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.

MOSAIC Partners

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.

IFAC Accountancy Capacity Building Program

IFAC, working with its partners, has developed the expertise to be the conduit for support and development. Our work to build the capacity and enhance the quality of the global accountancy profession includes supporting the development, adoption, and implementation of high-quality standards, driving the establishment and maintenance of strong national and regional PAOs, and advocating on behalf of the profession and the public to increase awareness of the importance of the accountancy profession.

IFAC is uniquely positioned to spearhead initiatives that demand a global reach, freedom from commercial interests, and the ability to create dialogue and debate. A combination of local, regional, and global insights, perspectives, experiences, and concerns give us a global view built on local knowledge. The following case studies are examples of how we've used that local knowledge to strengthen the accounting profession around the world.

Working with the accountancy profession and PAOs in more 130 countries, IFAC understands the importance of considering jurisdictional context and tailoring PAO capacity building efforts to address the unique needs of each national environment. There are, however, often similarities between countries in the type of support needed that provides opportunities for transferable solutions and sharing of lessons learned.

IFAC has identified nine inter-connected and context-dependent components that fall into three categories.

  • Sustainability: availability of the appropriate legal foundation(s), an effective governance structure, and operational, financial and technical capacity
  • Standards and enforcement: ability to facilitate the adoption and implementation of standards for accountancy education, ethics, audit, and public sector accounting based on international benchmarks, and monitoring compliance
  • Relevance: connectivity between a PAO and both its membership base and broader society to understand, and respond to, the needs of its key stakeholders and constituents across the private and public sectors
The IFAC PAO Capacity Building Series and other IFAC resources help PAOs identify any missing pieces, fit them all together, and successfully deliver on its remit.

Sustainability

Relevance

Standards & Enforcement

In addition to these publications, don't forget:

Explore more resources and prompts for PAOs on operational resiliency and sustainability from the IFAC PAO Development & Advisory Group: Building Resilience & Value during Uncertain Times.

IFAC also invites you to explore our COVID-19 collection of resources, research and thought leadership to help you, your clients, and your business navigate the challenges ahead and build toward a reimagined future