The Professional Accountancy Organisation Global Development Report has been published, as part of the continuing effort to strengthen the accountancy profession globally.
The report is an initiative of MOSAIC, the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration.
The report was created to provide an assessment of professional accountancy organisation (PAO) development at the global, regional, and national levels. Through its 10 key findings, the report establishes the success factors and challenges associated with building a strong, sustainable accountancy profession supported by an effective PAO.
“As an integral part of national financial infrastructures, PAOs can provide significant contributions to the financial, economic, and social development of nations", said Deborah Williams, MOSAIC Steering Committee co-chair and chair of the IFAC PAO Development Committee. “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.”
The report’s key findings include the importance of undertaking PAO development comprehensively at the national level; strengthening legal and regulatory foundations; furthering implementation of international standards; and supporting internal strengthening of PAOs. The findings will provide direction for the MOSAIC Steering Committee in its future endeavors.
“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, goals that underpin MOSAIC", said Jennifer Thompson, MOSAIC Steering Committee co-chair and chief financial management officer at the World Bank. “It allows us to further the principles of aid effectiveness—embodied in the Paris Declaration, Accra Agenda for Action, and the Busan Partnership for Effective Development Cooperation—to contribute to economic growth and a reduction in poverty.”
Press release
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