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MOSAIC (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) is a historic Memorandum of Understanding that sets out the basis for improving cooperation and collaboration between IFAC, international donors, and the international development community.

With 13 signatories, MOSAIC provides the foundation for an aligned approach to increase the capacity of professional accountancy organizations (PAOs) and improve the quality of financial management systems in emerging economies. The focus of the agreement and joint efforts is to increase the capacity of professional accountancy organizations (PAOs) in partner countries to improve the quality of accountancy and financial management and enhance the effectiveness and efficiency of donor assistance. In recognition of the complexity of PAO development and of the need for a coordinated effort, MOSAIC has been designed with the objective of providing a basis for improving cooperation and collaboration between IFAC, international donors, and the international development community.

MOSAIC was signed on November 30, 2011, in Busan, Korea at the Fourth High Level Forum on Aid Effectiveness hosted by the Organisation for Economic Co-operation and Development. The event was convened to review global progress in improving the impact of development aid and to reinforce commitment to the Millennium Development Goals.

MOSAIC Achievements

Why focus on PAOs? 

PAOs underpin the accountancy profession and act in the public interest to develop and produce capable and competent accountancy professionals through education, certification, and continuing professional development programs; promote strong professional and ethical standards through adoption and implementation of international professional and ethical standards and best practices; further the quality of financial reporting through review, investigation, and discipline of professionals; and act as a resource to government, regulators, and other stakeholders as a center of knowledge and expertise.

Building the capacity of PAOs not only strengthens the profession, but also strongly aligns with the Sustainable Development Goals (SDGs) as well as the broad initiatives undertaken by MOSAIC donor partners in promoting the themes of public financial management, corporate governance and financial reporting, and fiduciary work. As donors and other interested parties embark on PAO capacity building projects, IFAC can provide direction and assistance to their efforts and help them to design and shape successful projects which not only support the development of the accountancy profession, but also further the broader objectives of economic growth, public sector governance and social progress.