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  1. Thank you for the privilege of being with you today. I’m honored to address such a distinguished group of dignitaries and professional accountants during my first visit to Nigeria. In my time with you today, I’m going to set out a number of ways in which accountability and good governance go hand-in-hand. I will talk about: how this institute is a crucial part of the Nigerian economy, the standards that govern our profession are vital to the public interest, public sector accountability is crucial to rebuilding trust between citizens and institutions, the UN’s Sustainable Development Goals are an important lens for our profession, good governance is crucial to the fight against fraud and corruption; and, finally, how fighting fraud and corruption is an excellent demonstration of both our public interest mission, and our ability to bring people and organizations together to fight a common foe. And after all that, I will set out some challenges for you! Institute of Chartered Accountants of Nigeria Let’s begin with the role of the Institute of Chartered Accountants of Nigeria—or ICAN—in Nigeria’s economy and public life. I want to acknowledge its contributions at the global, regional, and national level, and its commitment to the public interest. First, as a leading professional accountancy organization, ICAN contributes at the global level through its membership of IFAC, and representation on international boards and committees. ICAN contributes at the regional level through its membership of the Association of Accountancy Bodies in West Africa (ABWA) and the Pan African Federation of Accountants (PAFA)—two valuable forums for sharing best practices—and through the support it provides to professional accountancy organizations in neighboring countries. I thank you for sharing your knowledge and experience beyond your national borders. It is the valuable contribution of leading organizations such as ICAN that makes ours a truly global profession. Second, I wish to acknowledge ICAN for its commitment to the public interest at the national level—a commitment clearly demonstrated by your role in national reform and contribution to Nigeria’s international economic integration. Nigeria’s adoption of International Financial Reporting Standards or IFRS, including IFRS for Small and Medium-sized Entities, and the International Standards on Auditing is significant. I commend the Ministry of Finance for the decision to adopt accrual-based International Public Sector Accounting Standards—or IPSAS—as the government’s reporting framework. It is vital that governments have high-quality information on which to base decisions. It is also important that citizens have easy access to understandable financial information on which they can base their decisions—often at the ballot box—and hold their governments accountable. These two necessities lie at the heart of IFAC’s Accountability. Now. initiative—a global call for change. It challenges policy makers and governments around the world to recognize the importance of financial reporting that meets international standards. Accountability This brings me to my third acknowledgement of ICAN. I thank you for embracing the Accountability. Now. initiative at the national level, and taking the lead at the regional level. Accountability. Now. Nigeria.—the theme of this 46th Annual Accountant’s Conference—is evidence of your commitment to play a key role in public sector transparency, accountability, and governance. Given the large sums that flow through governments on both the supply and demand sides, there is an acute and urgent need for public financial management (PFM) reform. Recently, the Nigerian Director-General, Bureau of Public Service Reforms, said government should be open with information especially in relation to contracts and procurement because people deserved to know how their money was spent. He said, “Citizens actually know very little about what government does and how they do it, and that breeds suspicion. When you proactively disclose information, it lessens that suspicion. Being open with information requests helps us to engage better with citizens.” As accountants, we know that it’s not only important to be open with the information—but that the information must be correct to begin with. All too often we see the consequences of poor PFM—poor public services, sovereign debt crises, and municipal bankruptcies—resulting in loss of trust by citizens that their governments are able to create a sustainable future. PFM reform—including implementing internationally accepted standards for budgeting, accounting, and financial reporting—supports public sector accountability and transparency. It provides complete, high-quality information, enabling governments to develop policy, make informed spending decisions, and manage assets and liabilities, both now and for future generations. And it’s vital to ensuring sustainable public services and economically stronger societies. Our profession’s support for high-quality public financial reporting—the cornerstone of sound PFM—is vital to enabling sustainable public services and stronger societies. ICAN is ideally positioned to act in the public interest by establishing partnerships between government and the accountancy profession, with the profession acting as a trusted advisor to government. And IFAC gladly collaborates with you. We facilitate and participate in events that bring together accountancy and governmental leaders to explore working together to advance PFM. We facilitate capacity building by engaging with professional accountancy organizations to develop a pipeline of well-trained professional accountants to work with or in government to bring about needed changes. This last part—building public sector accountancy capacity at a country level—is key. Countries that have the most to benefit from PFM reforms often lack the accountancy capacity necessary to execute reforms. A great deal of what we do at IFAC is facilitating the advancement and growth of professional accountancy organizations in parts of the world that desperately need more accountants. As IFAC President, it has been my pleasure to visit many countries that have really grasped the PFM challenge. Let me highlight a few examples of how our profession—even in small countries with scarce resources—can achieve great things. In Sri Lanka, the Chartered Institute of Public Finance and Accountancy is working with CA Sri Lanka and the government to develop a new qualification to help professionalize public sector personnel, increase the understanding of accrual accounting, and build a framework for accounts preparation and audits. In Malta, the government is getting its “ACT” together—with ACT being an acronym for Accountability, Credibility, and Transparency. The Ministry of Finance is implementing International Public Sector Accounting Standards across the government and believes strongly that it will improve overall decision making. In Kosovo, the Society of Certified Accountants and Auditors of Kosovo has partnered with the government and supreme audit institution to develop professional qualifications in the public sector. The program has helped build the profession’s numbers and attract new students, and the external certification has helped enhance the perception of independence of the Auditor General’s office. In Uganda, the Institute of Certified Public Accountants of Uganda is partnering with government to build public sector accountancy capacity. These activities are extending to other African countries with the Accountant General seconding staff to Somalia and South Sudan, and the Auditor General seconding staff to South Sudan and the African Organisation of English-speaking Supreme Audit Institutions. Under the IFAC PAO Capacity Building program, we are funding a project to strengthen public sector accountancy capacity in Zimbabwe. Almost all of our other projects under the program have a public sector component. Nigeria, similar to many other nations with dependency on commodities, is experiencing significant budgetary pressure, especially in a year that saw both the highest budget ever and a significant drop in oil prices. This pressure firmly places the spotlight on fiscal responsibility, making transparency and accountability absolutely necessary, and, as mentioned earlier, a significant opportunity for our profession. Nations around the world are facing significant lack of trust in governments. Citizens do not trust governments to make sound decisions, or to do the right thing. They are losing faith that governments are able to chart a sustainable future. This is both a cause and effect of global events that, more recently, include the Brexit vote, the impeachment of the president of Brazil, and the rise of unlikely political leaders. In some cases, it is because of national events, such as the failure to provide essential public services, a sovereign debt crises, or municipal bankruptcies. In other cases, it is because of fraud and corruption (An audit of the Nigerian National Petroleum Corporation showed that from 2011 until 2015, the company withheld more than US $25 billion from the public, according to The Economist). These events create uncertainty and instability. Our profession plays an important role in helping to establish and supporting effective public sector accountability and governance. UN SDGs And this brings me to the UN Sustainable Development Goals—or SDGs. While they are about many topics that we positively impact either directly or indirectly as professional accountants, it is a global action framework into which we can—indeed MUST—be seen to be actively supporting. I know anti-corruption initiatives are top-of-mind—not just for leaders, but for everyday citizens all over the world who desire—and deserve—the best possible leadership. I commend your nation for the steps it has taken, and the high profile President Buhari has placed on fighting the scourge of fraud and corruption. He has appointed ministers who place the same importance on fighting corruption as he does, and some former officials have even been charged for past offenses. The Nigerian Ministry of Finance has instituted a “treasury single account,” consolidating all inflows from ministries, departments, and agencies into a single account at the Central Bank of Nigeria. The Minister of Finance—who knows something about accounting!—a fellow of this institute and of the Institute of Chartered Accountants in England and Wales, requires governors to make their finances public before receiving additional federal funds. And the Nigerian National Petroleum Corporation is also now publishing monthly financial reports. But it is Nigeria’s leadership on the global stage in relation to the United Nations Sustainable Development Goals that I want to touch on now. The Goals are not only good for the nation, they are good for you as professional accountants. Firstly, President Bhuari’s speech at last month’s UN General Assembly in New York was warmly received. He said, Fighting corruption remains a cardinal pillar of our administration. Corruption freezes development, thereby undermining the achievement of the Sustainable Development Goals. I am pleased that our efforts in fighting corruption are yielding positive results including significant stolen assets recoveries. The recovered funds are being channeled towards the development of critical infrastructure and the implementation of social inclusion programs for our people. We are also strengthening our capacity of government entities to institutionalize reforms to ensure transparency and good governance. He is right on three fronts. The Sustainable Development Goals are worth achieving, corruption is blight that prevents their attainment, good governance is key achieving the SDGs and preventing corruption. I recently returned from Geneva, where—on behalf of the global accountancy profession—I articulated the need for greater developing world accountancy capacity as crucial to SDG delivery. At their heart, SDGs are an agenda for people, planet, and prosperity at a time when corporate responsibility is high on board agendas. The goals frame the areas of sustainable development and market failure that help governments and business determine what they do, and what they invest in. What is clear is that SDGs will require heightened accountability from governments and companies, a broader perspective from boards and management, strong leadership and culture, and increased transparency. And in all these things, ICAN’s members—as I’m sure you have already understood—have an extremely significant role to play. Before moving on to speak about good governance, I want to touch on another reason why it’s important for our profession to speak in terms of its role supporting the SDGs: young people. Youth This Institute has always been a tremendous supporter of young Nigerians. In all that you do, you fulfill your public interest mandate. But in your physical and practical support, you demonstrate that Nigeria’s professional accountants offer real, tangible initiatives that inspire young people to learn, and to consider accountancy as a calling. ICAN provides professional accountancy education, scholarships, books, and computers to higher education institutions; learning materials, library development projects, construction of lecture theaters in institutions across the country; and even a national essay competition for undergraduates. These are wonderful examples of action, not just words. Into this mix, the linking of our daily and strategic work and vision to the Sustainable Development Goals will further enhance our relevance to young people—the next leaders of our profession. Good Governance So now, to good governance—vital to the economic health and prosperity of any nation, and to any organization: public, private, not-for-profit. I have devoted many years to governance—both serving as a non-executive director of several publicly listed companies, and as a consultant to businesses, boards, and governments. I have seen firsthand how robust governance greatly enhances decision making and accountability in any organization. Embedding strong governance into a country’s DNA, and expecting it in government and every organization and business, is one of the most important steps that can be taken. Sustainably growing Nigeria’s economy and solidifying its position in an internationally integrated economy is going to require a strong, decisive, and embedded governance culture. Again, this is something President Bhuhari noted in his General Assembly speech, referencing the nation’s public wealth inherent in your rich, diverse natural resources: Nigeria remains committed to the Extractive Industries Transparency Initiative (EITI), a global coalition which promotes transparency and accountability in the management of revenues from the oil, gas and solid minerals sectors. We voluntarily signed up to EITI because we are convinced that transparent governance is an imperative for resource-rich developing countries like ours. The National EITI has been empowering citizens with critical information they can use to hold government and other players in the extractive industries to account, and make recommendations that drive reforms in these strategic sectors of our national life. The International Framework: Good Governance in the Public Sector issued by IFAC and CIPFA in 2014 provides a framework for governance codes for the public sector. To deliver good governance in the public sector, both governing bodies and individuals working for public sector entities must try to achieve their entity’s objectives while acting in the public interest at all times, consistent with the requirements of legislation and government policies, avoiding self-interest and, if necessary, overriding a perceived organization interest. Acting in the public interest implies primary consideration of the benefits for society, which should result in positive outcomes for service users and other stakeholders. It therefore requires two things: 1) behaving with integrity, demonstrating strong commitment to ethical values, and respecting the rule of law; and 2) ensuring openness and comprehensive stakeholder engagement. In addition to the overarching requirements for acting in the public interest achieving good governance in the public sector also requires effective arrangements for: Defining outcomes in terms of sustainable economic, social, and environmental benefits; Determining interventions necessary to optimize the achievement of the intended outcomes; Developing the entity’s capacity, including the capacity of its leadership and the individuals within it; Managing risks and performance through robust internal control and strong public financial management; and Implementing good practices in transparency, reporting, and audit to deliver effective accountability. Professional accountants are uniquely qualified and stand ready to help establish and ensure good governance. In 2012, I was part of a Corporate Governance Study Group sponsored by the Rockefeller Foundation. Our charge was to examine and suggest ways to bridge governance gaps. During one of our meetings, the Dean of Columbia University Business School in New York made the observation that: “There are three kinds of gaps that [those charged with governance] must address: gaps in information, gaps in oversight, and gaps in expertise.” The accountancy profession is uniquely positioned to help address those gaps. Financial expertise and professional skepticism are our core competencies. Information is our business. We help organizations understand the essential elements, structures, and processes of strong governance. It is in the accountancy profession’s best interest to play a significant leadership role. Effective governance leads to high-quality information and transparency that enables professional accountants to do a better job. It is essential that our profession is involved at every level. I encourage you to read IFAC’s latest submission to the G-20: Trust and Integrity—The Accountancy Profession’s Call for Action by the G-20. Our #BuildTrust social campaign recognizes: Accountancy plays a critical role in achieving transparency in the global economy, contributing almost USD $600 billion in gross value added each year, and enabling capital flows, economic activity, and higher standards of living; and Organizations and individuals must be empowered by strong governance in the business and public sectors, underpinned by a coherent public policy and regulatory environment. To these ends, IFAC—as representative of the global accountancy profession—called on the G-20 to enhance sustainable growth through stronger governance for trust and integrity in business and public sector and creation of a cooperative, consistent, and smart global regulatory environment. Strong financial management, transparency, accountability and enhanced governance are essential for sustainable, long-term economic growth that benefits the world’s citizens. To achieve this, we must not only have good intentions; we must act intentionally. I would like to close by challenging each of you to act intentionally by finding ways to #1—ADVOCATE for strong governance and to position your national profession as trusted advisors in the PFM reform process. Be interested in all aspects of governance, talk about what changes should be made, what works well for others, and share experiences. #2—EVALUATE. Review your current governance arrangements and identify areas for improvement. Seek out what has been effective elsewhere, highlight existing gaps, and create an action list to bridge those gaps. #3—PARTICIPATE. Talk to your government representatives. Make sure they understand the importance of high-quality financial reporting as cornerstone of sound PFM. Support them in their PFM reform efforts. Be visible leaders, and lead by example. As I have witnessed many times throughout my career—individually, we may be ordinary individuals, but together we can achieve extraordinary things. Thank you once again for the invitation to be with you today. It is indeed a pleasure and privilege for IFAC to be a small part of this chapter as your story continues to unfold. أضغط على الرابط لزيارة موقع الخبر
  2. Thank you for the privilege of being with you today. I’m honored to address such a distinguished group of dignitaries and professional accountants during my first visit to Nigeria. In my time with you today, I’m going to set out a number of ways in which accountability and good governance go hand-in-hand. I will talk about: how this institute is a crucial part of the Nigerian economy, the standards that govern our profession are vital to the public interest, public sector accountability is crucial to rebuilding trust between citizens and institutions, the UN’s Sustainable Development Goals are an important lens for our profession, good governance is crucial to the fight against fraud and corruption; and, finally, how fighting fraud and corruption is an excellent demonstration of both our public interest mission, and our ability to bring people and organizations together to fight a common foe. And after all that, I will set out some challenges for you! Institute of Chartered Accountants of Nigeria Let’s begin with the role of the Institute of Chartered Accountants of Nigeria—or ICAN—in Nigeria’s economy and public life. I want to acknowledge its contributions at the global, regional, and national level, and its commitment to the public interest. First, as a leading professional accountancy organization, ICAN contributes at the global level through its membership of IFAC, and representation on international boards and committees. ICAN contributes at the regional level through its membership of the Association of Accountancy Bodies in West Africa (ABWA) and the Pan African Federation of Accountants (PAFA)—two valuable forums for sharing best practices—and through the support it provides to professional accountancy organizations in neighboring countries. I thank you for sharing your knowledge and experience beyond your national borders. It is the valuable contribution of leading organizations such as ICAN that makes ours a truly global profession. Second, I wish to acknowledge ICAN for its commitment to the public interest at the national level—a commitment clearly demonstrated by your role in national reform and contribution to Nigeria’s international economic integration. Nigeria’s adoption of International Financial Reporting Standards or IFRS, including IFRS for Small and Medium-sized Entities, and the International Standards on Auditing is significant. I commend the Ministry of Finance for the decision to adopt accrual-based International Public Sector Accounting Standards—or IPSAS—as the government’s reporting framework. It is vital that governments have high-quality information on which to base decisions. It is also important that citizens have easy access to understandable financial information on which they can base their decisions—often at the ballot box—and hold their governments accountable. These two necessities lie at the heart of IFAC’s Accountability. Now. initiative—a global call for change. It challenges policy makers and governments around the world to recognize the importance of financial reporting that meets international standards. Accountability This brings me to my third acknowledgement of ICAN. I thank you for embracing the Accountability. Now. initiative at the national level, and taking the lead at the regional level. Accountability. Now. Nigeria.—the theme of this 46th Annual Accountant’s Conference—is evidence of your commitment to play a key role in public sector transparency, accountability, and governance. Given the large sums that flow through governments on both the supply and demand sides, there is an acute and urgent need for public financial management (PFM) reform. Recently, the Nigerian Director-General, Bureau of Public Service Reforms, said government should be open with information especially in relation to contracts and procurement because people deserved to know how their money was spent. He said, “Citizens actually know very little about what government does and how they do it, and that breeds suspicion. When you proactively disclose information, it lessens that suspicion. Being open with information requests helps us to engage better with citizens.” As accountants, we know that it’s not only important to be open with the information—but that the information must be correct to begin with. All too often we see the consequences of poor PFM—poor public services, sovereign debt crises, and municipal bankruptcies—resulting in loss of trust by citizens that their governments are able to create a sustainable future. PFM reform—including implementing internationally accepted standards for budgeting, accounting, and financial reporting—supports public sector accountability and transparency. It provides complete, high-quality information, enabling governments to develop policy, make informed spending decisions, and manage assets and liabilities, both now and for future generations. And it’s vital to ensuring sustainable public services and economically stronger societies. Our profession’s support for high-quality public financial reporting—the cornerstone of sound PFM—is vital to enabling sustainable public services and stronger societies. ICAN is ideally positioned to act in the public interest by establishing partnerships between government and the accountancy profession, with the profession acting as a trusted advisor to government. And IFAC gladly collaborates with you. We facilitate and participate in events that bring together accountancy and governmental leaders to explore working together to advance PFM. We facilitate capacity building by engaging with professional accountancy organizations to develop a pipeline of well-trained professional accountants to work with or in government to bring about needed changes. This last part—building public sector accountancy capacity at a country level—is key. Countries that have the most to benefit from PFM reforms often lack the accountancy capacity necessary to execute reforms. A great deal of what we do at IFAC is facilitating the advancement and growth of professional accountancy organizations in parts of the world that desperately need more accountants. As IFAC President, it has been my pleasure to visit many countries that have really grasped the PFM challenge. Let me highlight a few examples of how our profession—even in small countries with scarce resources—can achieve great things. In Sri Lanka, the Chartered Institute of Public Finance and Accountancy is working with CA Sri Lanka and the government to develop a new qualification to help professionalize public sector personnel, increase the understanding of accrual accounting, and build a framework for accounts preparation and audits. In Malta, the government is getting its “ACT” together—with ACT being an acronym for Accountability, Credibility, and Transparency. The Ministry of Finance is implementing International Public Sector Accounting Standards across the government and believes strongly that it will improve overall decision making. In Kosovo, the Society of Certified Accountants and Auditors of Kosovo has partnered with the government and supreme audit institution to develop professional qualifications in the public sector. The program has helped build the profession’s numbers and attract new students, and the external certification has helped enhance the perception of independence of the Auditor General’s office. In Uganda, the Institute of Certified Public Accountants of Uganda is partnering with government to build public sector accountancy capacity. These activities are extending to other African countries with the Accountant General seconding staff to Somalia and South Sudan, and the Auditor General seconding staff to South Sudan and the African Organisation of English-speaking Supreme Audit Institutions. Under the IFAC PAO Capacity Building program, we are funding a project to strengthen public sector accountancy capacity in Zimbabwe. Almost all of our other projects under the program have a public sector component. Nigeria, similar to many other nations with dependency on commodities, is experiencing significant budgetary pressure, especially in a year that saw both the highest budget ever and a significant drop in oil prices. This pressure firmly places the spotlight on fiscal responsibility, making transparency and accountability absolutely necessary, and, as mentioned earlier, a significant opportunity for our profession. Nations around the world are facing significant lack of trust in governments. Citizens do not trust governments to make sound decisions, or to do the right thing. They are losing faith that governments are able to chart a sustainable future. This is both a cause and effect of global events that, more recently, include the Brexit vote, the impeachment of the president of Brazil, and the rise of unlikely political leaders. In some cases, it is because of national events, such as the failure to provide essential public services, a sovereign debt crises, or municipal bankruptcies. In other cases, it is because of fraud and corruption (An audit of the Nigerian National Petroleum Corporation showed that from 2011 until 2015, the company withheld more than US $25 billion from the public, according to The Economist). These events create uncertainty and instability. Our profession plays an important role in helping to establish and supporting effective public sector accountability and governance. UN SDGs And this brings me to the UN Sustainable Development Goals—or SDGs. While they are about many topics that we positively impact either directly or indirectly as professional accountants, it is a global action framework into which we can—indeed MUST—be seen to be actively supporting. I know anti-corruption initiatives are top-of-mind—not just for leaders, but for everyday citizens all over the world who desire—and deserve—the best possible leadership. I commend your nation for the steps it has taken, and the high profile President Buhari has placed on fighting the scourge of fraud and corruption. He has appointed ministers who place the same importance on fighting corruption as he does, and some former officials have even been charged for past offenses. The Nigerian Ministry of Finance has instituted a “treasury single account,” consolidating all inflows from ministries, departments, and agencies into a single account at the Central Bank of Nigeria. The Minister of Finance—who knows something about accounting!—a fellow of this institute and of the Institute of Chartered Accountants in England and Wales, requires governors to make their finances public before receiving additional federal funds. And the Nigerian National Petroleum Corporation is also now publishing monthly financial reports. But it is Nigeria’s leadership on the global stage in relation to the United Nations Sustainable Development Goals that I want to touch on now. The Goals are not only good for the nation, they are good for you as professional accountants. Firstly, President Bhuari’s speech at last month’s UN General Assembly in New York was warmly received. He said, Fighting corruption remains a cardinal pillar of our administration. Corruption freezes development, thereby undermining the achievement of the Sustainable Development Goals. I am pleased that our efforts in fighting corruption are yielding positive results including significant stolen assets recoveries. The recovered funds are being channeled towards the development of critical infrastructure and the implementation of social inclusion programs for our people. We are also strengthening our capacity of government entities to institutionalize reforms to ensure transparency and good governance. He is right on three fronts. The Sustainable Development Goals are worth achieving, corruption is blight that prevents their attainment, good governance is key achieving the SDGs and preventing corruption. I recently returned from Geneva, where—on behalf of the global accountancy profession—I articulated the need for greater developing world accountancy capacity as crucial to SDG delivery. At their heart, SDGs are an agenda for people, planet, and prosperity at a time when corporate responsibility is high on board agendas. The goals frame the areas of sustainable development and market failure that help governments and business determine what they do, and what they invest in. What is clear is that SDGs will require heightened accountability from governments and companies, a broader perspective from boards and management, strong leadership and culture, and increased transparency. And in all these things, ICAN’s members—as I’m sure you have already understood—have an extremely significant role to play. Before moving on to speak about good governance, I want to touch on another reason why it’s important for our profession to speak in terms of its role supporting the SDGs: young people. Youth This Institute has always been a tremendous supporter of young Nigerians. In all that you do, you fulfill your public interest mandate. But in your physical and practical support, you demonstrate that Nigeria’s professional accountants offer real, tangible initiatives that inspire young people to learn, and to consider accountancy as a calling. ICAN provides professional accountancy education, scholarships, books, and computers to higher education institutions; learning materials, library development projects, construction of lecture theaters in institutions across the country; and even a national essay competition for undergraduates. These are wonderful examples of action, not just words. Into this mix, the linking of our daily and strategic work and vision to the Sustainable Development Goals will further enhance our relevance to young people—the next leaders of our profession. Good Governance So now, to good governance—vital to the economic health and prosperity of any nation, and to any organization: public, private, not-for-profit. I have devoted many years to governance—both serving as a non-executive director of several publicly listed companies, and as a consultant to businesses, boards, and governments. I have seen firsthand how robust governance greatly enhances decision making and accountability in any organization. Embedding strong governance into a country’s DNA, and expecting it in government and every organization and business, is one of the most important steps that can be taken. Sustainably growing Nigeria’s economy and solidifying its position in an internationally integrated economy is going to require a strong, decisive, and embedded governance culture. Again, this is something President Bhuhari noted in his General Assembly speech, referencing the nation’s public wealth inherent in your rich, diverse natural resources: Nigeria remains committed to the Extractive Industries Transparency Initiative (EITI), a global coalition which promotes transparency and accountability in the management of revenues from the oil, gas and solid minerals sectors. We voluntarily signed up to EITI because we are convinced that transparent governance is an imperative for resource-rich developing countries like ours. The National EITI has been empowering citizens with critical information they can use to hold government and other players in the extractive industries to account, and make recommendations that drive reforms in these strategic sectors of our national life. The International Framework: Good Governance in the Public Sector issued by IFAC and CIPFA in 2014 provides a framework for governance codes for the public sector. To deliver good governance in the public sector, both governing bodies and individuals working for public sector entities must try to achieve their entity’s objectives while acting in the public interest at all times, consistent with the requirements of legislation and government policies, avoiding self-interest and, if necessary, overriding a perceived organization interest. Acting in the public interest implies primary consideration of the benefits for society, which should result in positive outcomes for service users and other stakeholders. It therefore requires two things: 1) behaving with integrity, demonstrating strong commitment to ethical values, and respecting the rule of law; and 2) ensuring openness and comprehensive stakeholder engagement. In addition to the overarching requirements for acting in the public interest achieving good governance in the public sector also requires effective arrangements for: Defining outcomes in terms of sustainable economic, social, and environmental benefits; Determining interventions necessary to optimize the achievement of the intended outcomes; Developing the entity’s capacity, including the capacity of its leadership and the individuals within it; Managing risks and performance through robust internal control and strong public financial management; and Implementing good practices in transparency, reporting, and audit to deliver effective accountability. Professional accountants are uniquely qualified and stand ready to help establish and ensure good governance. In 2012, I was part of a Corporate Governance Study Group sponsored by the Rockefeller Foundation. Our charge was to examine and suggest ways to bridge governance gaps. During one of our meetings, the Dean of Columbia University Business School in New York made the observation that: “There are three kinds of gaps that [those charged with governance] must address: gaps in information, gaps in oversight, and gaps in expertise.” The accountancy profession is uniquely positioned to help address those gaps. Financial expertise and professional skepticism are our core competencies. Information is our business. We help organizations understand the essential elements, structures, and processes of strong governance. It is in the accountancy profession’s best interest to play a significant leadership role. Effective governance leads to high-quality information and transparency that enables professional accountants to do a better job. It is essential that our profession is involved at every level. I encourage you to read IFAC’s latest submission to the G-20: Trust and Integrity—The Accountancy Profession’s Call for Action by the G-20. Our #BuildTrust social campaign recognizes: Accountancy plays a critical role in achieving transparency in the global economy, contributing almost USD $600 billion in gross value added each year, and enabling capital flows, economic activity, and higher standards of living; and Organizations and individuals must be empowered by strong governance in the business and public sectors, underpinned by a coherent public policy and regulatory environment. To these ends, IFAC—as representative of the global accountancy profession—called on the G-20 to enhance sustainable growth through stronger governance for trust and integrity in business and public sector and creation of a cooperative, consistent, and smart global regulatory environment. Strong financial management, transparency, accountability and enhanced governance are essential for sustainable, long-term economic growth that benefits the world’s citizens. To achieve this, we must not only have good intentions; we must act intentionally. I would like to close by challenging each of you to act intentionally by finding ways to #1—ADVOCATE for strong governance and to position your national profession as trusted advisors in the PFM reform process. Be interested in all aspects of governance, talk about what changes should be made, what works well for others, and share experiences. #2—EVALUATE. Review your current governance arrangements and identify areas for improvement. Seek out what has been effective elsewhere, highlight existing gaps, and create an action list to bridge those gaps. #3—PARTICIPATE. Talk to your government representatives. Make sure they understand the importance of high-quality financial reporting as cornerstone of sound PFM. Support them in their PFM reform efforts. Be visible leaders, and lead by example. As I have witnessed many times throughout my career—individually, we may be ordinary individuals, but together we can achieve extraordinary things. Thank you once again for the invitation to be with you today. It is indeed a pleasure and privilege for IFAC to be a small part of this chapter as your story continues to unfold. أضغط على الرابط لزيارة موقع الخبر
  3. Subtitle: International Standard on Auditing (ISA) 701 (NEW), Communicating Key Audit Matters in the Independent Auditor's Report Translated By: Published: Tue, 2017-08-22 ISBN: Embed Code: Disable Login Requirement: 0 Source: IAASB Language: Japanese Tags: auditing auditor reporting IAASB ISA Publication Type: Handbooks, Standards, and Pronouncements Translation Issues, Insights & Interest Areas: Adoption & Implementation Meta Title: ED Status: Admin emails: Due Date Emails: أضغط على الرابط لزيارة موقع الخبر
  4. This Consultation Paper discusses two potential approaches for recognition of revenue for transactions that have performance obligations or stipulations: The Exchange/Non-Exchange Approach – which maintains the principles within IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers)but identifies five options for updating that Standard; and The Public Sector Performance Obligation Approach for Revenue - where revenue is recognized when identified performance obligations have been met It also discusses two potential approaches for recognition of non-exchange expenses: The Extended Obligating Event Approach - relies on the IPSASB’s Conceptual Framework to determine when a resource provider has a liability and an expense; and The Public Sector Performance Obligation Approach for Expenses – mirrors the equivalent revenue approach but adapted for non-exchange expenses. The Consultation Paper also discusses: Implementation issues regarding recognition of revenue from capital grants and services in-kind; Initial and subsequent measurement of non-contractual receivables; and Subsequent measurement of non-contractual payables. أضغط على الرابط لزيارة موقع الخبر
  5. The International Public Sector Accounting Standards Board® (IPSASB®) has released a Consultation Paper (CP), Accounting for Revenue and Non-exchange Expenses. The IPSASB seeks constituent views on potential recognition and measurement approaches for revenue and non-exchange expenses. Conceptually robust and understandable accounting treatments of taxes, transfers and other major sources of public sector income as well as expenses on universally accessible and collective services are fundamental to high-quality financial reporting. The publication of IFRS 15, Revenue from Contracts with Customers, by the International Accounting Standards Board, has provided the IPSASB with an impetus to consider its approaches both to commercial transactions and public sector specific transactions. The CP also considers recognition approaches for significant non-exchange expense transactions, such as the provision of education, healthcare and defense. “This Consultation Paper is an important first step in addressing some key IPSAS implementation issues while seeking to maintain IFRS convergence,” said Ian Carruthers, IPSASB Chair. “It also provides an opportunity to address gaps in literature that have been identified in accounting for non-exchange expenses and the measurement of non-contractual receivables and non-contractual payables—such as taxes, fines and licenses.” The CP proposes updating existing IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers), to address issues identified by users, as well as to replace current IPSAS dealing with revenue arising from exchange transactions and construction contracts with an IPSAS based on IFRS 15. For non-exchange transactions with performance obligations the CP discusses two potential revenue recognition approaches. (a) Exchange/non-exchange approach – Under this approach the CP identifies five options for updating IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers); and (b) The Public Sector Performance Obligation Approach for Revenue – Under this approach revenue would be recognized when identified performance obligations have been fulfilled, drawing upon the approach in IFRS 15 adapted for the public sector. The CP discusses two potential approaches to the recognition of non-exchange expenses. (a) The Extended Obligating Event Approach – this approach would rely on the IPSASB’s Conceptual Framework to determine when a resource provider has a liability and expense; and (b) The Public Sector Performance Obligation Approach for Expenses – this approach would mirror the equivalent approach for revenue, and adapt it for non-exchange expense transactions. The CP also discusses: Implementation issues regarding the recognition of revenue from capital grants and services in-kind; Initial and subsequent measurement of non-contractual receivables; and Subsequent measurement of non-contractual payables. How to Comment To access the Consultation Paper and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by January 15, 2018. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper to their members and employees. About the IPSASB The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. About the Public Interest Committee The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information. أضغط على الرابط لزيارة موقع الخبر
  6. The IFAC Small and Medium Practices (SMP) Committee participated in the International Ethics Standards Board for Accountants' Strategy Survey, which sought early input into the key issues the board should address that might impact its Code of Ethics for Professional Accountants. أضغط على الرابط لزيارة موقع الخبر
  7. In 2015, the International Auditing and Assurance Standards Board (IAASB), International Ethics Standards Board for Accountants (IESBA), and the International Accounting Education Standards Board (IAESB) convened a small, cross-representational working group—the Professional Skepticism Working Group—to formulate views on whether and how each of the three boards’ sets of international standards could further contribute to strengthening the understanding and application of the concept of professional skepticism as it applies to an audit. The importance of professional skepticism is underscored by the increasing complexity of business and financial reporting, including the greater use of estimates and management judgment, business model changes due to technological developments, and the fundamental reliance of the public on dependable financial reporting. It lies at the heart of a quality audit. This publication outlines observations about the current environment and sets out actions the global standard-setting boards will take, as well as the role that other stakeholders can play, in enhancing professional skepticism. أضغط على الرابط لزيارة موقع الخبر
  8. The global standard-setting boards for auditing, accounting ethics and accounting education today released a new publication showcasing observations and potential ways to enhance professional skepticism. The publication, Toward Enhanced Professional Skepticism, was produced by a joint working group comprised of representatives from the International Auditing and Assurance Standards Board (IAASB), International Ethics Standards Board for Accountants (IESBA) and the International Accounting Education Standards Board (IAESB). It outlines observations about the current environment and sets out actions the global standard-setting boards will take, as well as the role that other stakeholders can play, in enhancing professional skepticism. The importance of professional skepticism is underscored by the increasing complexity of business and financial reporting, including the greater use of estimates and management judgment, business model changes due to technological developments, and the fundamental reliance of the public on dependable financial reporting. It lies at the heart of a quality audit. “When this initiative began, the boards were looking for input on whether and how each of their standards could contribute to strengthening the understanding and application of professional skepticism as it applies to an audit,” said Prof. Annette Köhler, Joint Working Group Chair. “We have shared our observations and recommendations with the boards, and professional skepticism now features prominently in each of the boards’ strategic considerations.” This publication is the first ever jointly commissioned by the three boards. Each of the boards has acted on the input received; the publication also includes a snapshot of their immediate actions and longer-term studies. About the IAASB The International Auditing and Assurance Standards Board (IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. About the IAESB The International Accounting Education Standards Board (IAESB) develops education standards, guidance, and information papers for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC. About the IESBA The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board. أضغط على الرابط لزيارة موقع الخبر
  9. Accounting Today looks at IFAC’s recent guidance that helps professional accountancy organizations handle ongoing accounting regulation evolution. أضغط على الرابط لزيارة موقع الخبر
  10. In an article on Forbes, IFAC Executive Director explains 10 actions leaders in G20 countries can take right now to rebuild the public’s trust and inspire confidence in the global economy. أضغط على الرابط لزيارة موقع الخبر
  11. Navigating the national regulatory environment is a crucial part of establishing and developing an effective professional accountancy organization (PAO). The right accountancy regulation model is vital to ensuring a well-functioning profession that produces high-quality financial information, supports economic growth and development, and is relevant to professional accountants and their clients. In light of regulatory evolution in recent years and the ongoing need for PAOs to adapt to, and actively influence, their environment, the International Federation of Accountants (IFAC) today released new guidance to support PAOs in these efforts. “There is no ‘one-size-fits-all’ solution for accountancy regulation; there are many different models in place around the world that work effectively,” said IFAC Executive Director Alta Prinsloo. “Understanding the key principles of accountancy regulation, and how they function in practical terms, helps PAOs and their key constituents ensure the profession’s long-term sustainability, and their ability to continue to function in the public interest.” Making Regulation Work: Principles and Models for the Accountancy Profession explores the scope of accountancy regulation, why it is needed, and key principles for consideration, as highlighted in IFAC Public Policy Position 1, Regulation of the Accountancy Profession and From Crisis to Confidence: A Call for Consistent, High-Quality Global Regulation. It also provides regulatory model examples used in a number of countries, with further information available in country profiles on the IFAC website. The guidance is part of the PAO Capacity Building Series, which includes guidance on PAO governance, advocacy and public policy, partnerships, and engaging professional accountants in business. It also builds on one of the key findings of the MOSAIC PAO Global Development Report, which cites strengthening PAOs’ legal and regulatory foundations and internal capacity as a critical need for the global accountancy profession. About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. أضغط على الرابط لزيارة موقع الخبر
  12. Navigating the national regulatory environment is a crucial part of establishing and developing an effective professional accountancy organization (PAO). The right accountancy regulation model is vital to ensuring a well-functioning profession that produces high-quality financial information, supports economic growth and development, and is relevant to professional accountants and their clients. This publication is designed to support PAOs in their efforts to adapt to recent regulatory evolution, and actively influence stakeholders and influencers. أضغط على الرابط لزيارة موقع الخبر
  13. Thinking beyond the financial elements of an organization to other key areas of value creation can help small- and medium-sized entities (SMEs) develop a better understanding of their business and provide key insights for the future. Today, it is critical for organizations to think broadly about performance and strategy, and improve communication to shareholders, investors, customers and suppliers on what drives value for the organization. Creating Value for SMEs through Integrated Thinking: The Benefits of Integrated Reporting, published today by the International Federation of Accountants (IFAC) and the International Integrated Reporting Council (IIRC), highlights how SMEs—and the professional accountants serving them—can benefit from integrated thinking and reporting. “As the engines of economic development, SMEs are critically important to the world’s economy,” said Sylvia Tsen, IFAC Executive Director. “They have significant value beyond the financial, which integrated thinking and reporting helps uncover. An integrated approach can help SMEs, including not-for-profits, increase their impact because it encourages an inclusive view of operations, risks and opportunities, and future outlook.” Integrated reporting embraces the six capitals established by the IIRC’s International Integrated Reporting Framework: financial, human, intellectual, manufactured, natural, and social and relationship. Considering each holistically, organizations can build a clearer understanding of the factors necessary to build value over the short, medium, and long term, including how the business uses and effects its resources. “Integrated reporting is well underway to becoming the global norm, so it has to work for all businesses, large and small,” said Richard Howitt, IIRC Chief Executive Officer. “I am delighted how this new publication shows the considerable benefits for smaller organizations. The IIRC’s principles-based framework is deliberately flexible so that SMEs can apply it to their own specific circumstances.” Whether advising an organization or working within it, professional accountants are equipped with the skills and understanding to apply integrated reporting, help discover important insights, and provide stakeholders with a broader picture of how the business meets its strategic objectives. Additional resources to help professional accountants improve integrated thinking are available on the Global Knowledge Gateway, including Creating Value with Integrated Thinking: The Role of the Professional Accountant. About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. أضغط على الرابط لزيارة موقع الخبر
  14. Integrated reporting enhances the way organizations think, plan, and report their business’ story. It is used as an opportunity to communicate a clear, concise, integrated story explaining how value is created within the organization. It can help businesses think holistically about their strategy and plans, make informed decisions, manage key opportunities and risks to build investor and stakeholder confidence, and help manage the organization’s performance. This publication from IFAC and the International Integrated Reporting Council will help small- and medium-sized entities (SMEs), including non-profits, adopt integrated reporting and realize its benefits. It will also help users understand the benefits of using the International Integrated Reporting Framework, including the flexibility of its principles-based structure and approach. أضغط على الرابط لزيارة موقع الخبر
  15. Subtitle: IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) Published: Sat, 1980-07-19 Disable Login Requirement: 0 Tags: CPD/CPE education IAESB IES Source: IAESB Publication Type: Handbooks, Standards, and Pronouncements Translation Language: Chinese Issues, Insights & Interest Areas: Development of the Profession ED Status: أضغط على الرابط لزيارة موقع الخبر
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