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Accounting Profession signs historic MoU with the Donor Community

2 December 2011

The accounting profession came together with key donors to sign and launch a key initiative during the 4th High Level Forum on Aid Effectiveness held in Busan, Korea on 30 November 2011. Titled MOSAIC: Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration, the initiative has been led by IFAC, representing the accounting profession, and the World Bank as the leading donor.

CAPA Chief Executive, Brian Blood, was present at the signing ceremony as part of a five-person delegation representing the accounting profession. He noted that the MoU is the culmination of discussions over a long period of time, and signals the recognition that strong country financial management systems play a vital role in administering efficient and effective donor development activities, ultimately aimed at alleviating poverty.

The MoU is extremely relevant to CAPA. "Whilst the majority of donor funding will always be country specific, some initiatives are best handled regionally, or indeed globally. Regional Organisations within the accounting profession, such as CAPA, are specifically identified in the MoU with a clear recognition of the role they are expected to play," states Brian.

CAPA's mission includes the very important objective of developing the profession in the region, and contributing to the formation and development of strong and sustainable professional accounting organisations capable of providing and maintaining accountants to effectively meet the needs of the country in which they operate. "Support from donors will deepend and accelerate the development of the profession in emerging economies. I have no doubt that working together will prove to be a highly successful partnership," Brian added.

IFAC issued a press release to mark this occasion - read the press release in IFAC's website at: http://www/ifac.org/news-events/2011-11/ifac-signs-mou-international-donor-community .

IFAC Deputy President, Warren Allen spoke at the event, calling the MoU "a significant step forward" for IFAC, the international donor community, and international organisations - read his speech, the MoU, and the list of MoU signatories at: http://www.ifac.org/news-events/2011-11/signing-mosaic-memorandum-understanding-strengthen-accountancy-and-improve-colla .

For more information about the 4th High Level Forum on Aid Effectiveness, visit the forum website at http://www.aideffectiveness.org/busanhlf4/