|Project Name:||Support to the Pan African Federation of Accountants (PAFA) to Implement Activities Aimed at Improving the Accounting Profession|
|Status of Project:||In Progress|
Regional - Africa
|Focus Area(s):||Professional accountancy organization capacity building (including establishment, governance, strategy, infrastructure, information & communication technology, and operational & technical resources)|
Pan African Federation of Accountants (PAFA)
The African Development Bank
|When did/will the project commence?||2015-06|
|When was/will the project be completed?||2018-01|
|Project Objectives:||1. Develop a governance structure and policy framework for sustainable Professional Accountancy Organizations (PAOs); 2. Develop a practical audit quality review mechanism based on the International Standards of Quality Control (ISQC); 3. Develop a template law for the Accountancy Profession law for African countries; and develop a PAO status report for Africa in order to facilitate intra and inter country twinning arrangements.|
|Key Project Components:||Development (and strengthening of existing) sustainable professional accountancy organization in each African country with the objective of contributing to national economic and social development. Develop audit quality reviews resources: methodology, manual on ISQC 1, training material and conduct train-trainer sessions. Project Management.|
|Key Project Outputs:||1. (i) Toolkits to develop, implement, monitor and review PAO strategy, (ii) a model secretariat structure including job profiles, (iii) CPD policy paper, and (iv) policy paper on a sustainable PAO.
2. Model Governance structures, guidelines, terms of reference and training material for boards, councils and committees.
3. Template accountancy profession law (including various options)
4. A consolidated report on maturity level (state of development) of all PAFA members.
5. Twinning arrangements agreed through which new PAOs will be created and weak ones enhanced.
6. Fifty (50) personnel trained on audit quality reviews, at least ten (10) from each region.
7. A well-endowed Secretariat able to deliver the project, on time and within the budget.
|Key Project Outcomes:||1. A strong, sustainable professional accountancy organization in each African country recognized as contributing to national economic and social development and demonstrating compliance with IFAC Statements of Membership Obligations (SMOs);
2. Improved quality of audits done in the region which will enhance quality of financial reports; and
3. Audit quality review methodology, audit manual and training material for setting up and conducting audit quality review.
|How was the project initiated?||Following a request from PAFA and initiatives of the African Development Bank|