IFAC President, Warren Allen, was in Accra, Ghana May 16, 2013 addressing the 2nd Annual Africa Congress of Accountants

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

2. • 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
Agenda

3. International Federation of Accountants

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

5. • 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)
Independent Standard-Setting Boards

6. “(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
Public Sector Financial Management Reform

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

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

10. “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
Importance of Integration

11. www.ifac.org