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Advancing Accountancy in Africa: Key Stakeholders Convene to Address Governance, Transparency, and Sustainability

The Pan African Federation of Accountants (PAFA), in collaboration with the African Union (AU) and the World Bank (WB), organised a ground-breaking stakeholders roundtable in Nairobi, Kenya from 22 to 26 January 2024. The event brought together key stakeholders from the African and Global accountancy ecosystem. The forum delved into critical topics, aiming to shape the future of the profession and its impact on governance, transparency, and sustainability across the African continent. The African Professionalisation Initiative (API) made a presentation at this key event covering transparency, accountability, and good financial governance through professionalisation of Public Financial Management officers.

Speakers at the Event

Among the key speakers was the President of PAFA, Madam Keto Kayemba who urged partners to come together and support the Africa We Want for the benefit and prosperity of the 1.4 billion Africans living on the continent. Samuel Munzele Maimbo from the World Bank noted the need to use technological innovations to inject the much-needed efficiency and sustainability into the public sector. Richard Hakizimana from the African Union articulated the need for embracing sustainable approaches to doing business in Africa. The Institute of Certified Public Accountants of Kenya (ICPAK) President, Philip Kakai underscored the need to strengthen systems for realising greater accountability and transparency in the use of public resources in the public and private sector across the African continent. The  PAFA CEO, Alta Prinsloo, encouraged all the participants to commit and take action on the issues discussed.

Good Governance, Transparency, and Accountability in the Public Sector

Honourable delegates whom took part at the PAFA roundtable event in Nairobi, Kenya in collaboration with the AU and WB

The roundtable commenced with a focus on fostering partnerships to enhance good governance, transparency, and accountability in the public sector. Participants engaged in insightful discussions on collaborative strategies to combat corruption and promote ethical practices within governmental (public institutions) and the private sector. The imperative role of the accountancy profession in upholding these principles was underscored, emphasizing the need for robust frameworks and practices to ensure the efficient management of public finances.

Quality of Financial Reporting for Successful Public Finance Management

A central theme of the discussions revolved around the critical link between the quality of financial reporting and successful Public Finance Management (PFM). Participants explored the pivotal role of accurate and transparent financial reporting in bolstering public confidence, attracting investment, and fostering economic stability. The roundtable provided a platform to deliberate on best practices and standards that can elevate financial reporting to support effective PFM.

Role of the Accountancy Profession in Fighting Corruption and Economic Crimes

The forum also addressed the pivotal role of the accountancy profession in combating corruption and economic crimes. Participants deliberated on the profession’s ethical responsibilities and the implementation of measures to mitigate financial malpractice. The discussions underscored the profession’s potential to act as a vanguard in upholding integrity and ethical conduct within financial systems.

Role of the Accountancy Profession in Sustainability Reporting and Assurance

Sustainability reporting and assurance emerged as a key focus area, highlighting the growing significance of environmental, social, and governance (ESG) considerations in financial reporting. Participants emphasized the need for the accountancy profession to champion sustainability reporting and assurance practices, thereby contributing to the broader agenda of corporate responsibility and sustainable development.

Partnerships for Quality Accountancy Services for Labour Mobility in Africa – (AfCFTA)

Delegates participating in a roundtable discussions

The roundtable also delved into the role of partnerships in facilitating quality accountancy services to support labour mobility within the African Continental Free Trade Area (AfCFTA). Discussions centred on the potential of cross-border collaboration and harmonised standards to bolster the mobility of accounting professionals and enhance the efficacy of AfCFTA’ s economic integration objectives.

Accountability and Transparency in Public Sector through Accrual Reporting

A critical aspect of the discussions revolved around the promotion of accountability and transparency through accrual reporting, highlighting the collaborative role of governments and professional accountancy organisations (PAOs). The roundtable provided a platform to explore the benefits of accrual-based accounting in enhancing financial transparency and accountability within public sector entities.

Quality International Non-Profit Accounting and Reporting Guidance

Participants also examined strategies to fortify sustainable non-profit organisations through the adoption of quality international non-profit accounting and reporting guidance. The discussions emphasized the pivotal role of robust financial management practices in enabling non-profit entities to advance their missions and drive positive social impact across Africa.

The IPSASB Agenda

Participants received insightful presentations from the leadership of the international public sector accounting standards board (IPSASB), led by its Chairman, Ian Carruthers. Other than the presentation on IPSASB’s strategic focus and objectives going forward, there was discussion of the progress being made in the development of sustainability reporting standards for the public sector.

About The API – Our Purpose (Objective)

The API is an independent non-profit organisation whose primary objective is to strengthen the capacity and knowledge base of accounting and auditing professionals in the African public sector to enhance accounting and auditing service delivery to the citizens of Africa.

The API Vision and Mission

Our Vision: An African public sector capacitated with competent, ethical and influential professionals who support accountability, transparency and good financial governance. Our Mission: To grow the capacity of accountancy professionals in the African public sector for enhanced service delivery.

The API Houses / Learning Programmes

You can learn offline and update your records the next time you have access to the internet. Learning takes 12 to 18 months to complete.

Please choose below the house that works for you and drop us a mail – info@professionalisation.africa

Houses (Learning Programmes)

Careers / Jobs for API Graduates

House 1 – Incumbents (Experienced un-professionalised accountants and auditors)-Implemented ✔ Government Accountant
✔ Budget Analyst
✔ Financial controller
✔ Auditor
✔ Tax examiner
✔ Public Financial Management Consultant
✔ Non-profit Accountant
✔ Financial Analyst
✔ Grants and Contracts Manager
✔ Compliance Officer
✔ Public Sector Financial Reporting Specialist
House 2 – Specialisation – Ready for occupation from 2024
House 3 – Students – Ready for occupation in 2025
House 4 – Micro credentials – Unique Areas of need by governments Asset management and accounting; Performance audits etc.
House 5 – Continuing Professional Development (CPD) – Book an event here

The API Partner Organisations

The API Learning Programmes aim to achieve the above institutional goal as a partnership between the accountancy profession (represented by the Pan African Federation of Accountants (“PAFA”)), accountants general or their equivalent (African Association of Accountants General – “AAAG”)), and supreme audit institutions or courts of auditors (represented by the English (“AFROSAI-E”) and French (“CREFIAF”) language sub-groups of the African Organisation of Supreme Audit Institutions (“AFROSAI”)).

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