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Private Sector Accounting and Auditing in Africa

Private Sector Accounting and Auditing in Africa. Patricia Mc Kenzie Sector Manager FM East and Southern Africa June, 18, 2013. What have we been doing…. Diagnostics - ROSC Accounting and Auditing 36 Finalised reports, 6 in-progress

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Private Sector Accounting and Auditing in Africa

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  1. Private Sector Accounting and Auditing in Africa Patricia McKenzie Sector Manager FM East and Southern Africa June, 18, 2013

  2. What have we been doing… • Diagnostics - ROSC Accounting and Auditing • 36 Finalised reports, 6 in-progress • South Africa – 2nd review – shares key best practices ( proposed issued date –June 2013) • Studies – Professional services trade policies • Dialogue in countries – Seychelles (Accountancy Law), Angola – establishment and strengthening of the PAO

  3. What have we been doing…(cont) • Capacity building initiatives • National level…….. • Twinning arrangement success e.g Botswana – BIA & ICAEW • PAOs achieving IFAC Associate membershio Benin, Rwanda • Regional initiatives ….they include

  4. ……..Regional initiatives

  5. ……..Regional initiatives

  6. Work in Progress…… • Champion inclusion of the accounting and auditing agenda in policy dialogue of Regional Groupings – COMESA, CEMAC, African Union • Enhance dialogue on growth of the accountancy profession in Francophone • Support in implementation of IPSAS in Africa • Provide options to PAOs on how to include public sector subjects in Accountancy qualifications • Develop tools for PAOs to support with development of implementation strategies and reporting frameworks for countries moving to accrual accounting • Address Governance issues raised on IPSASB • Partner to host a round table for Fragile and Conflict countries – determine Accountancy reforms

  7. Opportunities to contribute to Growth Support in strengthening PFM reforms • Accounting standards adoption – financial statements • Information systems and internal controls • Strengthen oversights: National Audit Offices, Internal audit, Public Accounts Committees Develop human capacity • Community of practices • Finance officers/ accountants – public sector ….. focus on youth

  8. Opportunities to contribute to Growth • Enhance Management of Mineral Resources • Advocate for better Governance • Support Reforms that address vulnerabilities and shocks

  9. Enhance management of Mineral resources – transfer revenue to public Mineral resources discovery Accountants role Governance structures of the arrangement Revenue management frameworks Accountability frameworks

  10. Governance Governance challenges Accountants role Social accountability Develop and implementation of regulations Open data – accountability • Voice and accountability • Corruption • Regulatory effectiveness

  11. Reforms to address vulnerability and shocks Vulnerabilities, shocks Accountants role Diversification of economy Research on risk mitigating measures Climate change policies • Political violence /unrest • Dependence on 1 or few products • Environmental impacts e.g. earthquakes, floods • Terrorism, Piracy

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