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Page 1 | Confidential and Proprietary Information INTOSAI PSC Steering Committee Warren Allen, President International Federation of Accountants June 18,

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Presentation on theme: "Page 1 | Confidential and Proprietary Information INTOSAI PSC Steering Committee Warren Allen, President International Federation of Accountants June 18,"— Presentation transcript:

1 Page 1 | Confidential and Proprietary Information INTOSAI PSC Steering Committee Warren Allen, President International Federation of Accountants June 18, 2013 Stockholm, Sweden

2 Page 2 | Confidential and Proprietary Information Supporting the independent standard-setting boards –International accountancy standards Public sector accounting Auditing and assurance Ethics Education Priorities as IFAC President INTOSAI Professional Standards Committee

3 Page 3 | Confidential and Proprietary Information Oversight of the IPSASB –Critical time to demand high-quality financial management –Decision-making must reflect a long-term vision –Oversight must be a priority and should: Be undertaken without disrupting current IPSASB efforts Ensure the proper combination of private/public sector involvement Provide an appropriate level of shared, sustainable resources Priorities as IFAC President INTOSAI Professional Standards Committee

4 Page 4 | Confidential and Proprietary Information Advancing public sector financial management –IPSAS Adoption/Implementation –G-20 call for “transparency/comparability of public sector reporting” –EU: IPSASs are an “indisputable reference” –IMF report highlighting the seriousness and extent of the current inadequacies in governments’ fiscal reporting and accountability Priorities as IFAC President INTOSAI Professional Standards Committee

5 Page 5 | Confidential and Proprietary Information According to the IMF report, the largest unexpected increases in general government gross debt as a share of GDP ( ) occurred due to: –An underestimation of the likelihood and scale of shocks to the government’s fiscal position (37%) –Incomplete information about the government’s underlying fiscal position (23%) –Discretionary policy measures introduced in the wake of the crisis (18%) Priorities as IFAC President INTOSAI Professional Standards Committee

6 Page 6 | Confidential and Proprietary Information Acting as the global voice of the profession Reinforcing and supporting Professional Accountancy Organizations (PAOs) –PAOs: Act in the public interest; Are integral to the delivery of good corporate governance; and Support consistent global standards. Priorities as IFAC President INTOSAI Professional Standards Committee

7 Page 7 | Confidential and Proprietary Information “The role of the Chief Financial Officer and Group Finance Function provides financial discipline in the business world. While the private sector is not without its faults, we believe that public sector structures can benefit and learn from the best of some of its processes.” -Michael Izza, ICAEW Chief Executive A CFO at the Cabinet Table? INTOSAI Professional Standards Committee

8 Page 8 | Confidential and Proprietary Information Institute of Chartered Accountants of Sri Lanka INTOSAI Professional Standards Committee Public sector accounting standards are issued jointly by the CA Sri Lanka and the Ministry of Finance & Planning The Public Sector Accounting Standards Committee includes four senior officers of the Ministry of Finance & Planning, who are formally nominated by the Ministry By the end of 2012, CA Sri Lanka had adopted 10 selected IPSASs on a priority basis as SLPSAS.

9 Page 9 | Confidential and Proprietary Information Pan African Federation of Accountants (PAFA) INTOSAI Professional Standards Committee PAFA supports the development and enhancement of the accountancy profession in Africa by: Participating in the development and dissemination of the standards, guidelines, and other pronouncements of the International Accounting Standards Board (IASB) and the independent standard-setting boards supported by IFAC Engaging national governments, regional trading and economic bloc and development organizations in the development of the accountancy profession in the African continent

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