international federation of accountants (ifac) - donor community

Minutes of the MOSAIC Inaugural Steering Committee Meeting

1 MOSAIC: Jaipur, India – February 22, 2012

International Federation of Accountants (IFAC) - Donor Community

Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration (MOSAIC)

DRAFT Minutes of the Inaugural Steering Committee Meeting

February 22, 2012

Attendees:

NAME ABB. ORGANIZATION

Amarjit Chopra AC Member—IFAC PAO Development Committee

Angela Corcoran AnC Assistant Director General, Program Strategy & Design—Australian Agency for International Development (AusAID)

Anthony Martin

Hegarty

AMH Chief Financial Management Officer—World Bank

Ashok Jain Chairman, Jaipur Chapter—Institute of Cost Accountants of India

B. L. Jain Chairman, Northern India Regional Council—Institute of Cost Accountants of India

Bruce Robertson Deputy Secretary-General— Pacific Association of

Supreme Audit Institutions (PASAI)

Carmen

Mataragiu

Member—IFAC PAO Development Committee

David Ostermeyer DO Chief Financial Officer—United States Agency for International Development (USAID)

Deborah J.

Williams

DJW Chair—IFAC PAO Development Committee

Dylan Roux Working in Partner Systems, Program Strategy & Design—Australian Agency for International Development (AusAID)

Einar Gorrissen Deputy Director General IDI—INTOSAI Development Initiative

Eroni Vatuloka Executive Director, Pacific Association of Supreme Audit Institutions (PASAI)

Gabriella Kusz GK Technical Manager—International Federation of Accountants (IFAC)

Gary Scopes Member—IFAC PAO Development Committee

Gene L. Dodaro Controller General of the United States—United States Government Accountability Office (U.S. GAO)

Håkon Mundal HM Senior Advisor—Norwegian Agency for Development Cooperation (NORAD)



Jaydeep Narendra

Shah

JNS President—Institute of Chartered Accountants of India

Jorgen Kosmo Auditor General and Chairman of the IDI Board—INTOSAI Donor Secretariat

Larks Wilke Policy Analyst / Seconded National Expert—EuropeAid for Development and Cooperation

M.

Gopalakrishnan

President—Institute of Cost Accountants of India

Manvinder Mamak Senior Financial Management Specialist—World Bank

Manuel Vargas Senior Financial Management Specialist—World Bank

Monica Rubiolo MR Head of Macroeconomic Support Division—State Secretariat for Economic Affairs (SECO)

Nishant Bharwaj NB Senior Advisor—Asian Development Bank (ADB)

Patricia Arriagada Subcomptroller—General Comptroller Office of Chile

Paul Hurks PH Manager of International Accountancy Education &

Development—Koninklijk Nederlands Instituut van

Registeraccountants (Royal NIVRA)

Peter Rostedt Swedish National Audit Office (Riksrevisionen)

Rakesh Sehgal Additional Secretary—Institute of Chartered Accountants of India

Rakesh Singh Vice President—Institute of Cost Accountants of India

Russell Guthrie RG Executive Director, Quality and Member Relations—International Federation of Accountants (IFAC)

Sanjay Gupta Council Member—Institute of Cost Accountants of India

Sanjay KW Jain Secretary - Jaipur Chapter of Institute of Cost Accountants of India

Stephan Sharples SS Senior Advisor—Department for International Development (DFID)

Subodh K

Agrawal

Vice President—Institute of Chartered Accountants of India

Sudhir Kumar

Sharma

Joint Director (Technical)—Institute of Cost Accountants of India

T Karthikeyan Secretary—Institute of Chartered Accountants of India

Tom Hennessy TH Senior Advisor—Irish Aid

Vickson Ncube Chief Executive Officer—Pan African Federation of Accountants (PAFA)



Vijay Kumar Garg Central Council Member—Institute of Chartered Accountants of India

Rakesh Jhalani Chairman, Jaipur Chapter – Institute of Chartered Accountants of India

1. Opening Remarks

The meeting commenced with a welcome from Anthony Martin Hegarty [AMH] to

attendees and special thanks to the International Federation of Accountants, the

International Organization of Supreme Audit Institutions and all attendees. Deborah J.

Williams [DJW] also welcomed and thanked attendees for their attendance and

participation in the day’s events.

2. Welcome Address: Institute of Chartered Accountants of India

Mr. Jaydeep Narendra Shah [JNS] welcomed all to India and expressing his gratitude for their attendance and participation in this historic meeting. JNS then went on to introduce the audience to the Institute of Chartered Accountants of India as a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. JNS noted that during its 61 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now stands as the world’s second largest accounting body. JNS then went on to discuss the various international activities of the Institute of Chartered Accountants including their current Memorandum of Understanding (MoU) with the College of Banking and Financial Studies in Oman which seeks to provide assistance in the institutionalization of the accounting profession in Oman. Their MOU with the Center of Excellence for Applied Research and Training (CERT) in Dubai which seeks to assist in the conceptualization and creation of an international curriculum in accountancy integrating local needs with a focus on the various requirements of different levels of the profession. As well as insight into their provision of technical assistance to the Certified Public Accountants (CPA) association of Mongolia and the University of Djibouti.

3. Welcome Address: Institute of Cost Accountants of India

Mr. M. Gopalakrishnan [MG] began by welcoming all to the city of Jaipur and expressing

his gratitude for their attendance and participation in this historic meeting. MG then

noted India’s position as one of the most vibrant economies in the future global

economic environment and went on to describe how India has aligned itself with the

global accounting community over the course of the past decade. MG noted that the

Institute of Cost Accountants, with its focus on the performance management sphere

targeting the optimal utilization of scarce resources, has been active in promoting

transparency and accountability and also in fostering efficient and effective public

resource management. MG noted that the world of performance reporting is moving from



one-dimensional financial reporting towards multi-dimensional management reporting -

with a concentration on the proactive measures to plan the efficiency of business

decisions on a futuristic basis. But this is not possible unless a strong and robust

financial accounting system exists.

MG commented on the various international development activities of the Institute of

Cost Accountants – particularly those which have assisted the development of the

profession in Sri Lanka and the Middle East. MG noted that in their experience, it is vital

for the establishment of professional accountancy organizations (PAOs) to have access

to financial resources in order to ensure sustainability and undertake long-term planning.

In this respect, they believe that the IFAC - Donor Community MOSAIC can play a key

role in enhancing the sustainability of PAO development efforts.

AMH noted that it has taken a number of years for the Institute of Cost Accountants and

the Institute of Chartered Accountants of India to reach their current level of

development and contribute to the Indian economy as they do. AMH then noted that to

date, there have been over 120 Accounting and Auditing Reports on the Observance of

Standards and Codes (AA-ROSCs) conducted around the world and the main finding is

that capacity is weak and that accounting development in this regard is needed in both

the public and private sectors.

4. Overview of IFAC

Russell Guthrie [RG] then provided a brief PowerPoint presentation regarding IFAC and

its development activities. RG noted that IFAC is the global not-for-profit organization for

the accountancy profession which is comprised of 167 members in 127 countries around

the world. RG then discussed IFAC’s role in the global economy in serving the public

interest, establishing and promoting adherence to high quality professional standards

and furthering their adoption and implementation, supporting the global development of

the accountancy profession, sharing in the regulation of the profession, and speaking out

on public interest issues where the profession’s voice is most relevant.

RG went on to describe IFAC’s Member Body Development Team, the Compliance

Program and the PAO Development Committee focus on developing the capacity of the

accountancy profession, increasing awareness building and knowledge sharing around

adoption and implementation of international standards, and engaging and deepening

development partnerships with the international donor community, regional

organizations, and public/private sector stakeholders. The full IFAC Overview

PowerPoint presentation is available to the public via the IFAC PAO Development

Committee webpage (http://www.ifac.org/about-ifac/professional-accountancy-

organization-development-committee).

5. Discussion of Goals and Objectives of MOSAIC MOU Cooperation

http://www.ifac.org/about-ifac/professional-accountancy-organization-development-committee

http://www.ifac.org/about-ifac/professional-accountancy-organization-development-committee



Steven Sharples [SS] initiated the discussion on goals and objectives of MOSAIC MOU

Cooperation through a PowerPoint presentation on the various aspects of the MOU and

the key questions to answer in addressing the goals/objectives of MOSAIC. SS began

by highlighting the key components of the MoU – the background / context of the

MOSAIC relationship, the identified goals of IFAC and the donor community, the

underlying principles, as well as the indicative types of activities (global, regional,

country) and meeting arrangements (Steering Committee). SS focused the attention of

the attendees on two key elements included in the MoU: the interest of signatories in

“optimizing their joint efforts in enhancing the capacity of the accountancy

profession in emerging and developing countries, taking into consideration the

varying levels of development and unique country contexts of partner countries”…so that

there is “sustained improvement in public and private sector accountancy and

financial management and reporting and there are sustainable PAOs to support this.”

Discussion focused on how this forms the core of the efforts of signatories and

observers to the MOSAIC agreement and how together we can further these concepts.

SS ended his presentation for the goals and objectives session by leaving the group with

a few key issues to consider, most notably the need to have continued focus on the

greater public interest. Additionally, SS asked attendees to reflect on the distinctive

strengths of IFAC and of the donors as well as to reflect on how donors and IFAC’s

agendas evolving. In considering these issues, IFAC and the donor community will need

to consider how they can get political support for their agendas (domestically and in

partner countries), to identify where donor and IFAC agendas may overlap, and to

contemplate how together, IFAC and the donor community will measure the success of

their joint efforts.

Paul Hurks [PH] noted that success may be shaped through locally driven initiatives. PH

explained that his institute, the Koninklijk Nederlands Instituut van Registeraccountants

(Royal NIVRA) provides support to emerging and developing nation PAOs, but that the

largest indicator of success in these efforts is the leadership coming from the emerging

and developing nation PAOs. PH raised the issue that his institute, similar to the Indian

institutes, provides a number of mentoring relationships and technical assistance to

PAOs around the world, but that the main constraint is funding.

AMH followed this comment by noting that over the last three years, overseas

development assistance has surpassed USD $500 billion to emerging and transitioning

countries, and that the issue of accountability at the country level is significant. AMH

noted that one of the key messages of Busan was that “strong national institutions” are

necessary and that building capacity at the national level, supported by regional and

global frameworks, is crucial. The World Bank has had more than 90 projects which

focus on accountancy development, but these are generally small projects and are not

sufficient to adequately build sustainable capacity. Leveraging more

established/developed PAOs to assist in building the capacity of those in emerging and

developing nations will be an important part of strengthening these institutions.



Following this conversation, David Ostermeyer [DO] questioned what success would

look like to IFAC in the short and long term. RG responded by noting that short term

success may be further developing of the nascent profession and greater engagement

by government in 10-15 countries globally. DW added that although the number of

members in IFAC is growing, it is not growing as much in some of the least developed

countries in the world. Specifically, DW noted that an area of greatest need is Africa. SS

added that perhaps prioritization of countries and their needs would be most helpful in

answering the question of what defines success as it may be more important for some

countries versus others to establish and develop a PAO.

In an effort to leverage the lessons learned of INTOSAI, Einar Gorrissen [EG] provided

his perspective regarding defining success. EG commented on the need for

development to be demand v. supply driven. He also noted that capacity development in

SAIs takes time, maybe ten years before real development can be seen. EG shared how

INTOSAI members undertook local assessments of their needs and drove identification

of the need for assistance.

RG agreed with this insight and noted that success may not be a PAO in every country,

but rather respecting national sovereignty of our partner PAOs and respecting country

context. Additionally, RG emphasized IFAC’s current position in considering country

context when providing technical assistance. For example, when considering cases

where the national profession has decided to structure itself in more than one PAO (e.g.,

a country which maintains a Chamber of Auditors and a Chamber of Accountants),

although IFAC’s preference is for one PAO per country in order to pool resources and

share expertise, IFAC takes into consideration the unique country environment and

respects the decisions of national stakeholders in the formation of the profession.

Discussion leaders then called on PH to provide his experience in working with the PAO

from Kosovo to further expand on the issue of respecting country context and on taking

a long-term approach to capacity development. PH noted that one of the areas of his

efforts with the Kosovar PAO was in enhancing the program of audit quality assurance

conducted by the PAO. He noted that in a demand driven model, it has taken

approximately five years of phased-in technical assistance to successfully support the

development of this program:

First Year: Legislative/regulatory strengthening

Second Year: Education of professionals ahead of implementation of program

Third Year: Development of system of quality assurance. Development of internal

quality control systems by local firms.

Fourth Year: Initiation of audit quality assurance system.

Fifth Year: Review of initial year results and modifications to system.

DO noted that IFAC is in a leadership position with regard to this initiative. DO noted that

MOSAIC could potentially be a very significant document. He wanted to see IFAC



provide a greater set of metrics to better describe the world map graphic presented by

RG during the IFAC Overview PPT presentation. DO commented that metrics would

define areas where further investment in accountancy capacity development would be

needed. At present, DO noted that prior to financing, the donor community would need

more information. Additionally, to garner internal political support, DO noted that IFAC

may wish to develop additional materials tailored to donor needs so that they would be

better positioned to provide more support to emerging and developing nation PAOs.

DO also noted that for example, in the US and India, PAOs are key players in the public

sector accountancy discussion. This may be an area to strengthen among PAOs in

emerging and developing economies.

Amarjit Chopra [AC] commented that one of the key issues will be how we measure

success. He added that it may not be the number of PAOs created/established which

should serve as an indicator of success, but rather that those which are already

established are achieving what we expect them to achieve (e.g., does the PAO integrate

with governments and universities?). Setting up a PAO is one issue, but working to

ensure its successful contribution to the financial sector and economy is another.

6. Establishment of the MOSAIC Steering Committee

RG began with a call for any comments/reactions on the Meeting Discussion Paper

entitled “Steering Committee Design and Development Discussion Paper.” He then

focused discussions on Paragraph #9 of the paper which discussed the concept of ‘open

membership’ to the Steering Committee. RG went on to note that the Steering

Committee may want to consider the principle of open ended membership to be

continued as this may foster a strategic partnership which constitutes a global forum in-

line with the spirit in which the Partnership has been developed and the MoU written. RG

then requested EG to discuss the INTOSAI experience in this regard.

EG noted that the INTOSAI Steering Committee liked the concept of ‘open

representation’. Moreover, although various donor organizations may not be signatories

to the MoU with INTOSAI, they still maintain a mechanism for participating and

contributing to the success of the joint INTOSAI - donor community efforts.

RG noted his agreement with the spirit of openness associated with maintaining an

‘open membership.’

Action Item #1 For the interim, it was agreed to maintain open representation

to the Steering Committee.

DO was interested in understanding whether or not there were any constraints holding

back some of the observers from signing the MoU. AMH noted that this question was not

meant to pressure any observers, but rather to better understand the challenges which

might be facing potential signatories and other observer organizations.



In response to DO’s question, Angela Corcoran [AnC] of AusAid noted that their

organization was interested in MOSAIC and that at present there were no constraints to

their signing.

Tom Henessy [TH] of Irish Aid agreed with AnC’s comments.

Håkon Mundal of the Norwegian Agency for Development Cooperation (NORAD) noted

that there were capacity constraints of their organization which prevented them from

signing, but noted their interest in continuing on as an observer to the IFAC-donor

community efforts.

RG then directed the discussion to Paragraph #10 of the Steering Committee Design

and Development Discussion Paper which presents IFAC’s proposed composition on the

Steering Committee. RG discussed how IFAC is considering that its representation to

the MOSAIC Steering Committee be comprised of the acting members of its PAO

Development Committee. Half of the IFAC PAO Development Committee are appointed

as representatives of IFAC regions and the remaining members are appointed “at large.”

Members of this Committee are selected through a nominations process which

considers candidate professional experience, technical skills, and knowledge of the work

of the PAO Development Committee. The nominations process promotes diversity of

gender, geographical, and professional balance. RG noted that following further

consultation, IFAC will present its proposed Steering Committee representation to the

IFAC Board in June 2012 for approval. RG then requested comment from the Steering

Committee regarding this proposed way forward.

AMH noted that IFAC may wish to work to ensure that the ‘concept of inclusiveness’

prevails in that representatives from less developed countries are also represented.

SS noted that as PAO mentoring may be a key component of MOSAIC implementation,

having not only emerging and developing nation representation, but also representation

from mentor organizations may be crucial.

RG noted that presently, the PAO Development Committee does maintain a balance of

representatives from developed as well as developing PAOs.

Action Item #2 IFAC will reflect on the comments provided and further

develop its proposal for internal consideration.

EG provided some insight from the INTOSAI-Donor Cooperation example by sharing

that leadership will be important to the structure of the Steering Committee.

AMH noted how monthly conference calls between the INTOSAI-Donor Cooperation

leadership and the Secretariat helps provide momentum and direction and may offer the

same guidance to the IFAC-Donor Cooperation in its efforts.



RG noted that in order to keep momentum of IFAC-Donor Community activities that it

might be good to agree upon interim leadership arrangements. Discussion was held

among the signatories in attendance at the meeting and it was determined that for the

interim and to facilitate commencement of activities, leadership will be comprised of a

system of co-chairing from the IFAC and Donor community.

Action Item #3 For the interim and to facilitate commencement of activities,

Steering Committee leadership will be comprised of a system

of co-chairing from the IFAC and Donor community.

From the donor community side, it was suggested and confirmed that Anthony Martin

Hegarty of World Bank and David Ostermeyer of USAID shall act as interim co-Chairs

until the second Steering Committee meeting to be held in October 2012.

Action Item #4 For the interim, Mr. Anthony Martin Hegarty of the World Bank

and Mr. David Ostermeyer of USAID will act as co-Chairs to

the MOSAIC Steering Committee from the Donor side.

From IFAC, it was suggested and will await confirmation that Deborah J. Williams and

Ahmad Almeghames shall serve as Chair and Vice-Chair to the Steering Committee.

Action Item #5 As IFAC’s representation to the leadership of the Steering

Committee, it was suggested that Deborah J. Williams and Dr.

Ahmad Almeghames serve as Chair and Vice-Chair to the

Steering Committee.

DO raised the issue of the need to involve partner country governments in the effort to

strengthen the capacity of PAOs. It was noted that presently, donors and PAOs are

represented, but partner country government involvement may also be useful.

There was general agreement on the aforementioned point and DJW followed by

addressing the issue of the need for greater representation by suggesting a rotation of

Steering Committee meetings in a planned way across the regions. Invitations to

representatives from regional accountancy organizations as well as national level

government could work to ensure representation of perspectives.

EG noted that INTOSAI has included among its membership in the Steering Committee

representatives from each of its member regional organizations to ensure geographic

coverage and inclusion. Additionally, EG noted that this helps in communications and in

informing membership more generally.

DO inquired as to INTOSAI’s recognition and support for the IFAC-donor community

initiative. EG responded by noting that although they are two distinct initiatives, INTOSAI

and IFAC plan to collaborate as much as possible. In follow up to this point, AMH noted



that IFAC had recently visited Norway to meet with the INTOSAI-Donor Secretariat and

learn from their achievements.

7. Establishment of the MOSAIC Secretariat

RG began with a call for any comments/reactions on the Meeting Discussion Paper

entitled “Secretariat Discussion Paper.”

Representatives MG from the Institute of Cost Accountants and JNS from the Institute of

Chartered Accountants of India offered the support of both of their institutions in either

locating the Secretariat in India or of supporting the Secretariat.

AC noted that as a great deal of the focus for developing the profession is likely to lie

within the Asian and African regions located the Secretariat, either in part or in whole, in

India may be attractive.

RG thanked MG, JNS and AC and noted that their offer for support and assistance will

be evaluated further.

SS noted that in the INTOSAI model, the International Development Institute (IDI) had

previously existed and questioned if there might be a similar natural home for the IFAC-

donor community secretariat.

RG noted that IFAC currently maintains the Member Body Development Team and the

Compliance program which comprises 7 professional and 2 administrative staff

dedicated to Compliance Program and PAODC activities both of which are designed to

encourage and strengthen PAO development.

Nishant Bharwaj [NB] of the Asian Development Bank (ADB) noted that cost for the

Secretariat should be a consideration as the ability of the Secretariat to carry out its

tasks will be dependent in large part upon its financial resources.

RG noted that these aspects are still at an early stage, but what it is aspired to be done

between now and October will most likely be funded in part by a diversion of resources

from activities which are currently ongoing. However, targeted financing either in part or

in whole of Secretariat activities will greatly accelerate and enhance the capacity of the

Secretariat to achieve its work program.

AnC noted that there are two tasks proposed of the Secretariat, capacity building and

administrative/logistical, and that the Secretariat needs to have the skills to undertake a

broad range of functions.

EG offered the insight of INTOSAI by noting that the work of the Secretariat is partly

administrative, but also partly technical. It has been their experience that Staff should

have a mix of donor and technical SAI experience.



AMH noted that it is important to recognize that a Secretariat-type function is already up

and running as can be seen through the production of meeting discussion papers and

logistical arrangements made for the Steering Committee meeting. As noted through the

INTOSAI experience, supporting the Steering Committee is a full-time job and requires a

strong staff and Secretariat.

RG noted that IFAC will continue to investigate the best option for a permanent base of

operations for the Secretariat, leverage the generous support offered by the Indian

Institutes and in the interim, IFAC will provide a temporary home to the Secretariat

ahead of the October meeting.

Action Item #6 IFAC to locate the Secretariat on an interim basis within its

offices and leverage the generous support of the Institute of

Chartered Accountants and Institute of Cost Accountants of

India.

8. Work Program

Gabriella Kusz [GK] began with a brief overview of the Meeting Discussion Paper

entitled “Preliminary Steering Committee Work Program Discussion Paper.” GK

introduced this paper by noting that as the Partnership is still in a development phase

the Preliminary Steering Committee Work Program is limited to eight months: February

2012 - October 2012. GK went on to note that there are three key deliverables:

1) Global Priorities Report: GK noted that this report may provide identification of

up-to-date key challenges, success factors and proposed activities for enhancing

the development of PAOs at both the regional and national level. Additionally, it

may give insight as to current funding levels and Donor community technical

assistance projects which are planned or are already in existence to support the

development of PAOs. Finally, GK noted that in developing this report, the SC

may wish to build upon information collected through the PAO Development

Committee Regional Collaboration Program and IFAC Member Body Compliance

Program to leverage current information available on PAOs around the world.

2) Joint Work Program: An outline of the focus of Secretariat activities and

Steering Committee focus for the 2012-2013 year.

3) Preliminary Steering Committee Work Program: The Preliminary Steering

Committee Work Program provides direction to the activities of the Secretariat for

the time period between February and October 2012 (Assuming two SC

meetings in 2012 - February and October) and includes timelines for achieving

the key deliverables of the Global Priorities Report and Joint Work Program.

AMH noted that the GPR should draw relevant information from the AA ROSC Program

as it could be a potentially useful resource.



NB noted that efforts of the Secretariat should take into account country partnerships.

The methodology must be harmonized with country partner programs of donors.

SS noted that to the degree PAOs are involved in supporting the capacity development

efforts of government, MOSAIC should link up with them.

Monica Rubiolo [MR] noted that the GPR could act as a Strategic Framework. It may be

requirement for participation in MOSAIC for PAOs to participate in the GPR. Additionally,

MR noted that expectations must be managed around the development of the GPR.

DO noted that he disagreed with the use of the word ‘Priorities’ and the title of the

document ‘Global Priorities Report’ as it may appear that the document is dictating to

donors what their priorities should be. However, he agreed with the content of the report.

He suggested perhaps using another word such as needs assessment or stocktaking.

In response, there was general agreement around the need for renaming the report.

Action Item #7 Secretariat will reflect upon the nature of the GPR and

consider alternative titling which removes the word priorities.

EG noted that the INTOSAI undertook a Stocktaking Report which did not prioritize

efforts or countries, but rather provided information on the status of development of

SAIs. This then led to a global call for proposals.

AC noted though that at some point, there must be a prioritization of efforts of the group.

DO questioned the purpose of the Work Program and what its focus is to be.

EG noted that the Work program helps to layout the deliverables for the Secretariat and

provide a roadmap for activities.

SS noted that there is a need to consult with PAOs on what their priorities are. As such,

he noted how the GPR would need to be completed in advance of the Work Program.

AMH noted that in the Long-Term there will be a need for resources in order for the

Secretariat to take on its roles and responsibilities. Under the INTOSAI MoU, the

Austrians, Irish, and Norwegians are financing the operations of the Secretariat.

When questioned, RG noted that the amount IFAC may be interested in seeking to help

support Secretariat operations for the next 8 months would be in the range of $200,000

– USD$250,000.

9. Summary of Decisions, Concluding Remarks and Next Steps

DW noted that she was very impressed with the input and that the feedback and

commentary collected today will feed into the implementation of the MOSAIC MoU,

Steering Committee activities, as well as Secretariat activities. She continued by



commenting that the next few months will include aligning how IFAC and donor

community interests coincide.

Another key area of interest for further consideration will be how we measure success,

how we create a demand led program and how we address accounting/auditing in the

public sector.

DW noted MR’s comment regarding the need to manage expectations- this will be an

area, along with communications which the Secretariat will work to address going

forward.

DW concluded by noting that the next meeting will be held in October 2012 and will most

likely be held in London, UK.

10. Closing Remarks

All were thanked for their participation and the meeting was closed.

*Presentation slides will be circulated to all committee members and observers.

CONFIRMED: ……………………………………...

(CHAIR)

DATE: ……………………………………………….



APPENDIX: List of February 22, 2012 Steering Committee Identified Action Items

Action Item Description

Action Item #1 For the interim, it was agreed to maintain open representation to the

Steering Committee.

Action Item #2

Taking into consideration the comments provided at the inaugural

Steering Committee, IFAC will propose that its representation to the

MOSAIC Steering Committee be comprised of the acting members of

its PAO Development Committee. Approval by the IFAC Board is

anticipated for June 2012.

Action Item #3 For the interim and to facilitate commencement of activities, Steering

Committee leadership will be comprised of a system of co-chairing

from the IFAC and Donor community.

Action Item #4 For the interim, Mr. Anthony Martin Hegarty of the World Bank and

Mr. David Ostermeyer of USAID will act as co-Chairs to the MOSAIC

Steering Committee from the Donor side.

Action Item #5

As IFAC’s representation to the leadership of the Steering

Committee, it was suggested that Deborah J. Williams and Dr.

Ahmad Almeghames serve as Chair and Vice-Chair to the Steering

Committee. This will be presented for confirmation by IFAC Board in

June 2012.

Action Item #6 IFAC to locate the Secretariat on an interim basis within its offices

and leverage the generous support of the Institute of Chartered

Accountants and Institute of Cost Accountants of India.

Action Item #7 Secretariat will reflect upon the nature of the GPR and consider

alternative titling which removes the word priorities.

international federation of accountants (ifac) - donor community

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