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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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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