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Paul Van Geyt Ministry of Economics 28/11/2008 7th Conference FCM

The Mediterranean Region in the New Millennium, Integration and Development: the role of the accountancy profession. Paul Van Geyt Ministry of Economics 28/11/2008 7th Conference FCM. Introduction. Working group Euromed accountancy and audit 5 phases Malta (2003) Ankara and Alger (2004)

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Paul Van Geyt Ministry of Economics 28/11/2008 7th Conference FCM

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  1. The Mediterranean Region in the New Millennium, Integration and Development: the role of the accountancy profession Paul Van Geyt Ministry of Economics 28/11/2008 7th Conference FCM

  2. Introduction Working group Euromed accountancy and audit 5 phases Malta (2003) Ankara and Alger (2004) London (2005) Luxemburg and Athens (2007) Brussels Conference (the 5the phase)

  3. Final Declaration • Strenghten the regional cooperation • Exchanging experiences, informations and good practices • Necessary support • Supply actual legislation • Creation information center

  4. Study 5the phase: private and public sector • Analyse evolution since 2003 in each MP • Comparative tables on bases of questionnaire • Evaluation • Conclusion

  5. Tentatively conclusions: private sector Accountancy • Consolidation: option in must of cases • Generalised preparation of annual accounts • Different types enterprises • International standards: consequences: application, interpretation and formation problems particularly in SMEs

  6. Audit • Big differences • Mandatory/optional regulation • Local standards inspired by ISA and IFAC • Legal framework=important for quality of regulation and quality control • Crucial for credibility = existence control organism and quality control • Major problems in education and professional training

  7. South-South cooperation • At starting point • Some projects existing • Work of FMC

  8. Conclusions-propositions private sector Accountancy • Convergence movement to IAS/IFRS • Application problems • More action on education, training, transparency accounts, public control • Increasing internationalisation=more importance consolidated accounts • Institutional organisms have to less force and capacities for good quality control and public oversight • Creation Central organism for accountancy normalisation in the region?

  9. Audit • Extend the audit obligation? For comparable and true financial information • Qualified professionals=admission profession (education) + quality control (professional training and continuous formation) • Cross-border mandates and reciprocity • Differences in audit standards: examination, listing, convergence (ISA) • Creation central organism? Role FCM? exchange experience and info + central database + international representation?

  10. Conclusions public sector • Significant requirement improving public financial management capabilities • How? -improved and consistent training of staffs -increase exchange of experiences (twinning, interaction) -cultural change and administrative reform -support of accountancy profession -establishment regional training centre

  11. What you do in cooperation…you do it better!!!Thanks for your attentionGood luck for 2010!

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