The Role of IFAC in Developing the Accounting Profession in the Gulf Cooperation Council

Role of IFAC in Developing the
Profession in the GCC

Gabriella Kusz
Technical Manager,
IFAC Member Body Development – Middle East Region

Muscat, Oman
December 4-5, 2011

Page 1 | Confidential and Proprietary Information

Overview

• Introduction to IFAC

• PAO Development Committee Objective and Activities

• Development of Profession in the GCC
– Current Status
– Challenges
– Success Factors

• Role of IFAC in Developing the Profession in the GCC


Introduction to IFAC


IFAC PAO Development Committee
Objective

The overall objective is to enable PAOs to be capable of:

• Producing competent and capable professionals;
• Furthering the adoption and implementation of
international standards;
• Acting as a voice for the profession; and
• Assisting government, regulators and other stakeholders
with sound public policy guidance and advice on
accountancy related topics


IFAC PAO Development Committee
Activities

• How does the PAO Development Committee achieve this
objective? Through three strategic activity streams:

– Developing the capacity of the accountancy profession (e.g., production of
tools and guidance);
– Increasing awareness building and knowledge sharing around adoption
and implementation of international standards (e.g., outreach, support of
mentoring); and
– Engage and deepen development partnerships with the international
donor community, regional organizations, and public/private sector
stakeholders (e.g., facilitation of knowledge sharing).


Development of the Profession in the GCC
Current Status

• Development of national-level PAOs has not matched the
rapid growth of the financial sector.
• STRONG desire among stakeholders to establish and
strengthen PAOs – to further support growth and
development.
• IFAC Current/Prospective Affiliation:
– Full IFAC Members: SOCPA (Saudi Arabia), KAAA (Kuwait), BAA
(Bahrain)
– Several PAOs working toward Associate Membership
– Regional org. working toward IFAC recognition: GCCAAO


Challenges

1. Lack of
Awareness of
the Value of
Accountancy

Mutually
Reinforcing
Challenges
2. Professional
3. Lack of Accountancy
Capacity to Organization
Provide Vital (PAO)
Activities Weaknesses


Success Factors

• Maintain dialogue/communications with government
stakeholders
• Build relationships with other peer PAOs
• Work with and through regional PAOs
• Attend regional/international events on PAO
establishment, development and strengthening
• Provide communication and feedback regarding PAO
development challenges/success factors to IFAC Member
Body Development Staff
• Work with IFAC Member Body Development Staff


Role of IFAC in Developing the GCC Profession

• Provision of support, guidance, and assistance to local
efforts to establish, develop and strengthen the GCC
Profession.

– PAO Development Committee meetings in the region (2010 / 2012)
– Tailored strategy for engagement in the Middle East region
– MENA PAO Development Roundtable Workshop Event 2011
– Participation in key country/regional events
– Outreach and provision of technical assistance
– Dedicated Staff Manager supporting the development of PAOs in the
Middle East region as well as Arabic language capacity
– Working in coordination with the World Bank and international donor
community


Questions?

THANK YOU!


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