Japheth Katto, IFAC Board member, represented IFAC at the first African Congress of Accountants, Accountancy and Infrastructure in Africa, in Nairobi, Kenya, hosted by the Institute of Certified Public Accountants of Kenya. He spoke on the implications of globalization on the accountancy profession in Africa. The Congress aims to encourage debate and discussion on the role of the accountancy profession and professional accountants in sustainable development, of which infrastructure is a key component.
On November 30, 2011, IFAC and members of the international development community signed MOSAIC: Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration. MOSAIC sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community. The Memorandum of Understanding will provide the foundations for increasing the capacity of professional accountancy organizations and improve the quality of financial management systems in emerging economies.
The signing ceremony brought together a variety of interests, exhibiting the quality of mutual partnership intended by the wider High Level Forum (from which the New Global Partnership for Effective Development Co-operation emerged). There was a real sense of a deep understanding of the role and value of the MoU to effective development and to effective cooperation between interested parties.
Brian Atwood from the OECD DAC spoke eloquently about the significance of the profession to development across both the public and private sectors and its place in essential infrastructure. He was joined by Warren Allen from IFAC (speech attached below) and Joachim von Amsberg from the World Bank who echoed the importance of this step for both the profession and development partners.
Fredson Yamba from the Zambian Treasury spoke movingly about the rapid growth of a high quality accountancy profession following the formation of the Zambian Institute 30 years ago and its essential place both in government and in the private sector. He was followed by Terence Nombembe who highlighted the value of the parallel MoU which the donor community has with INTOSAI for strengthening supreme audit institutions around the world.
Good morning everyone. I am truly delighted to be in Cape Town. Before I begin, let me first express my appreciation to CIMA for inviting me to speak here today.
I will be speaking to you this morning about the role of the professional accountant, specifically the professional accountant in business (PAIB) in the context of sustainable organizational success. Worldwide, more than one million professional accountants work in commerce, industry, financial services, education, and the public and private sectors, many in leadership and managerial roles. These professional accountants in business, or management accountants, are in a key position to affect the long-term sustainable value of their organizations.
IFAC Staff members recently visited Beirut, Lebanon on the invitation of the Lebanese Association of Certified Public Accountants (LACPA) to educate its Board of Directors and membership following recent changes in leadership.
IFAC staff held a number of meetings with LACPA leadership, general membership, and key counterparts of LACPA. Most importantly, IFAC Staff held two five-hour meetings--the first meeting with the Board of LACPA. This meeting covered not only the details of the SMOs, but included a working session for the Board, which identified and considered best practices and potential solutions which may facilitate LACPA compliance with IFAC SMOs and the finalization of an Action Plan.
The second meeting worked to raise awareness of the importance of the SMOs and to garner support among the general membership for the need for reform in-line with IFAC SMOs. One hundred and twenty participants attended this meeting to hear a formal powerpoint presentation on the SMOs and participate in an open discussion forum focused on LACPA’s leadership proposed plans to address areas of weakness.
The PAO Development Committee, in coordination with the Saudi Organization for Certified Public Accountants and with the generous support of the Institute of Chartered Accountants in England and Wales, held the Middle East North Africa (MENA) Professional Accountancy Organization (PAO) Development Roundtable Workshop in Dubai, UAE on September 20, 2011.
The workshop brought together PAO representatives from across the Middle East and North Africa to discuss the importance of PAOs in financial sector and economic growth; the importance of IFAC Statements of Member Obligation (SMOs); the role of the IFAC Action Plan process in strengthening PAO strategic planning and development; and the challenges and success factors for the development of PAOs in the region. This event drew 30 participants from 11 national-level PAOs, three local branches of global PAOs, UAE stakeholder organizations, aspiring regional organizations, and the World Bank.
In 2009-2010, IFAC undertook a review focused on how it could improve its service delivery to professional accountants in business – an important constituency which comprises approximately 50% of the membership of IFAC’s member organizations; or more than one million professional accountants.
As a result of this review, service delivery to professional accountants in business is an important aspect of IFAC’s Strategic Plan for 2011-2014 – a key strategic objective is to increase awareness of their contribution to develop strong and sustainable organizations as well as financial markets and economies, and to support member organizations in building their members’ competence so that the reality backs up the perception we create as a global profession.
It is a great pleasure to participate in this Roundtable. As the co-owner of an SME the subject matter is of both personal and professional interest to me. Before I take you through the results of our April SMP Quick Poll I’d like to reiterate, though I’m sure we need no convincing, the importance of SMEs, the vital role the accountancy profession plays in supporting SMEs, and what the SMP Committee that I chair is doing to help.
