The International Federation of Accountants (IFAC) has released a report entitled Professional Accountancy Organization (PAO) Global Development which brings up several ways intended to improve these professional organisations.
IFAC’s report, which is an initiative of the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration (MOSAIC), aims at providing an assessment of PAOs development at the global, national and regional levels.
MOSAIC is an agreement between IFAC and the international development community which is designed to improve the capacity of PAOs in partner countries and improve financial management systems in emerging economies.
"Capacity-building efforts benefit the global economy since properly functioning PAOs support the production of high-quality financial information and contribute to public and private sector development, economic growth, and the aid-effectiveness agenda," IFAC PAO development committee Deborah Williams said.
According to IFAC the report contains ten key findings which help to establish the success factors and challenges associated with building a strong accountancy profession, supported by an effective PAO.
Some findings included supporting internal strengthening of PAOs, developing PAO education and certification capacity as well as broadening PAO membership bases.
"This report will provide vital direction on where to focus efforts to increase PAO capacity and improve the quality of public and private sector accounting and financial management," MOSAIC steering committee co-chair Jennifer Thompson said.
Article by Sebastian Clark