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“Governance and Accountability in Africa” Warren Allen, President

2 nd Annual Africa Congress of Accountants. “Governance and Accountability in Africa” Warren Allen, President International Federation of Accountants May 16, 2013 Accra, Ghana. Agenda. IFAC overview and vision Independent standard-setting boards

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“Governance and Accountability in Africa” Warren Allen, President

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  1. 2nd Annual Africa Congress of Accountants “Governance and Accountability in Africa” Warren Allen, President International Federation of Accountants May 16, 2013 Accra, Ghana

  2. Agenda • 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

  3. International Federation of Accountants

  4. IFAC Vision “That the global accountancy profession be recognized as a valued leader in the development of strong and sustainable organizations, financial markets and economies.”

  5. Independent Standard-Setting Boards • 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)

  6. Public Sector Financial Management Reform “(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

  7. Developing Africa’s PAOs • IFAC’s PAO Development Committee: • Raises awareness of accountancy; • Brings attention to the need for a formal profession; • 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

  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. Accountancy as a Profession “I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.” - Elvis Presley

  10. Importance of Integration “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

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