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“Governance and Accountability in Africa”
Warren Allen, President
International Federation of Accountants
May 16, 2013
Accra, Ghana
2nd Annual
Africa Congress of Accountants
• IFAC overview and vision
• Independent standard-setting boards
• Public sector financial management
reform
• Developing Africa’s PAOs
• Financial Reporting Supply Chain
• Importance of integration
• Accountancy as a profession
• Conclusion
Agenda
International Federation of Accountants
“That the global accountancy
profession be recognized as a valued
leader in the development of strong and
sustainable organizations, financial
markets and economies.”
IFAC Vision
• The International Public Sector Accounting
Standards Board (IPSASB)
• The International Auditing and Assurance
Standards Board (IAASB)
• The International Ethics Standards Board for
Accountants (IESBA)
• The International Accounting Education
Standards Board (IAESB)
Independent Standard-Setting Boards
“(T)he sheer symbolism of embracing
IPSAS and taking steps to implement
them at a time when more advanced
countries are peering doubtfully at it
through the window must be
celebrated for whatever it is worth.”
- Sylva Okolieaboh, assistant director and GIFMIS
PFM team leader, in Public Finance International
Public Sector Financial Management Reform
• IFAC’s PAO Development Committee:
• Raises awareness of accountancy;
• Brings attention to the need for a formal
profession; and
• Highlights the economic and social benefits that
a formal profession can bring
• Essential to achieving the desired levels of
transparency and accountability
• Prerequisite to attracting required level of business
investment, whether local or foreign
Developing Africa’s PAOs
Financial Reporting Supply Chain
• Preparing, publishing, analyzing, and using financial
reporting involves a complex arrangement of:
– Participants
– Standards
– Mandated/voluntary requirements
– Behaviors
– Interactions
“I have no use for bodyguards, but I
have very specific use for two highly
trained certified public accountants.”
- Elvis Presley
Accountancy as a Profession
“We must ensure that the
global market is embedded
in broadly shared values
and practices that reflect
global social needs, and
that all the world's people
share the benefits of
globalization.”
- Kofi Annan
Importance of Integration
www.ifac.org

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2nd Annual Africa Congress of Accountants

  • 1. “Governance and Accountability in Africa” Warren Allen, President International Federation of Accountants May 16, 2013 Accra, Ghana 2nd Annual Africa Congress of Accountants
  • 2. • IFAC overview and vision • Independent standard-setting boards • Public sector financial management reform • Developing Africa’s PAOs • Financial Reporting Supply Chain • Importance of integration • Accountancy as a profession • Conclusion Agenda
  • 4. “That the global accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets and economies.” IFAC Vision
  • 5. • The International Public Sector Accounting Standards Board (IPSASB) • The International Auditing and Assurance Standards Board (IAASB) • The International Ethics Standards Board for Accountants (IESBA) • The International Accounting Education Standards Board (IAESB) Independent Standard-Setting Boards
  • 6. “(T)he sheer symbolism of embracing IPSAS and taking steps to implement them at a time when more advanced countries are peering doubtfully at it through the window must be celebrated for whatever it is worth.” - Sylva Okolieaboh, assistant director and GIFMIS PFM team leader, in Public Finance International Public Sector Financial Management Reform
  • 7. • IFAC’s PAO Development Committee: • Raises awareness of accountancy; • Brings attention to the need for a formal profession; and • Highlights the economic and social benefits that a formal profession can bring • Essential to achieving the desired levels of transparency and accountability • Prerequisite to attracting required level of business investment, whether local or foreign Developing Africa’s PAOs
  • 8. Financial Reporting Supply Chain • Preparing, publishing, analyzing, and using financial reporting involves a complex arrangement of: – Participants – Standards – Mandated/voluntary requirements – Behaviors – Interactions
  • 9. “I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.” - Elvis Presley Accountancy as a Profession
  • 10. “We must ensure that the global market is embedded in broadly shared values and practices that reflect global social needs, and that all the world's people share the benefits of globalization.” - Kofi Annan Importance of Integration