Overview. Partnering for Results. Delivering Quality FM Services in Bank Operations. Promoting Public Goods, Partnership & Harmonization

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1 The Role of the World Bank in Strengthening the Accountancy Profession IFAC Small and Medium Practices Forum 2009 Tony Hegarty Chief Financial Management Officer The World Bank 1

2 Overview 2 Delivering Quality FM Services in Bank Operations Building Partner Countries FM Capacity Promoting Public Goods, Partnership & Harmonization Partnering for Results 2

3 The World Bank Group Working for a world free of poverty 3 Robert B. Zoellick President The World Bank

4 Poverty Reduction: Global Challenge 4

5 Contribution of Accountancy Profession 5

6 SMEs and SMPs: Foundations For Growth 6 SMEs Accounting & Assurance Services SMPs

7 How is FM Sector (WB) Contributing? 7 Support achievement of development results by: providing reasonable assurance on borrowers use of Bank funds FIDUCIARY helping partner countries improve their financial management DEVELOPMENT

8 World Bank s Existing Portfolio 8 AFR SAR 21% 22% MNA 5% EAP 18% LCR 19% ECA 15% Total Commitments: $140 billion Number of Projects: 1,700 September 2009

9 Fiduciary Responsibility 9 Assurance on use of funds

10 Building FM Capacity 10 Delivering Quality FM Services in Bank Operations Building Partner Countries FM Capacity Promoting Public Goods, Partnership & Harmonization Partnering for Results 2

11 PFM & ROSC A&A Diagnostics PFM and 100 ROSC diagnostics completed

12 ROSC A&A: Emerging cross cutting issues 12 Outdated legal frameworks Weak accountancy professions Widespreadnon compliance with standards Weak monitoring/enforcement mechanisms Lack of access to international standards Inadequate training and curricula Non availability of implementation ti guidance and practice manuals Mostly due to WEAK CAPACITY

13 SMPs : Key Challenges 13 Lack of continuing professional development Lack of access to modern methodologies Lack of access to international standards and publications SMPs

14 Diagnostics to Implementation for Results 14 How do we move forward? From diagnostics to capacity development

15 FM Sector: Global Capacity Building 15 ECA MNA EAP LCR AFR SAR 15

16 Building Sustainable Capacity at Country Level 16 Accounting Standards Statutory Framework Monitoring, Enforcement & Oversight Education & Training Accountancy Profession & Ethics Auditing Standards

17 Capacity Building for SMPs 17 Lack of access to modern methodologies Lack of continuing professional development Lack of access to international i standards d and publications Guidance, manuals, and training on modern methodologies Training on practical application of international standards and codes Supporting access to IFRS for SMEs, ISAs, etc

18 IFRS for SMEs 18 The IFRS for SMEs provides a The IFRS for SMEs provides a valuable financial reporting reference framework for smaller entities. and should help improve their access to finance... the simplifications introduced by the SME standard will provide much needed relief.

19 Guiding Principles for Capacity Building 19 Country leadership and ownership Tailor-made capacity development design Comprehensive programme design and implementation Coherent and coordinated donor support

20 Partnering for Results 20 Delivering Quality FM Services in Bank Operations Building Partner Countries FM Capacity Promoting Public Goods, Partnership & Harmonization Partnering for Results 2

21 Global Partnerships 21 OECD-DAC IFAC INTOSAI IASB Professional Institutions World Bank Multilateral Development Banks African Development Bank Asian Development Bank Inter-American Development Bank Islamic Development Bank UN FM Agreement PEFA

22 World Bank Support at Three Levels 22 IFAC, IASB, INTOSAI CAPA, ECSAFA, ABWA, etc Country institutes t

23 Partnering for Results 23 IFAC Developing Countries Donors Developed Countries World Bank