IFAC CAPACITY BUILDING METHODOLOGY

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1 International Update 20 maart 2014

2 Paul Hurks Manager International Relations NBA IFAC CAPACITY BUILDING METHODOLOGY Strengthening the Accountancy Profession through Professional Accountancy Organizations (PAO s) Capacity Building

3 Strengthening the Accountancy Profession (IFAC) Integrated catalyzing concept through PAO Capacity Building IFAC is committed to monitoring the quality of PAOs (in collaboration with regional organizations, partner-paos and donors) 130 PAOs are committed to monitoring competency, capability and performance of accountancy professionals (preparers, assurance providers, accountants in business in private and public sector) (in collaboration with local stakeholders and authorities) 2.5 million Accountancy professionals are committed to monitoring the integrity of public and private sector organizations and representatives and the quality of (financial) information Organizations and representatives in private & public sector

4 IFAC in general (1) International Federation of Accountants Foundation 1977, New York City Network 180 members and associates (PAOs) in 130 countries, >2.5 million accountants Mission To serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies, emphasize globilisation & public interest, enhancing economic growth & wealth, reducing poverty Recognition Increasing recognition of IFAC s work by international organizations, including INTOSAI, IOSCO, Donor Community and G20

5 IFAC in general (2) IFAC serves the public interest by Being an active and credible contributor to the development of high-quality international standards and guidance Promoting and facilitating the consistent adoption and high-quality implementation strengthening the accountancy profession in developing and transitional economies through strong, effective PAOs Working in partnership with governments and authorities to support enhanced transparency and accountability in private and public sector reporting inclusive approach, supporting the diverse needs of professional accountants in business, small and medium enterprises and practices, and other parts of the profession The voice of the profession: speaking out on public interest issues

6 IFAC Compliance Program IFAC Statements of Membership Obligations (SMO s): SMO 1 Quality Assurance SMO 2 Education Standards SMO 3 Auditing & Assurance Standards SMO 4 Standards of Ethics SMO 5 Public Sector Accounting Standards SMO 6 Investigation & Discipline SMO 7 IFRS Compliance program: Ongoing self assessment for members and associates Measurement at country level: best endeavour principle Questionnaires: country professional environment mapping and PAOpositioning Action Plan (7 SMOs)

7 PAO Capacity Building (1) Global need: 150 countries = >$100m Countries in the world: 200 Countries with PAOs and IFAC respresentation (member/associate): 130 Countries with full developed PAOs: 50 IFAC PAO development annual financial contribution: $1m

8 PAO Capacity Building (2) Global need: 150 countries = >$100m Europe and CIS Middle-East Asia Latin America and Africa Pacific Caribbean

9 PAO Capacity Building (3) Global Need

10 Prioritizing countries without IFAC representation. Priority Africa Burundi Burkina Faso Ethiopia Mali Mozambique Latin America & Caribbean Eastern Caribbean Ecuador Suriname Asia Afghanistan Bhutan Laos Maldives Myanmar Timor-Leste Europe and CIS Belarus Tajikistan Turkmenistan Middle-East Palestine Qatar United Arab Emirates No priority Africa Algeria Angola Cape Verde Central African Republic Chad Comores DR Congo Congo Brazzaville Djibouti Eritrea Gabon Gambia Guinea Guinea-Bissau Equatorial Guinea Libya Mauretania Namibia Niger Somalia Sudan/South Sudan Western Sahara Latin America & Caribbean Belize Cuba Galapagos Islands Venezuela Asia North-Korea Macau Europe and CIS Uzbekistan Middle-East Oman Syria Pacific Guam Kiribati Mashall Islands Micronesia Samoa Solomon Islands Tonga Tuvalu Vanuatu

11 PAO Capacity Building Methodology (1) The building blocks : PAO Sustainability (I) Viability in the professional environment PAO Standards and Enforcement (II) Adoption & Implementation (A&I) of international standards PAO Relevance (III) Public Society and Member Connectivity

12 PAO Capacity Building Methodology (2) PAO Sustainability (I) Viability in the professional environment PAO positioning (1) foundation (legal and regulatory), oversight PAO institutional and managerial capacity (2) governance, management and infra-structure, business model, funding PAO professional and intellectual capacity (3) professionalism, public interest mindset, values, ethics and professional behavior

13 PAO Capacity Building Methodology (3) PAO Standards and Enforcement (II) Adoption & Implementation (A&I) of international standards Education, Training and Professional Qualification (4) A&I SMO2: Education Standards and other IAESB-pronouncements Values and Ethics (5) A&I SMO4: Code of Ethics and other IESBA-pronouncements Standards: Adoption and Implementation (6) A&I SMO3: ISAs, ISQC1 and other IAASB-pronouncements A&I SMO5: IPSASs and other IPSASB-pronouncements A&I SMO7: IFRSs and other IASB-pronouncements Monitoring and Enforcement (7) A&I SMO1: Quality Assurance requirements A&I SMO6: Investigation and Discipline requirements

14 PAO Capacity Building Methodology (4) PAO Relevance (III) Connectivity Public Services (8) PAO processes for acting in the public interest as a civil society entity (local voice of the profession, advocacy and influence, research, policy dialogues, networking, authority and market recognition) Member Services (9) PAO processes for supporting members (all member groupings) for acting in the public interest (advocacy and influence, research, market conditions, policy dialogues, networking, guidance, tools, translations, database, helpdesk, CPD)

15 PAO Capacity Building Methodology (5) Development Levels towards strong, effective PAO s 1. ad hoc or no operational practice (> awareness creation) No recognition of understanding of requirements and processes 2. informal practice (> design) awareness and reliance lies with individuals 3. basic practice (> adoption) minimum requirements understood and achieved, basic processes in place 4. good practice (> implementation) full understanding, processes are in place and owned, limited initiatives for continuous improvement 5. best practice (> monitoring) advanced level of understanding and processes, internal assessment and monitoring

16 PAO Capacity Building Methodology (6) Building Sustainablity Standards and Enforcement Relevance Blocks Development Level Positioning, Founding Governance Professionalism Education, Training & PQ Ethics & Values Accounting, Quaality Control & Assurance Quality Assurance & Enforcement Public Society Service & Connectivity Member Service & Connectivity Level Level 2 Design Level 3 Adoption Level Level 5 Awareness Implementation Monitoring

17 PAO Capacity Building Methodology (7) Concluding remarks: PAO-to-PAO partnerships (mentoring) Collaboration with regional organizations and PAO s (south-south) Collaboration with international firm networks (CSR) for tailoring international expertise to local practice (translations, tools, guidance, experts) Donor community funding (World Bank, development banks, states) Tailored multi-year programs (5-10 years), 45 project objectives in the full spectrum, level by level, private and public sector IFAC management: project diagnostics, program validation, supervision, monitoring & evaluation; link with IFAC Compliance Program Action Plans Country selection in collaboration with funding organization, conditions: fertile soil, beneficiary s ownership and leadership Staggered approach (25-30 years), peer-to-peer learning

18 Q&A

19 In Brussel is men er klaar mee, het is nu aan anderen.. Jos van Huut International Advisory Partner Mazars Lid bestuur NBA Vice-President FEE en voorzitter EGIAN

20 FEE FEDERATES PROFESSIONAL INSTITUTES ACROSS EUROPE 48 professional institutes of accountants and auditors 36 European countries, including all EU professionals incl. all sections of the profession: large, medium, small practices, business, public sector

21 21 FEE adds value to Members Representation toward stakeholders Analysing and influencing public policy developments Promoting cooperation among Members EC, EP, Council, ESMA, EBA, EIOPA, IOSCO - IASB, EFRAG, IIRC, IFAC, IAASB, IESBA, IPSASB, CAGs, PCAOB, OECD etc. Informs, advises & influences EU & international regulation, public policy, standard setting etc. Facilitates consensus between Institutes, accountancy firms (big & small)

22 Standing for trust and integrity FEE e Newsletter

23 Green paper on Audit Policy; lessons learned from financial crisis White paper publiced in November 2011 Compromise December

24 Auditors have an important role to play and are entrusted by law to conduct statutory audits concerns with regard to the relevance of audits in todays business environment To ensure that both audits of financial statements and auditors reports are fit for purpose Status Quo not an option

25 Politici lijken ervan overtuigd dat: Hoge mate van marktconcentratie belemmerend werkt op verbetering van controle kwaliteit en innoverend vermogen. KERNPUNTEN: - Verplichte kantoorroulatie - Scheiding controle en advies - Europees extern toezicht (ESMA)

26 Although less ambitious than initially proposed by the Commission, landmark measures to strenghten the independence of auditors have been endorsed, particulary in the auditing of financial institutions and listed companies. This will ensure that auditors will be key contributors to economic and financial stability It is now time for auditors to meet the challenges of their role a societal role

27 Wat is bereikt? Verduidelijking maatschappelijke rol Meer waarborgen voor onafhankelijkheid Meer dynamische markt Vastgelegd in een Directive en in een Regulation, met veel opties voor Member States eigen keuzes te maken

28 Preparing for a new playing field O U R N E X T M O V E

29 De gevolgen voor ons in Nederland Ter zake van de kernpunten: termijn voor verplichte roulatie afkoelingsperiode langere overgangstermijn verbod adviesdiensten extra eis van 70% cap Andere punten: opties voor verlengen rotatie termijn, joint audit en tendering auditors reporting extern toezicht, rol NBA governance, audit commitees

30 Waar staan we nu en hoe nu verder? Tijd voor discussie

31 STEUNEN OP WERKZAAMHEDEN VAN EEN BUITENLANDSE ACCOUNTANT: OMGAAN MET BIG DATA? Hans Verkruijsse Professor Accounting Information Systems Tilburg University

32 Analyse van de gestelde vraag 1. Twee aspecten: a. Steunen op een andere accountant b. Omgaan met big data 2. Verschil in bekendheid: a. Standaard 600 al sinds minimaal RAC 1998 b. The next big thing? Accountant maart 2014

33 Agenda Standaard 600: Speciale overwegingen Controles van financiële overzichten van de groep; paragraaf 19 vereisten te stellen vragen beschikbare informatie Big Data Antwoord op de gestelde vraag

34 Standaard 600 paragraaf 19 vereisten Vereisten: Begrijpen en naleven ethische voorschriften die op de groepscontrole betrekking hebben Voldoende deskundigheid van de accountant Voldoende betrokkenheid opdrachtteam Wordt op actieve wijze toezicht op accountants uitgeoefend.

35 Standaard 600 paragraaf 19 vereisten Wie geeft antwoord op de volgende vragen: Lidmaatschap accountantsfirma voldoende? Zijn de IFAC standaarden geaccepteerd? Zijn de IFAC standaarden geïmplementeerd? Hebben de standaarden kracht van wet? Hoe is het toezicht geregeld? Hoe deskundig is iedere accountant? Hoe is het PE geregeld? Hoe lang is een licentie geldend?

36 Global Accountancy Development Institute GADI: Tilburg University, department Accountancy Core research team NBA en de VU, Paul Hurks DePaul University, Prof. Bel Needles en Prof. Gert Karreman Leiden University, Prof Hans Kuijl en Anthon Verweij Tilburg University Prof. Eddy Vaassen, Prof. Hans Verkruijsse en Rudy van Maaren CARANA Corporation, USA, Bill Phelps.

37 Global Accountancy Development Institute GADI: Supportive International Organizations FEE, European Federation of Accountants IAAER, International Association for Accounting Education and Research IAESB, International Accounting Education Standards Board IAASB, International Auditing and Assurance Standards Board IASCF, International Accounting Standards Committee Foundation IFAC, International Federation of Accountants overige boards NASBA, National Association of State Boards of Accounting USAID, United States Agency for International Development WB, World Bank

38 Global Accountancy Development Institute GADI: Meest belangrijke sponsoren ACCA, Association of Certified Chartered Accountants, United Kingdom HKICPA, Hong Kong Institute of Certified Public Accountants, Hong Kong IFAC Standards Boards, United States of America ICAS, Institute of Chartered Accountants of Scotland, United Kingdom OEC, Ordre des Experts-Comptables, France NBA, Dutch Professional Organization for Accountants SAICA, South African Institute of Chartered Accountants, South Africa

39 Global Accountancy Transparency Information GATI: bestaat uit 8 Pillars Pillar 1, Legal, Regulatory and Institutional Framework Pillar 2, Audit, Assurance and Quality Control Pillar 3, Professional Accountancy Education Pillar 4, International Public Sector Accounting Standards Pillar 5, International Financial Reporting Standards Pillar 6, Ethics & Discipline Pillar 7, Corporate Governance Integrated Reporting Pillar 8, Professional Accountancy Association Institutional Capacity website operationeel eind maart 2014 pillar 3

40 Global Accountancy Transparency Information GATI: Pillar 3, Professional Accountancy Education Eerste rapportage uitgebracht in 2002 Laatste rapportage uitgebracht in 2013 Gegevens van 44 landen opgenomen Een 12-tal schrijvers Recentelijk: NASBA, Global accountancy education recognition study Presentatie AAA anual midyear meeting 2014 Binnenkort: Presentatie Wereld Conferentie van IFAC in Rome Presentatie Wereld Conferentie van IAAER in Florence

41 Agenda Standaard 600: Speciale overwegingen Controles van financiële overzichten van de groep; paragraaf 19 Big Data wat is big data eigenlijk? wat zijn de kenmerken? welke problemen moeten we oplossen? Antwoord op de gestelde vraag

42 In welk IT-tijdperk leven we eigenlijk? IT-tijdperken: mainframes PC s laptops tablets SMAC Social media Mobile Analytics Cloud Waar komen we vandaan met onze data?

43 Hoe Big is Big Internet: 2001: 1 exabyte 2013: 365 exabyte Opgeslagen data: 2009: 800 exabyte 2020: exabyte 1 exabyte = = bytes = 1 miljoen terabytes = 1 miljard gigabytes 64 bits computer kan 16 exabyte aan

44 Big data kenmerken Operating systems utilities Control system Application Kennis Data Operating systems utilities Operating systems utilities Control system Application Kennis Data Control system Application Kennis Data Modularisatie Operating systems utilities Operating systems utilities Control system Control system Application Kennis Data Application Kennis Data

45 Big data kenmerken

46 Wat voor data is het?

47 Welk probleem moeten we oplossen Om big data te kunnen gebruiken moeten we: de data: structureren valideren eenduidige betekenis geven Software ontwikkelen die kennis eraan kan onttrekken: expert systemen neurale netwerken zelflerende systemen

48 Zelflerende systemen, een voorbeeld

49 Vergelijkbaar met

50 Google gebruikt zelflerende systemen De Google-onderzoekers lieten hun neurale netwerk los op een big data verzameling van 10 miljoen YouTube-filmpjes, waarin het op zoek ging naar afbeeldingen van katten. De software deed dit zonder menselijke interventie, waarbij het systeem 'kat' modelleerde en in de plaatjes zocht naar overeenkomstige afbeeldingen.

51 Diverse sectoren Woolmart: met automatische boodschappenlijstjes op basis van koopgedrag Ascribe: SAS: tools voor in de medische sector om sneller grote hoeveelheid medische data te analyseren fraude framework nu in gebruik door CZ en Achmea Onderwijs: leerresultaten voorspellen en studiekeuze adviseren

52 Besparingen? Mckinsey bij volledig gebruik van Big Data: Retailer: operationele marge verbetering met 60%; US healthcare: $ 330 miljard besparing per jaar; Ontwikkelde landen in de EU: 100 miljard per jaar; Bij gebruik van persoonlijke informatie gekoppeld aan locatiegegevens een besparing van $ 600 miljard. Te kort aan analisten, specialist in big data in de US in 2018: en 1,5 miljoen managers en analisten met algemene kennis.

53 Agenda Standaard 600: Speciale overwegingen Controles van financiële overzichten van de groep; paragraaf 19 Big Data Antwoord op de gestelde vraag: waarvoor gebruiken? hoe win/win met de cliënt? kan ik steunen?

54 Waar gebruiken we het NU voor? Analyse van data van cliënt Trendanalyse over cliënten heen Analyse met peers Altijd terugkijkend naar de cliënt Minimale toegevoegde waarde voor de cliënt

55 Wat te doen SAMEN met en ZONDER de cliënt? Ontwerpen van concepten als: continuous monitoring continuous interne audit continuous external audit Data level assurance ontwikkelen Afstand nemen van materialiteit/significantie Volledige in plaats van volkomen controle Controle op meta data niveau

56 Steunen op buitenlandse accountant? Bij volledig gebruik van big data op de manier dat een win/win situatie met de cliënt ontstaat? Neen Door: Te weinig deskundigheid Ontbreken van methodologieën Ontbreken van theoretische concepten

57 Conclusie en samenvatting Ontwerp: Continuous monitoring concepten Continuous auditing concepten Data level assurance concepten Assurance by default concepten Continuüm van assurance levels

58 Conclusie en samenvatting Stop: Met denken vanuit het heden = DOCUMENT DRIVEN Denk vanuit de toekomst = DATA DRIVEN