Minutes of the MOSAIC Inaugural Steering Committee Meeting 1 MOSAIC: Jaipur, India – February 22, 2012 International Federation of Accountants (IFAC) - Donor Community Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration (MOSAIC) DRAFT Minutes of the Inaugural Steering Committee Meeting February 22, 2012 Attendees: NAME ABB. ORGANIZATION Amarjit Chopra AC Member—IFAC PAO Development Committee Angela Corcoran AnC Assistant Director General, Program Strategy & Design— Australian Agency for International Development (AusAID) Anthony Martin Hegarty AMH Chief Financial Management Officer—World Bank Ashok Jain Chairman, Jaipur Chapter—Institute of Cost Accountants of India B. L. Jain Chairman, Northern India Regional Council—Institute of Cost Accountants of India Bruce Robertson Deputy Secretary-General— Pacific Association of Supreme Audit Institutions (PASAI) Carmen Mataragiu Member—IFAC PAO Development Committee David Ostermeyer DO Chief Financial Officer—United States Agency for International Development (USAID) Deborah J. Williams DJW Chair—IFAC PAO Development Committee Dylan Roux Working in Partner Systems, Program Strategy & Design— Australian Agency for International Development (AusAID) Einar Gorrissen Deputy Director General IDI—INTOSAI Development Initiative Eroni Vatuloka Executive Director, Pacific Association of Supreme Audit Institutions (PASAI) Gabriella Kusz GK Technical Manager—International Federation of Accountants (IFAC) Gary Scopes Member—IFAC PAO Development Committee Gene L. Dodaro Controller General of the United States—United States Government Accountability Office (U.S. GAO) Håkon Mundal HM Senior Advisor—Norwegian Agency for Development Cooperation (NORAD)
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Minutes of the MOSAIC Inaugural Steering Committee Meeting
1 MOSAIC: Jaipur, India – February 22, 2012
International Federation of Accountants (IFAC) - Donor Community
Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration (MOSAIC)
DRAFT Minutes of the Inaugural Steering Committee Meeting
February 22, 2012
Attendees:
NAME ABB. ORGANIZATION
Amarjit Chopra AC Member—IFAC PAO Development Committee
Angela Corcoran AnC Assistant Director General, Program Strategy & Design—Australian Agency for International Development (AusAID)
Anthony Martin
Hegarty
AMH Chief Financial Management Officer—World Bank
Ashok Jain Chairman, Jaipur Chapter—Institute of Cost Accountants of India
B. L. Jain Chairman, Northern India Regional Council—Institute of Cost Accountants of India
Bruce Robertson Deputy Secretary-General— Pacific Association of
Supreme Audit Institutions (PASAI)
Carmen
Mataragiu
Member—IFAC PAO Development Committee
David Ostermeyer DO Chief Financial Officer—United States Agency for International Development (USAID)
Deborah J.
Williams
DJW Chair—IFAC PAO Development Committee
Dylan Roux Working in Partner Systems, Program Strategy & Design—Australian Agency for International Development (AusAID)
Einar Gorrissen Deputy Director General IDI—INTOSAI Development Initiative
Eroni Vatuloka Executive Director, Pacific Association of Supreme Audit Institutions (PASAI)
Gabriella Kusz GK Technical Manager—International Federation of Accountants (IFAC)
Gary Scopes Member—IFAC PAO Development Committee
Gene L. Dodaro Controller General of the United States—United States Government Accountability Office (U.S. GAO)
Håkon Mundal HM Senior Advisor—Norwegian Agency for Development Cooperation (NORAD)
Minutes of the MOSAIC Inaugural Steering Committee Meeting
2 MOSAIC: Jaipur, India – February 22, 2012
Jaydeep Narendra
Shah
JNS President—Institute of Chartered Accountants of India
Jorgen Kosmo Auditor General and Chairman of the IDI Board—INTOSAI Donor Secretariat
Larks Wilke Policy Analyst / Seconded National Expert—EuropeAid for Development and Cooperation
M.
Gopalakrishnan
President—Institute of Cost Accountants of India
Manvinder Mamak Senior Financial Management Specialist—World Bank
Manuel Vargas Senior Financial Management Specialist—World Bank
Monica Rubiolo MR Head of Macroeconomic Support Division—State Secretariat for Economic Affairs (SECO)
Nishant Bharwaj NB Senior Advisor—Asian Development Bank (ADB)
Patricia Arriagada Subcomptroller—General Comptroller Office of Chile
Paul Hurks PH Manager of International Accountancy Education &
Development—Koninklijk Nederlands Instituut van
Registeraccountants (Royal NIVRA)
Peter Rostedt Swedish National Audit Office (Riksrevisionen)
Rakesh Sehgal Additional Secretary—Institute of Chartered Accountants of India
Rakesh Singh Vice President—Institute of Cost Accountants of India
Russell Guthrie RG Executive Director, Quality and Member Relations—International Federation of Accountants (IFAC)
Sanjay Gupta Council Member—Institute of Cost Accountants of India
Sanjay KW Jain Secretary - Jaipur Chapter of Institute of Cost Accountants of India
Stephan Sharples SS Senior Advisor—Department for International Development (DFID)
Subodh K
Agrawal
Vice President—Institute of Chartered Accountants of India
Sudhir Kumar
Sharma
Joint Director (Technical)—Institute of Cost Accountants of India
T Karthikeyan Secretary—Institute of Chartered Accountants of India
Tom Hennessy TH Senior Advisor—Irish Aid
Vickson Ncube Chief Executive Officer—Pan African Federation of Accountants (PAFA)
Minutes of the MOSAIC Inaugural Steering Committee Meeting
3 MOSAIC: Jaipur, India – February 22, 2012
Vijay Kumar Garg Central Council Member—Institute of Chartered Accountants of India
Rakesh Jhalani Chairman, Jaipur Chapter – Institute of Chartered Accountants of India
1. Opening Remarks
The meeting commenced with a welcome from Anthony Martin Hegarty [AMH] to
attendees and special thanks to the International Federation of Accountants, the
International Organization of Supreme Audit Institutions and all attendees. Deborah J.
Williams [DJW] also welcomed and thanked attendees for their attendance and
participation in the day’s events.
2. Welcome Address: Institute of Chartered Accountants of India
Mr. Jaydeep Narendra Shah [JNS] welcomed all to India and expressing his gratitude for their attendance and participation in this historic meeting. JNS then went on to introduce the audience to the Institute of Chartered Accountants of India as a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. JNS noted that during its 61 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now stands as the world’s second largest accounting body. JNS then went on to discuss the various international activities of the Institute of Chartered Accountants including their current Memorandum of Understanding (MoU) with the College of Banking and Financial Studies in Oman which seeks to provide assistance in the institutionalization of the accounting profession in Oman. Their MOU with the Center of Excellence for Applied Research and Training (CERT) in Dubai which seeks to assist in the conceptualization and creation of an international curriculum in accountancy integrating local needs with a focus on the various requirements of different levels of the profession. As well as insight into their provision of technical assistance to the Certified Public Accountants (CPA) association of Mongolia and the University of Djibouti.
3. Welcome Address: Institute of Cost Accountants of India
Mr. M. Gopalakrishnan [MG] began by welcoming all to the city of Jaipur and expressing
his gratitude for their attendance and participation in this historic meeting. MG then
noted India’s position as one of the most vibrant economies in the future global
economic environment and went on to describe how India has aligned itself with the
global accounting community over the course of the past decade. MG noted that the
Institute of Cost Accountants, with its focus on the performance management sphere
targeting the optimal utilization of scarce resources, has been active in promoting
transparency and accountability and also in fostering efficient and effective public
resource management. MG noted that the world of performance reporting is moving from
Minutes of the MOSAIC Inaugural Steering Committee Meeting
4 MOSAIC: Jaipur, India – February 22, 2012
one-dimensional financial reporting towards multi-dimensional management reporting -
with a concentration on the proactive measures to plan the efficiency of business
decisions on a futuristic basis. But this is not possible unless a strong and robust
financial accounting system exists.
MG commented on the various international development activities of the Institute of
Cost Accountants – particularly those which have assisted the development of the
profession in Sri Lanka and the Middle East. MG noted that in their experience, it is vital
for the establishment of professional accountancy organizations (PAOs) to have access
to financial resources in order to ensure sustainability and undertake long-term planning.
In this respect, they believe that the IFAC - Donor Community MOSAIC can play a key
role in enhancing the sustainability of PAO development efforts.
AMH noted that it has taken a number of years for the Institute of Cost Accountants and
the Institute of Chartered Accountants of India to reach their current level of
development and contribute to the Indian economy as they do. AMH then noted that to
date, there have been over 120 Accounting and Auditing Reports on the Observance of
Standards and Codes (AA-ROSCs) conducted around the world and the main finding is
that capacity is weak and that accounting development in this regard is needed in both
the public and private sectors.
4. Overview of IFAC
Russell Guthrie [RG] then provided a brief PowerPoint presentation regarding IFAC and
its development activities. RG noted that IFAC is the global not-for-profit organization for
the accountancy profession which is comprised of 167 members in 127 countries around
the world. RG then discussed IFAC’s role in the global economy in serving the public
interest, establishing and promoting adherence to high quality professional standards
and furthering their adoption and implementation, supporting the global development of
the accountancy profession, sharing in the regulation of the profession, and speaking out
on public interest issues where the profession’s voice is most relevant.
RG went on to describe IFAC’s Member Body Development Team, the Compliance
Program and the PAO Development Committee focus on developing the capacity of the
accountancy profession, increasing awareness building and knowledge sharing around
adoption and implementation of international standards, and engaging and deepening
development partnerships with the international donor community, regional
organizations, and public/private sector stakeholders. The full IFAC Overview
PowerPoint presentation is available to the public via the IFAC PAO Development