1 / 11

Advancing Reliable Financial Reporting:

Advancing Reliable Financial Reporting:. Investigation, Discipline and Appeals Systems for the Accountancy Profession. Gabriella Kusz Sr. Financial Management Specialist MENA FM World Bank. What do we mean by systems of Investigation, Discipline and Appeals (I&D)?.

kenyon
Download Presentation

Advancing Reliable Financial Reporting:

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Advancing Reliable Financial Reporting: Investigation, Discipline and Appeals Systems for the Accountancy Profession Gabriella Kusz Sr. Financial Management Specialist MENA FM World Bank

  2. What do we mean by systems of Investigation, Discipline and Appeals (I&D)? • Address both professional and ethical misconduct • Goal: To identify, address and sanction violations. • Responsible Entity: Can be Professional Accountancy Organization (PAO), regulator, government and/or a combination of the aforementioned.

  3. Why do we care? • Promote and protect the integrity of the profession; • Alert Professional Accountancy Organizations (PAOs), government and regulators to areas of weakness; • Provide inputs into education, training and awareness activities; and • Provide force to ethical codes, professional standards, quality assurance findings, etc. • But most importantly….

  4. ENHANCES THE QUALITY AND CONFIDENCE IN FINANCIAL INFORMATION

  5. Foundational Aspects of I&D Legal and Regulatory Framework

  6. Important Considerations • Confidentiality • Timeliness • Monitoring progress of cases through system • Communications • Independent review of complaints • Annual report of findings

  7. Challenges to the development of strong I&D systems • Weak legislation • Ad-hoc systems • Lack of independence • Weak penalties • Lack of coordination / communication • Focus is on auditors – but forgets accountants!

  8. How can we overcome these challenges? • Strong legal and regulatory foundation • Independence • Balancing accountants and non-accountants • Linking to other core functions • Enhancing and formalizing communication • Strengthening / Broadening sanctions • Cooperative efforts to strengthen I&D

  9. Thank you! • Questions / Comments?

More Related