I am truly delighted to be here today to participate in this important event. My thanks and congratulations to Jorge Paganetti and to FACPCE for hosting CReCER this year.

The title of this session is Key Factors for the Development of Capital Markets.

We will hear from a variety of speakers, including representatives of the World Bank, the Inter-American Development Bank, and the Global Public Policy Committee.

They will speak about openness, transparency, the public sector, and the role of the auditor. I would like to spend a few minutes on IFAC’s role, and how we work with the other organizations to support efficient, effective capital markets.

Good afternoon, ladies and gentlemen. I am truly delighted to be here today to participate in this important event. We have been anticipating this event for 4 or 5 years now, and I know a lot of people have worked very hard to make this happen and to make PAFA a reality.

My congratulations to Matsobane Matlwa, Chairman of the PAFA Steering Committee and all stakeholders involved in the development of PAFA. And many thanks to Mamour Fall, President of ONECCA Senegal, for hosting this event, and to Aziz Dieye and Patrick Kabuya, Members of the Steering Committee, for actively contributing to its organization.

And, on behalf of IFAC, congratulations to Senegal on your big move in the FIFA world rankings. Even though it was announced several weeks ago, I thought there would still be parties to celebrate! But we have enough to celebrate with the launch of PAFA.

It’s an important step. To me, one of the most impressive things is that this was done during a period of global financial crisis!

ISACA and IFAC have jointly developed this paper to provide accounting and assurance professionals with guidance to leverage value from XBRL (eXtensible Business Reporting Language) initiatives and compliance requirements. The benefits and opportunities of embedding XBRL within internal processes can enhance management communication, thus increasing the value of information used within an organization. Examples and case study material are included.

Ian Carruthers became Chair of the International Public Sector Accounting Standards Board (IPSASB) in 2016, having been a Board Member since 2010. As a Board Member he led IPSASB’s work on Long Term Financial Sustainability and alignment between IPSASs and Government Finance Statistics. Ian is now in his third term as IPSASB Chair, which runs until the end of 2025.

After joining HM Treasury from PricewaterhouseCoopers in 1999, Ian played a key role in the UK Government’s transition from cash to accrual budgeting and reporting, in particular leading its Whole of Government Accounts program. He joined CIPFA in 2006. As part-time Chair, CIPFA Standards, Ian has been involved in all aspects of the Institute’s guidance development activities, including leading its work on the development of the International Framework for Good Governance in the Public Sector in partnership with IFAC.

His Technical Advisor is David Watkins.

This guide is intended to assist IFAC members and potential members in developing sustainable capacity. In particular, the guide is designed to assist professional accountancy organizations in developing qualified accounting technicians through education, training, and assessment of skills and competence.

The guide also recommends professional accounting organizations provide ongoing professional development of accounting technicians and have activities in place to monitor their compliance with ethical requirements.