the mediterranean region in the new millennium, integration and development: the role of the...
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The Mediterranean Region in the New Millennium, Integration and Development: the role of the accountancy profession
Paul Van GeytMinistry of Economics28/11/20087th Conference FCM
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Introduction
Working group Euromed accountancy and audit
5 phases
Malta (2003)
Ankara and Alger (2004)
London (2005)
Luxemburg and Athens (2007)
Brussels Conference (the 5the phase)
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Final Declaration
Strenghten the regional cooperation
Exchanging experiences, informations and good practices
Necessary support
Supply actual legislation
Creation information center
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Study 5the phase: private and public sector
Analyse evolution since 2003 in each MP Comparative tables on bases of questionnaire Evaluation Conclusion
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Tentatively conclusions: private sector
Accountancy1. Consolidation: option in must of cases
2. Generalised preparation of annual accounts
3. Different types enterprises
4. International standards: consequences: application, interpretation and formation problems particularly in SMEs
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Audit1. Big differences
2. Mandatory/optional regulation
3. Local standards inspired by ISA and IFAC
4. Legal framework=important for quality of regulation and quality control
5. Crucial for credibility = existence control organism and quality control
6. Major problems in education and professional training
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South-South cooperation
1. At starting point
2. Some projects existing
3. Work of FMC
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Conclusions-propositions private sector
Accountancy1. Convergence movement to IAS/IFRS
2. Application problems
3. More action on education, training, transparency accounts, public control
4. Increasing internationalisation=more importance consolidated accounts
5. Institutional organisms have to less force and capacities for good quality control and public oversight
6. Creation Central organism for accountancy normalisation in the region?
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1. Extend the audit obligation? For comparable and true financial information
2. Qualified professionals=admission profession (education) + quality control (professional training and continuous formation)
3. Cross-border mandates and reciprocity4. Differences in audit standards: examination, listing,
convergence (ISA)5. Creation central organism? Role FCM?
exchange experience and info + central database + international representation?
Audit
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Conclusions public sector
1. Significant requirement improving public financial management capabilities
2. How?-improved and consistent training of staffs-increase exchange of experiences
(twinning, interaction)-cultural change and administrative reform-support of accountancy profession-establishment regional training centre
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What you do in cooperation…
you do it better!!!
Thanks for your attention
Good luck for 2010!