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IFAC: An Overview


Russell Guthrie
Executive Director, Quality and
Member Relations, IFAC

MOSAIC Steering Committee Meeting
Jaipur, India
February 2012




                             Page 1 | Confidential and Proprietary Information
IFAC – Current Membership Coverage




                                     Page 2 | Confidential and Proprietary Information
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
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 4 | Confidential and Proprietary Information
IFAC Capacity Development




    Our journey begins in
       February 2004

                            Page 5 | Confidential and Proprietary Information
Member Body Development



    CAP/                                   PAO
  Compliance                            Development
   Program                               Committee




                  Member Body
                  Development
                     Team




                                Page 6 | Confidential and Proprietary Information
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
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
Focus on the Compliance Program

7 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
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
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 private
  and public sector accountancy related topics



                                            Page 11 | Confidential and Proprietary Information
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
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
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
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
Mutual Interests - But more to be done


                                         Private
              Public Sector
                                         Sector

Donors
                      √                            √




 IFAC
                       √                          √
                                         Page 16 | Confidential and Proprietary Information
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
Thank You




            Page 18 | Confidential and Proprietary Information

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MOSAIC Steering Committee Meeting: IFAC, An Overview

  • 1. IFAC: An Overview Russell Guthrie Executive Director, Quality and Member Relations, IFAC MOSAIC Steering Committee Meeting Jaipur, India February 2012 Page 1 | Confidential and Proprietary Information
  • 2. IFAC – Current Membership Coverage Page 2 | Confidential and Proprietary Information
  • 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. 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 4 | Confidential and Proprietary Information
  • 5. IFAC Capacity Development Our journey begins in February 2004 Page 5 | Confidential and Proprietary Information
  • 6. Member Body Development CAP/ PAO Compliance Development Program Committee Member Body Development Team Page 6 | Confidential and Proprietary Information
  • 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. 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. Focus on the Compliance Program 7 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. 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. 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 private and public sector accountancy related topics Page 11 | Confidential and Proprietary Information
  • 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. 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. 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. 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. Mutual Interests - But more to be done Private Public Sector Sector Donors √ √ IFAC √ √ Page 16 | Confidential and Proprietary Information
  • 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. Thank You Page 18 | Confidential and Proprietary Information

Hinweis der Redaktion

  1. 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
  2. Going to focus on Compliance Program and PAO Development specifically.
  3. 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.
  4. 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.
  5. Can be used as a basis for identifying donor collaboration / mentoring opportunities!
  6. 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.
  7. 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.
  8. 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