectives of enabling PAOs to produce competent professionals, adopt international standards, act as a voice for the profession, and provide public policy guidance. The development of the profession in the GCC is described, including current status, challenges like a lack of awareness and PAO weaknesses, and success factors like maintaining government dialogue. The role of IFAC is summarized as providing support, guidance and assistance to local efforts to establish, develop and strengthen the GCC profession through various activities and a dedicated staff manager.
The document provides an overview of the Institute of Chartered Accountants of India (ICAI), which was established in 1949 under the Chartered Accountants Act. ICAI regulates the profession of accountancy in India and has over 167,000 members and 726,000 students. It focuses on activities like education and training, technical standards, research, and professional ethics to develop competent and ethical chartered accountants. ICAI also provides inputs to various government bodies and international organizations on policy matters to fulfill its role in nation building.
17 hallstrom franzel_public sector auditing structure and standards_engOwais Ahmed
This document discusses the structure and goals of government auditing standards as established by the International Organization of Supreme Audit Institutions (INTOSAI). It outlines the four levels of INTOSAI standards, including the Lima Declaration, Code of Ethics, Auditing Standards, and guidance materials. It also describes INTOSAI's collaboration with the International Auditing and Assurance Standards Board to develop financial audit guidelines that incorporate public sector considerations into international standards.
The Publish What You Pay movement began in the early 2000s to advocate for transparency in payments made by oil, gas, and mining companies to governments. It has grown into a global coalition of over 650 civil society organizations campaigning for disclosure. The movement calls for mandatory reporting rules to ensure consistent and comprehensive disclosure, as voluntary initiatives like EITI have limitations. Laws like Section 1504 of the Dodd-Frank Act in the US represent progress, but international accounting standards and agreements are still needed to achieve full transparency worldwide.
The Institute of Chartered Accountants of India (ICAI) was established in 1949 under the Chartered Accountants Act to regulate the profession of accountancy and provide education and training for chartered accountants; ICAI has over 150,000 members and 520,000 students and works to maintain accounting standards, provide continuing education and engage in other professional development activities; ICAI also aims to align Indian accounting standards with international standards and play an advisory role to the Indian government on financial and economic policy matters.
The document discusses international developments in auditing practices in different regions. In the UK, the Auditing Practices Board was established in 1991 to strengthen auditing processes and standards following some audit failures. In the US, the Sarbanes-Oxley Act of 2002 led to the creation of the Public Company Accounting Oversight Board to regulate auditors and restore investor confidence. For countries in the Southern African Development Community region, the Eastern, Central and Southern African Federation of Accountants aims to harmonize auditing and accounting standards to support public financial management and economic development across the region.
This document discusses a Deloitte webcast on private equity trends in China presented by three Deloitte partners. It provides an agenda that will discuss recent PE/VC activity in China, investment prospects in China's seven new strategic sectors, future fund of funds opportunities, and a question and answer segment. Participant information provided during the webcast may be used by Deloitte for publications, studies and services.
The Compensation Committee is responsible for assisting the Board of Directors of AutoNation, Inc. in overseeing executive compensation. The Committee reviews compensation for directors and officers, sets performance goals and evaluates performance of executives including the CEO, and reviews succession planning and management development. It has authority to retain outside advisors and conduct investigations to assist in its duties. The Charter establishes the Committee's membership, procedures, and annual self-evaluation requirements.
2015 rotary china district assembly - billingualRandal Eastman
2015 Rotary China District Training Assembly - delivered in Shanghai to prepare our incoming Rotary club leaders in China for the Rotary year that runs 1 July 2015 to 30 June 2016.
Institute Of Chartered Accountants Of Indiaimran037
The Institute of Chartered Accountants of India (ICAI) was established in 1949 under the Chartered Accountants Act to regulate the profession of chartered accountancy in India. ICAI is governed by a council consisting of 40 members, 32 elected from among ICAI members and 8 appointed by the Indian government. ICAI plays an important role globally through involvement in international accounting organizations and has over 130,000 members today, growing significantly from just 1,600 at inception.
This document summarizes an evaluation of 30 public-private dialogue platforms supported by the World Bank Group. It finds that while over 400 reforms have been achieved across various sectors and countries, the results are concentrated in a small number of platforms. Key factors for success include strong consultation processes, broad participation, and the use of regulatory impact assessments. However, challenges also exist such as limited analysis, outreach, and capacity building for local secretariats and business membership organizations. The evaluation provides recommendations on improving entry and exit strategies, knowledge management, and ensuring initiatives remain demand-driven and country-based.
Leisure Expert Panel Terms of Reference February 2016 v4Chris Gill
The Leisure Expert Panel (LEP) was formed to bring together stakeholders in the leisure industry to discuss health, safety, security and risk management. The panel aims to (1) reduce injury and loss risks in line with principles of safety and accountability, (2) promote consistency in operations and regulation, and (3) provide advice on legislation, standards and guidance to third parties. The LEP will meet quarterly and is open to operators, advisors and specialists in health clubs, hotels, entertainment venues and more.
The document outlines the charter of the Compensation Committee of the Board of Directors of L-3 Communications Holdings, Inc. The committee is responsible for assisting the board in overseeing executive compensation, evaluating CEO performance and compensation, reviewing incentive plans, and preparing compensation disclosures. Key duties include setting compensation for executive officers and directors, monitoring incentive plans, retaining compensation consultants, and reporting to the full board. The committee will also annually review its own performance and the adequacy of its charter.
Similar to Unearthing the Power of Professional Accountancy Organizations (PAOs) - Presentation to the Board of Directors Kuwaiti Association of Accountants and Auditors (KAAA)
Presentation by Szymon Radziszewicz, IFAC Senior Technical Manager, regarding the context of international standards on accounting and auditing and IFAC's Statements of Membership Obligations and policy statements.
The document discusses the role of the accounting profession in today's globalized and complex environment. It outlines how the International Federation of Accountants (IFAC) works to promote high-quality standards and oversight on a global level by establishing Statements of Membership Obligations for professional accounting organizations. National accounting bodies play an important role by supporting the implementation of standards and advocating for the profession.
This document introduces the SAI Performance Measurement Framework (PMF), which is intended to provide a high-level assessment of Supreme Audit Institution (SAI) performance against INTOSAI guidance and standards. The PMF analyzes 7 domains of SAI performance and aims to assess the value and benefits of SAIs. It can be used for SAI self-assessments, peer reviews, or external assessments. The PMF is being developed by the INTOSAI Working Group on the Value and Benefits of SAIs and will undergo piloting and revisions before finalization. The document outlines the benefits of SAIs using the PMF and risks that need to be mitigated.
Presentation by Amarjit Chopra, member of the IFAC Professional Accountancy Organization (PAO) Development Committee, on how the committee supports the development and growth of PAOs around the world, and how these PAOs lead to stronger more stable financial systems around the world.
Name of Business/Entity:
Contact Person:
Phone:
Email:
Working Group to which issue should be addressed (check one):
___ Trade
___ Access to Finance
___ One Stop Shop
___ Investment Promotion
___ Training Co-ordination
___ Infrastructure
___ Integration to Region/Europe
Brief Description of Problem/Challenge (2-3 sentences):
Action Desired (1-2 sentences):
Signature: Date:
Please return completed form to: advocacymechanism@riinvest.net
Administrative Support will forward your issue to the appropriate Working Group. You will be
notified when a resolution has been
Apresentação barclays capital 2010 latin america regulated industries confe...algar_ri
The document provides an overview of the Algar Group, a Brazilian telecommunications company. It discusses Algar Telecom, the group's telecom segment, including its strategy, business areas, financial results, and debt levels. It also summarizes other Algar Group business segments such as Algar Tecnologia, which focuses on IT, BPO, and consulting solutions. The document highlights the group's growth areas, strategic focus on customers, and solid financial and governance structure.
The document discusses resources and tools provided by the IFAC SMP Committee to help small- and medium-sized practices (SMPs) implement IAASB standards. It outlines guides on using ISAs in SME audits and quality control for SMPs, which provide practical assistance for applying standards cost-effectively. It also describes an e-news publication and translations of materials to further support SMPs. The presentation highlights key differences between audits, reviews, and compilations based on IAASB standards to help SMPs properly implement the appropriate level of assurance engagement.
This document discusses the role of IFAC in developing the accounting profession in the GCC region. It provides an introduction to IFAC and outlines its PAO Development Committee objectives of enabling PAOs to produce competent professionals, adopt international standards, act as a voice for the profession, and provide public policy guidance. The development of the profession in the GCC is described, including current status, challenges like a lack of awareness and PAO weaknesses, and success factors like maintaining government dialogue. The role of IFAC is summarized as providing support, guidance and assistance to local efforts to establish, develop and strengthen the GCC profession through various activities and a dedicated staff manager.
The document provides an overview of the Institute of Chartered Accountants of India (ICAI), which was established in 1949 under the Chartered Accountants Act. ICAI regulates the profession of accountancy in India and has over 167,000 members and 726,000 students. It focuses on activities like education and training, technical standards, research, and professional ethics to develop competent and ethical chartered accountants. ICAI also provides inputs to various government bodies and international organizations on policy matters to fulfill its role in nation building.
The Increasing Role of Board Governance and Audit Committees4Good.org
The document discusses the history and increasing role of board governance and audit committees in overseeing the financial responsibilities of nonprofit organizations. It outlines best practices for board and audit committee structures, including establishing charters that define committee responsibilities, processes for overseeing financial reporting, internal controls, and the external audit. The presentation emphasizes that improved governance through board and audit committee oversight can help nonprofits better manage risk and fulfill their fiduciary duties.
This document discusses the global implementation of the International Standards of Supreme Audit Institutions (ISSAIs). It outlines the importance of ISSAI implementation for improving SAIs' quality, credibility, and professionalism. It also notes challenges SAIs face in implementation due to resource constraints. The IDI ISSAI Implementation Initiative (3i Programme) aims to facilitate ISSAI implementation in developing country SAIs through e-learning courses, guidance materials, cooperative audits, and regional support workshops from 2012-2014. The long term strategy may include leadership development, strategic planning, performance accountability, and support for regional SAI bodies and strategic partnerships.
Governance Challenges of Running a Not-for-Profit in New ZealandHayesKnightNZ
On the 28 June 2011, Hayes Knight invited Kevin McCaffrey, Director of Effective Governance New Zealand, to address the Governance issues crippling New Zealand’s Not-for-Profits. A mixture of board members, managers, and CEOs from close to 90 Not-for-Profit organisations attended. This is the presentation from the event.
This white paper introduces Armanino’s CFO Evolution thought leadership research. It defines a framework for consideration by CFOs and the key people within their organization as they think critically about their organization’s challenges and goals.
The Structural Approach to
Investigating Financial Statement
Fraud is the specialty practice
area of examiners that describes
engagements that result from
actual or anticipated disputes or
litigation. In litigation, 'Forensic'
means suitable for use in Court,
and it is to that standard and
potential outcome that fraud
examiners generally have to work.
Certified System Investigators
(CSI), Fraud Examiners (CFE) and
Forensic accountants (CPA) often
have to give expert evidence at the
eventual trial. All of the larger
accounting firms, as well as many
medium-sized and boutique firms,
have specialist forensic
accounting departments. Within
these groups, there may be further
sub-specializations: some forensic
accountants may, for example, just
specialize in insurance claims,
personal injury claims, fraud,
construction, or royalty audits.
This is where the distinction lies:
While Accounting firms do only
“Forensic Accounting” CSIs and
CFEs perform Investigations in
Financial Statement Fraud. This is
not the same thing — one is post
event, the other one is
pre-emptive.
Engagements relating to criminal
matters typically arise in the
aftermath of fraud. They frequently
involve the assessment of
accounting systems and accounts
presentation - in essence
assessing if the numbers reflect
reality. The CSI and CFE
determines whether there has
been any audit failure on the part
of the Accounting firm. This
seminar will train participants to
change from a justification mindset
to a pre-emptive mindset. It will
help them develop the capability to
render a service that can answer
the following questions, “What
have gone wrong? Could it have
been prevented in the first place?
Who is responsible for the mess?
The general idea is essentially to
prevent financial statement frauds
and when it does occur, how to
contain the damage and recognize
who is responsible for what in the
whole scheme of things.
Nonprofit Boards And Effective Governance4Good.org
The nonprofit governing board has been described as an ineffective group of effective people. Trustees are recruited for their stature, skills or connections, and then are not engaged in a way that optimizes their potential contribution. This webinar will offer a range of concepts and tools for effective recruitment, orientation, stewardship, guidance and leadership development.
Presentation give by IFAC Senior Technical Manager Szymon Radziszewicz at the World Bank's Fiduciary Forum in May 2012 on the importance and role IFAC's Statements of Membership Obligations (SMOs) play in helping professional accountancy organizations around the world encourage and support high-quality financial information and inclusive and sustainable economic growth.
The document discusses organizational governance and what board members need to know in the 21st century. It covers principles of good governance like oversight, board structure, director recruitment, performance improvement, integrity and risk management. It also discusses practices of good governance and news from the Canadian Securities Administrators regarding proposed changes to governance regulations. Skills required of C-suite executives are presented, along with examples of exhibits on strategic information management for boards.
CIPFA is campaigning for stronger government accounting and auditing standards globally through partnerships with international agencies, governments, and professional organizations. They are working to promote the adoption of accrual accounting standards like IPSAS and establish a global public finance profession through qualifications and training programs. CIPFA is currently leading public financial management reform initiatives in countries like Bangladesh, Sri Lanka, Nigeria, and across Africa through training and assistance with adopting accrual standards. They advocate for a bottom-up, locally led approach to professionalization that develops sustainable national public finance capacities over the long term.
Similar to Unearthing the Power of Professional Accountancy Organizations (PAOs) - Presentation to the Board of Directors Kuwaiti Association of Accountants and Auditors (KAAA) (20)
Este documento resume los Principios de Gobierno Corporativo del G20 y de la OCDE revisados, los cuales establecen estándares internacionales para una buena gobernanza corporativa. Se destaca que los Principios ahora incluyen un nuevo capítulo sobre sustentabilidad y resiliencia que promueve la divulgación de información relacionada con la sustentabilidad y el aseguramiento externo de esta información, y aclara que los consejos deben considerar oportunidades y riesgos materiales de sustentabilidad. El documento también resalta la
Este documento resume las perspectivas de los directores de empresas sobre los Principios de Gobierno Corporativo de la OCDE-G20. Mientras que la OCDE se enfoca en proteger a los accionistas e inversores, los directores ven el gobierno corporativo como un sistema para generar valor sostenible a largo plazo para la organización, sus partes interesadas y la sociedad. Algunas diferencias clave incluyen el rol del accionista, ya que los directores deben tomar decisiones de manera independiente, y el tratamiento de las partes interesadas, c
Experts from the International Auditing and Assurance Standards Board (IAASB), the European Commission (EC), the Committee of European Audit Oversight Bodies (CEAOB), assurance service providers, investors and the business community met to discuss the regulatory, policy and standard-setting path toward high-quality sustainability assurance.
Este documento presenta un resumen de la Norma Internacional de Contabilidad del Sector Público (NICSP) para la presentación de estados financieros en base de efectivo. La norma establece que los estados financieros deben incluir un estado de cobros y pagos en efectivo, políticas contables y notas explicativas. También recomienda revelar información sobre asistencia externa y de otro tipo recibida.
El documento presenta información sobre las Guías de Prácticas Recomendadas del IPSASB, incluyendo las GPR 1, 2 y 3. Resume los temas clave cubiertos por cada guía, como la presentación de información sobre sostenibilidad fiscal a largo plazo (GPR 1), el análisis y comentario de estados financieros (GPR 2), e información sobre rendimiento de servicios (GPR 3).
Este documento presenta un resumen del Marco Conceptual para la Información Financiera con Propósito General de las Entidades del Sector Público. Explica los objetivos y usuarios de la información financiera, las características cualitativas que debe cumplir, los elementos de los estados financieros, y los principios de reconocimiento y medición de activos y pasivos. También describe las características clave del sector público y las restricciones en la información incluida en los informes financieros.
Este documento proporciona una guía sobre la Norma Internacional de Contabilidad del Sector Público 33 (NICSP 33) sobre la adopción por primera vez de las Normas Internacionales de Contabilidad del Sector Público sobre la base de devengo. La NICSP 33 establece los requisitos para la preparación y presentación de los primeros estados financieros de una entidad cuando adopta las NICSP por primera vez. Incluye exenciones opcionales y exenciones que afectan la presentación razonable, así como requisitos de revelación durante el
Este documento trata sobre la contabilidad de las transacciones en moneda extranjera y las operaciones en el extranjero de las entidades del sector público. Explica conceptos como moneda funcional, reconocimiento inicial y posterior de partidas monetarias y no monetarias en moneda extranjera, y el tratamiento contable de las diferencias de cambio. También cubre los requisitos de revelación relacionados con la moneda extranjera.
Este documento presenta los requisitos para la presentación de información presupuestaria en las entidades del sector público. Establece que las entidades deben comparar los importes presupuestados con los importes reales, ya sea en columnas adicionales en los estados financieros o en un estado financiero separado, dependiendo de si la base del presupuesto y los estados financieros son comparables. También requiere notas de revelación que expliquen las diferencias entre el presupuesto original y el final, la base presupuestaria y de clasificación, el período
Este documento presenta las revelaciones de partes relacionadas según el Manual de Pronunciamientos de Contabilidad del Sector Público. Define parte relacionada como una entidad que puede controlar o influir significativamente a otra, y ofrece ejemplos como entidades asociadas y personal directivo clave. Explica que las revelaciones deben incluir la existencia de partes relacionadas, transacciones con ellas, y detalles sobre el personal clave de gestión para promover la transparencia y rendición de cuentas.
El documento presenta la información sobre el estado de flujos de efectivo. Explica que el estado de flujos de efectivo proporciona información sobre cómo una entidad genera y utiliza efectivo y tiene valor predictivo. Describe que el estado clasifica los flujos de efectivo en actividades operativas, de inversión y de financiación. También cubre conceptos como efectivo y equivalentes de efectivo, y los métodos directo e indirecto para preparar el estado.
Este documento presenta una introducción a los estados financieros requeridos para las entidades del sector público de acuerdo con las Normas Internacionales de Contabilidad para el Sector Público. Explica que los estados financieros deben incluir un estado de situación financiera, un estado de rendimiento financiero, un estado de cambios en los activos netos/patrimonio y un estado de flujo de efectivo, así como notas explicativas. También cubre conceptos clave como materialidad, presentación, revelación y clasificación corriente/no corriente
Este documento describe las combinaciones del sector público, incluidas las fusiones y adquisiciones. Una fusión ocurre cuando dos entidades se combinan sin que ninguna obtenga el control de la otra, mientras que una adquisición ocurre cuando una entidad obtiene el control de la otra. Las fusiones se contabilizan usando el método de contabilización de la unión de intereses modificado, mientras que las adquisiciones se contabilizan usando el método de adquisición.
Este documento proporciona una introducción a las Normas Internacionales de Contabilidad del Sector Público (NICSP) 34-38, que establecen los requisitos para la consolidación de estados financieros y la contabilización de inversiones en asociadas y negocios conjuntos. Explica los conceptos clave de control, influencia significativa y control conjunto, y cómo se aplican estas normas dependiendo del tipo de participación que tiene una entidad en otra. También resume los procedimientos de consolidación, contabilización de adquisiciones y disposiciones, y requis
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Unearthing the Power of Professional Accountancy Organizations (PAOs) - Presentation to the Board of Directors Kuwaiti Association of Accountants and Auditors (KAAA)
1. Unearthing the Power of
Professional Accountancy
Organizations (PAOs)
Presentation to the Board of Directors
Kuwaiti Association of Accountants and Auditors
(KAAA)
Kuwait City, Kuwait
February 19,2012
Page 1 | Confidential and Proprietary Information
2. Unearthing the Power of PAOs
Overview
• Introduction to IFAC
• IFAC Structure, Oversight and Consultation
• What are Professional Accountancy Organizations
(PAOs)?
• The Power of PAOs in the Economy
• Challenges to the Power and Impact of PAOs
• IFAC’s Activities to Assist PAOs in Overcoming
Challenges
– IFAC Compliance Program
• IFAC SMO Highlights
– IFAC PAO Development Committee
Page 2 | Confidential and Proprietary Information
3. Unearthing the Power of PAOs
Introduction to IFAC
Page 3 | Confidential and Proprietary Information
4. Unearthing the Power of PAOs
Introduction to IFAC
• 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 4 | Confidential and Proprietary Information
5. An Overview of IFAC
IFAC Structure, Oversight, and Consultation
KEY
ACCOUNTABILITY
OVERSIGHT
CONSULTATION/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 5 | Confidential and Proprietary Information
6. Unearthing the Power of PAOs
What are Professional Accountancy Organizations?
Professional Accountancy Organizations (PAOs) are
membership organizations of professional accountants
which…
• Act in the public interest;
• Develop and produce capable and competent
accountancy professionals;
• Promote strong professional and ethical standards;
• Further the quality of financial reporting through
review, investigation, and discipline of professionals; and
• Act as a resource to government, regulators and other
stakeholders.
Page 6 | Confidential and Proprietary Information
7. Unearthing the Power of PAOs
The Power of PAOs in the Economy
When PAOs function properly to fulfill their role in the
economy, they hold the power to enhance the production of
high quality financial information. This is turn…
• Attracts Foreign Direct Investment (FDI);
• Promotes growth and development of Small and Medium
Enterprises (SMEs) sector;
• Enhances transparency and Accountability in the use of
public funds; and
• Improves the design and delivery of vital public services.
Page 7 | Confidential and Proprietary Information
8. Unearthing the Power of PAOs
Challenges to the Power and Impact of PAOs
1. Lack of
Awareness of
the Value of
Accountancy
Mutually
Reinforcing
Challenges
3. Lack of
2. PAO
Capacity to
Internal
Provide Vital
Weaknesses
Activities
Page 8 | Confidential and Proprietary Information
9. Unearthing the Power of PAOs
IFAC’s Activities to Assist PAOs in Overcoming
Challenges
Compliance PAO
Program Member Development
Body
Development
Page 9 | Confidential and Proprietary Information
10. Unearthing the Power of PAOs
IFAC Member Body Compliance Program
IFAC members are required to participate in the Compliance
Program to demonstrate that they are maintaining their good
standing and addressing the requirements of IFAC
membership.
• Statements of Membership Obligations (SMOs) serve as
the foundation:
– SMO1:Audit Quality Assurance
– SMO2: Accountancy Education, Certification and CPD
– SMO3: International Standards on Auditing (ISA)
– SMO4: Code of Ethics for Professional Accountants
– SMO5: International Public Sector Accounting Standards (IPSAS)
– SMO6: Investigation and Discipline
– SMO7: International Financial Reporting Standards (IFRS)
Page 10 | Confidential and Proprietary Information
11. Unearthing the Power of PAOs
IFAC Member Body Compliance Program
• Description of
Phase 2 • Creation of Action
country Plan developed
legal, regulatory • Self-assessment by PAO to
and standard of PAO address areas of
setting framework compliance with weakness
each of 7 SMOs
Phase 1 Phase 3
Page 11 | Confidential and Proprietary Information
12. Compliance Program: Purpose
• Encourage continuous improvement and development
• Evaluate the extent to which members are meeting the
SMO requirements
• Assist members in adopting and implementing
international standards and best practices
• Demonstrate progress being made
• Promote transparency through publication of responses on
the IFAC website
Page 12 | Confidential and Proprietary Information
13. Unearthing the Power of PAOs
Compliance Program: SMO Highlights
SMO1: Quality Assurance
• A Member PAO should ensure…
– A mandatory QA review program exists – at a minimum for audits of listed
companies
– Establishment & publication of criteria for evaluating other audits of
financial statements
– Engagements meeting criteria are reviewed
• Who is the subject of the audit?
– Firm OR Partner Written QA Corrective
QA Review
Report Procedures
• What is the cycle?
– Cyclical OR Risk Based
• Transparency in scope, design and procedures of QA
Program
Page 13 | Confidential and Proprietary Information
14. Unearthing the Power of PAOs
Compliance Program: SMO Highlights
SMO2: Education, Certification and CPD
Education Experience Education
Entry Examination
(Initial) in Practice (Continuing)
Page 14 | Confidential and Proprietary Information
15. Unearthing ther Power of PAOs
Compliance Program: SMO Highlights
SMO6: Investigation and Discipline
• Member Bodies should include in their constitution and
rules a system for the Investigation and Discipline (I&D) of
misconduct, including breaches of professional standards
and rules by their individual members.
– This system should allow for the imposition of a range of penalties if laws
permit.
– Member Bodies should make members aware of all aspects of this
system.
• Where the Member Body has responsibility for I&D, its
rules should, to the extent that local laws permit, include
all powers necessary to enable authorized personnel to
carry out an effective investigation.
Page 15 | Confidential and Proprietary Information
16. Unearthing the Power of PAOs
Compliance Program: SMO Highlights
SMO6: Investigation and Discipline (Cont’d)
INITIATION OF THE CASE
Complaints Information
INVESTIGATION
DISCIPLINARY PROCEEDINGS
Composed of accountants and non-accountants
SANCTIONS
APPEALS
Page 16 | Confidential and Proprietary Information
17. Unearthing the Power of PAOs
The PAO Development Committee
The 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 17 | Confidential and Proprietary Information
18. Unearthing the Power of PAOs
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 18 | Confidential and Proprietary Information
19. Unearthing the Power of PAOs
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 19 | Confidential and Proprietary Information
20. Unearthing the Power of PAOs
THANK YOU!
For more information please feel free to visit IFAC website at:
www.ifac.org
For any questions, please contact Ms. Gabriella Kusz, Technical Manager for Member Body
Development for Middle East region at gabriellakusz@ifac.org
Page 20 | Confidential and Proprietary Information
Editor's Notes
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 academia
Going to focus on Compliance Program and PAO Development specifically.
They contribute to the professionProtect the public interest as proponents of good corporate governance and consistent global standardsPromote and develop knowledge, skills and competence through education, certification and CPD programs. Produce capable professionals.Through adoption and implementation of international professional and ethical standards they set the bar for behavior and practice of accountancy professionals, enhancing public trustAssist with sound public policy guidance and advice on accountancy related topics by acting as a center of knowledge and expertiseFurther the quality of financial reporting through review, investigation, and discipline of professionals.
They contribute to the economy (the bigger picture)Attract Foreign Direct Investment (FDI) – The development of capital markets requires credible and reliable financial information to build investor confidence, further sound economic and financial management, and increase the attractiveness of a country’s investment climate, which facilitates FDI and business development. Promote Growth and Development of the SME Sector – According to the Organisation for Economic Cooperation and Development (OECD), small- and medium-sized entities (SMEs) account for over 60% of gross domestic product (GDP) and 70% of total employment in low-income countries. These businesses require high-quality financial information to support business planning, facilitate access to credit, and expand operations; thus, enhancing their ability to thrive and grow. Enhance Transparency and Accountability in theUse of Public Funds – High-quality financial information in the public sector enables assessment of the impact of fiscal and monetary policy decisions; assists external reporting by governments to electorates, taxpayers, and investors; and aids internal management decisions in resources allocation (planning and budgeting), monitoring, and accountability. Improve the Design and Delivery of Vital Public Services – Utilizing the information provided through high-quality financial reporting, policymakers and others in positions of authority can improve the efficiency and effectiveness of government programs, better achieve the objectives of their design, and successfully deliver vital public services to those in need.
Lack of Awareness:There is often a lack of awareness and understanding on the part of the governments and other key stakeholders regarding the role of professional accountants and the positive impacts of a strong PAO. This can hinder the creation of clear legislative frameworks – which support government recognition of PAOs, the legal establishment of a system for educating, certifying, and continuing trainings for competent professionals, and effective independent oversight of the profession.PAO Internal Weaknesses:When there is a lack of awareness of the benefits and value of the accountancy profession, attracting individuals to the profession becomes more difficult. Weak (low) membership reduces an organization’s technical capacity and deiveraity of thought, resulting in a lack of ability to function as a resource for donors, government departments, lawmakers, and stakeholders involved in financial policymaking and regulation. It inhibits strategic planning and governance and can result in an inability to provide educational opportunities, guidance, and assistance to accounting and auditing professionals.Lack of Capacity:Without strong membership and access to adequate technical and financial resources, vital activities such as the translation of international standards and official publications, creation and provision of training and education programs, development of quality assurance programs, and investigation and disciplinary systems becomes difficult – if not impossible for PAOs. This only reinforces the lack of awareness of the value of accountancy and the role of PAOs in the economy.
The Member Body Development team includes seven technical staff who support both the Compliance Program and PAO Development Committee strategy. They hold regional portfolios in Africa, Americas and Caribbean, Asia Australasia-Oceania, Middle East and Europe and Central Asia.Combined, the staff has proficiency in six languages including Arabic, French and Spanish.
Statements of Membership Obligations (SMOs) ?►Clear benchmarks to current and potential IFAC membersOverseen by Compliance Advisory Panel
The program is comprised of three phases and emphasizes compliance AS WELL AS Continuous improvement and development of the PAO in-line with the SMOs.Phase 1 Fact-based questionnaire on the regulatory and standard-setting framework in the member body’s country or jurisdiction Phase 2 Self-assessment of compliance with specific requirements of the SMOs Phase 3 Action plans developed by the member body to address areas identified in the self- assessment
Can be used as a basis for identifying donor collaboration / mentoring opportunities!
a description of the scope and design of QA program and related procedures to be followed by quality assurance review teamsQuality Assurance Review Team Procedure►The member body should require quality assurance review teams to follow procedures that are based on published guidelines.►These procedures should include reviews of engagement working papers and discussions with appropriate personnel.Isn’t Audit Documentation CONFIDENTIAL?As stated in the IESBA Code of Ethics for Professional Accountants or relevant national codes of ethics, the member body should exempt members from professional client confidentiality requirements concerning audit engagement working papers for the purpose.QA ReviewWritten Quality Assurance Review ReportCorrective & Disciplinary Measures
Individuals assisting in the investigation process must be…independent of the subject matter and of the individuals involved in the case.
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