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Unearthing the Power of PAOs Around the World

Unearthing the Power of PAOs Around the World. Amarjit Chopra Deputy Chair IFAC PAO Development Committee The Exchange: Strengthening Accountancy as a Foundation for MSME Sector Development and Job Creation June 18-20, 2013 Amman, Jordan. PAOs are Important!.

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Unearthing the Power of PAOs Around the World

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  1. Unearthing the Power of PAOs Around the World Amarjit Chopra Deputy Chair IFAC PAO Development Committee The Exchange: Strengthening Accountancy as a Foundation for MSME Sector Development and Job Creation June 18-20, 2013 Amman, Jordan

  2. PAOs are Important!

  3. Why are PAOs Important to the Profession? • Act in the public interest • Develop and produce competent accountancy professionals • Promote strong professional and ethical standards • Act as a resource to government, regulators, donors, mentors, and regional and international organizations • Further the quality of financial reporting

  4. Why are PAOs Important to the Economy? • Attract Foreign Direct Investment (FDI) • Promote growth and development of the Small- and Medium-sized entities (SME) sector • Enhance transparency and accountability in the use of public funds • Improve the design and delivery of vital public services

  5. What is IFAC?

  6. IFAC’s Mission IFAC's mission is to serve the public interest by: • Contributing to the development, adoption and implementation of high-quality international standards and guidance • Contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants • Promoting the value of professional accountants worldwide • Speaking out on public interest issues where the accountancy profession’s expertise is most relevant

  7. Challenges to PAO Development

  8. How Does IFAC Interact with PAOs?

  9. PAO Development Committee Strategic Goals

  10. Priorities at a glance • Development of tools and guidance • National outreach • Technical assistance • advocacy • Regional collaboration • With regional organizations, accountancy groupings and donors • Mentoring Program • Mentoring guidance • Promotion of successes and good practice • MOSAIC MoU

  11. Publications, Tools and Guidance

  12. National and Regional Outreach

  13. Mentoring Program • Raising awareness of the benefits of effective PAO-to-PAO partnerships • Development of good practice guidance around direct collaboration between PAOs • Creating opportunities that encourage and facilitate the formation of relationships • Deliverables: • launch event “Mentoring Insights – The Mentor Perspective” • mentoring guidance • Promotion of benefits and successes through literature and events

  14. MOSAIC MoU Signed in November 2011 - now 13 signatories: • African Development Bank (AfDB) • Asian Development Bank (ADB) • Inter-American Development Bank (IDB) • World Bank • UK Department for International Development (DFID) • Finland (FINIDA) • United States Agency for International Development (USAID) • Swedish International Development Cooperation Agency (SIDA) • Global Alliance for Vaccines and Immunisation (GAVI) • New Zealand (NZAid) • The Global Fund to Fight AIDS, Tuberculosis and Malaria • Australian Agency for International Development (AusAID)

  15. Global Development Report (GDR) • Global and regional components • Essential elements of PAO development • Ten key findings: • Undertaking PAO development comprehensively • Strengthening legal and regulatory foundations • Monitoring and providing support to fragile states • Support internal strengthening of PAOs • Developing PAO education and certification capacity • Broadening PAO membership bases • Furthering implementation of international standards • Supporting PAO orientation to the public sector • Strengthening Regional Organizations • Facilitating PAO mentoring relationships

  16. The PAO Development Committee – Implementing Strategy Integrated Communications Collaboration with IFAC Boards and Committees Mentoring • SMO Workshop in Accra, Ghana around the Second Africa Congress of Accountants Africa Regional Collaboration Realizing the Power of PAOs workshop in Hanoi, Vietnam Tools and Guidance AAO Focus on success factors for the Middle East at Dubai PAODC meeting National Outreach Global Initiatives Regional Implementation ME MOSAIC • Joint IFAC, IASB and IAASB event for standard-setters and PAOs of the CIS and Baltic States ECA AC • CReCER

  17. PAO Development: IFAC Resources

  18. Thank You!

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