Centre for Financial Reporting Reform Europe and Central...

Centre for Financial Reporting Reform

Europe and Central Asia Region

The World Bank

Praterstrasse 31

1020 Vienna – Austria

T: +43 (0)1 2170-700

F: +43 (0)1 2170-701

[email protected]

www.worldbank.org/cfrr

PAO regional forum - 2 June 2014, Vienna

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PAO Regional Forum 2014 2 June 2014

Hotel de France, “Salon Franz-Joseph,” Schottenring 3, 1010 Vienna

Tools for Small and Medium Practices to Achieve

Excellence and Innovation in a Dynamic Business World

Moving Beyond Traditional Accounting

The World Bank Centre for Financial Reporting Reform and the International Federation of

Accountants, are pleased to convene the second Regional Forum for Professional Accountancy

Organizations (PAOs) in Europe and Central Asia.

The PAO Regional Forum will be held on 2 June 2014 on the occasion of the CFRR 2014 Ministerial

Conference in Vienna as part of its REPARIS and STAREP regional programs. The Forum will bring

together representatives of some 20 PAOs from countries of Central, Southeast and Eastern Europe.

The focus of this year’s Forum is to promote tools for SMPs essential to enhance the quality of their

practice, including: (i) building competences and expanding the practitioner’s role by offering new

types of services demanded by modern business against a changing financial reporting landscape; (ii)

incorporating information technology as an essential part of the accountant’s skill set and a

necessary tool to drive innovation in practice; and (iii) maintaining the relevance of traditional

accounting services which continue to bring value to SME clients.

SMEs are central to private sector development as drivers of economic growth and builders of social

infrastructure. The new EU accounting directive of June 2013 seeks to create a reporting framework

for SMEs to provide quality financial information for credit and business decisions, without being too

onerous for smaller companies.

The forum will examine how the emerging profession can contribute to European efforts to improve

economic growth through improved competitiveness, delivering the integrity and competence

required of regulated professionals in accounting and auditing and the challenge of building strong,

and sustainable PAOs that represent and deliver upon the mission and values established for the

profession by IFAC. The PAO forum will focus on the small and medium practices (SMPs) in the

accountancy profession and explore ways how they can enhance their business support to SMEs by

relaying on technology and innovation while delivering value to their markets.

The Forum seeks to facilitate the sharing of experiences among peers, recognizing that PAOs in

Europe and Central and Asia are at different stages of development, but share the same the goal of

fostering excellence among their SMPs. Forum sessions will present new SMP tools being

developed to keep abreast of the latest developments affecting the accounting and auditing

profession, discuss audit training and continuing professional education and explore whether

emerging PAOs should do different things, or do things differently to maintain relevance in the

future European economy.


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Agenda

08:30 Registration and Welcome Coffee

09:00 Welcome remarks

Soukeyna Kane, Manager, Financial Management, Europe and Central Asia, The World Bank

Sylvia Wei Yen Tsen, Director, Quality and Member Relations, IFAC

09:30 Session1 – Building on and moving beyond the traditional accounting services

Panelists:

Dawn McGeachy-Colby, IFAC Small and Medium Practices (SMP) Committee

Ardiana Bunjaku, Executive Director, Society of Certified Accountants and Auditors of Kosova

(SCAAK)

Florin Toma, IFAC Small and Medium Practices (SMP) Committee

Moderator: Alex Fawcett, Senior Financial Management Specialist, Centre for Financial Reporting

Reform, The World Bank

This panel will examine the role of PAOs in assisting their members deliver value to SMEs in the

changing European financial reporting landscape where a demand for services of a business

advisory and non-audit nature emerges. The panel will discuss what tools are available to SMPs

to build on existing services and expand the practitioner’s role beyond the traditional accounting

services.

Format: Each panel member will speak for 5-10 minutes, after which the moderator will facilitate

an interactive discussion on the theme of the session.

10:30 Presentation by keynote speaker

Andre Kilesse, President, Federation of European Accountants (FEE)

Mr. Kilesse will draw upon the experience of FEE Member Bodies and highlight ways in which

accountancy practices, building upon the most trusted status that they have already developed

with their clients through existing audit and accountancy services, can expand the range of

services offered to their clients. The exact nature of such services may be determined by local

regulations but the fundamental principle of becoming closer to the client, understanding their

needs and providing for these needs applies irrespective of the service offered.

11:00 Morning Coffee Break

http://www.ifac.org/bio/florin-toma


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11:15 Session 2 – The new IFAC Strategy

Sylvia Wei Yen Tsen, Director, Quality and Member Relations, IFAC

Paul Thompson, Director, IFAC

Moderator: Kalina Sukarova, Senior Financial Management Specialist, Centre for Financial

Reporting Reform, The World Bank

Participating PAOs questions will be answered by IFAC in this live Q&A session. Through

interactive discussion, a variety of topics will be discussed, including SMO compliance, IFAC

guidance, oversight and new EU regulation. All participants will be invited to join the discussion

and ask follow up questions.

12:30 Lunch

14:00 Presentation by keynote speaker

Mark Spofforth, IFAC Board Technical Advisor

What are the implications of the most recent wave of regulation? This session will look at how

regulation impacts trade competitiveness—particularly for SMEs. It will discuss best practices for

culture change and enhancing integrity and good behavior, as well as the most effective ways to

implement regulation. And, as new regulations reduce audit requirements, it will look at the

value and benefits of audits and other forms of assurance for SMEs, and how the accountancy

profession must adapt to be relevant to the SME sector.

14:30 Session 3 – Incorporating technologies into SMPs’ practices and business processes

Panelists:

Meta Duhovnik, Senior Adviser, Slovenian Institute of Auditors

Mats Olsson, IFAC Small and Medium Practices (SMP) Committee

Hilde Blomme, Deputy Chief Executive, Federation of European Accountants (FEE)

Moderator: Andrei Busuioc, Senior Financial Management Specialist, Centre for Financial

Reporting Reform, The World Bank

The accountancy profession has always utilized technology to optimize the value of its services

but the recent acceleration of technological development, as exemplified by the emergence of

cloud computing and pervasive use of smartphones, tablets and other mobile devices have an

unprecedented impact on the profession. These developments are impacting both the way

accountants and accounting firms provide their services as well as the range and scope of

services they offer. This panel will explore how new technologies can complement the profession

and the value of its services, discuss their merits, share ideas and approaches, and examine ways

to leverage these technologies for the benefit of small business.

Format: Each panel member will speak for 5-10 minutes, after which the moderator will facilitate

an interactive discussion on the theme of the session.


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15:30 Afternoon Coffee Break

15:45 Session 4 – Open Forum

Moderator: Lejla Begtasevic Rudalija Consultant, Centre for Financial Reporting Reform, The

World Bank

Representatives of IFAC, FEE and PAOs discuss challenges of implementing the quality of

accounting practice.

16:45 Closing remarks

Henri Fortin, Head, Centre for Financial Reporting Reform, The World Bank

17:00 End of forum


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Bios of the speakers

Soukeyna Kane

Manager, Financial Management, Europe and Central Asia, The World Bank

Ms. Kane joined the World Bank's Europe and Central Asia (ECA) regional

department as Manager, Financial Management in July 2012. Previously, she

was a senior member of the Financial Management teams of the Middle East

and North Africa (MENA), Operation Policies and Countries Network, as well as

the Africa regional departments.

Ms. Kane led capacity-building initiatives for Public Finance Management notably for internal audit

entities, Supreme Audit Institutions in the Africa and MENA regions. She led the capacity

development in the accounting and auditing profession in several countries. In addition, she has

worked with the International Federation of Accountants (IFAC) on a joint strategy to support

professional accountancy development in the MENA region.

Ms. Kane has contributed to the Accounting and Auditing Reports on the Observance of Standards

and Codes (ROSC) retrospective by identifying trends in emerging global and regional issues, and

recommending ways to strengthen impact the studies. She also provides advice to the ECA

management on developing borrower capacity in financial management. She has led portfolio risk

management and monitoring.

Prior to working at the World Bank, she was the Principal Internal Auditor and then acting

administrator at the African Development Bank. Her extensive experience in the private sector

includes the position of Administrative and Financial Director in AGS, as well as manager and senior

auditor with ERA Audit et Expertise, AEG Paris and Ernst & Young. Ms. Kane is a Certified Public

Accountant and has a Master in Accounting and Finance. She graduated from Institut Commercial

Supérieur in Paris.

Sylvia Wei Yen Tsen

Director, Quality and Member Relations, International Federation of

Accountants (IFAC)

In her current role at IFAC, Sylvia Wei Yen Tsen oversees three distinct activity

areas: the Compliance Advisory Panel (CAP) and Compliance Program; the Small

and Medium Practices (SMP) Committee; and the Forum of Firms, an

association of international networks of accounting firms connected to IFAC

through the Transnational Auditors Committee. Her portfolio of projects and activities ultimately

contribute to advancing IFAC’s mission to support the development of strong professional

accountancy organizations (PAOs) and to high-quality practices by professional accountants around

the world.


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Ms. Tsen oversees compliance with IFAC Statements of Membership Obligations (SMO), which

require IFAC members to adopt and implement international standards, as well as establish quality

assurance and investigation and disciplinary systems. She also engages with the donor community to

establish sustainable support mechanisms that will ensure the growth and development of PAOs.

Her responsibilities also include working with the SMP Committee and the Forum of Firms to

develop guidance and resources to assist in the implementation of international standards and to

provide a forum for PAOs and standard setters to address issues of relevance to practitioners.

Having worked previously for KPMG in their Audit and Assurance Practice and International Head

Offices, and practicing as an accountant in the Netherlands, New Zealand, and Canada, Ms. Tsen

brought a diverse range of public practice experience when she joined IFAC in 2003 as a technical

manager for the International Auditing and Assurance Standards Board. She went on to oversee the

then newly established Member Body Compliance Program and SMO implementation as senior

technical manager before advancing to her current role.

Ms. Tsen is a graduate of the University of British Columbia (Canada) with a bachelor’s degree in

Commerce. She is a Canada-qualified Chartered Accountant and a member of CPA Canada.

Dawn McGeachy-Colby

IFAC Small and Medium Practices (SMP) Committee

Dawn McGeachy, BaccS, FCUIC, ACUIC, FCGA, LPA became a member of the

IFAC Small and Medium Practices Committee in 2013 after serving as a

technical advisor for seven years. She was nominated by the Certified General

Accountants Association of Canada (CGA-Canada).

Ms. McGeachy is the accounting and assurance partner in the firm Colby

McGeachy, PC, an independent member firm of Porter Hetu International (PHI), where she also

serves on the National Standards Committee. She has more than 25 years of public practice and

audit-related experience. She is serving on the Public Accountants Council of Ontario (PACO) for a

three-year term, which commenced in October 2012.

Ms. McGeachy formerly served as the director of Public Practice for the Research and Standards

Department at CGA-Canada during her fourteen-year tenure with the national body. She is the chair

of the Ethics Task Force and former chair of the Professional and Practice Standards Task Force of

the National Professional Standards Committee. She is also a former member of the Public

Accounting Licensing Board (PALB) for the Certified General Accountants Association of Ontario.

Ms. McGeachy has a bachelor of science in accounting, fellow and associate (specialty in lending)

designations from the Credit Union Institute of Canada, as well as an FCGA designation.


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Ardiana Bunjaku

Executive Director, Society of Certified Accountants and Auditors of Kosovo

(SCAAK)

Ms. Bunjaku is the Executive Director of SCAAK, where, in addition to her other

responsibilities, for the last twelve years she has been involved with the

development of the accountancy profession and professional education in

Kosovo. She has been appointed by the Government of Kosovo to several

powerful committees that provide oversight in key sectors relevant to the development of Kosovo’s

economy, including the Kosovo Development Strategy Committee, the Kosovo National Qualification

Framework working group and the Advisory Committee to the Tax Administration Authority. Ms.

Bunjaki worked with the Ministry of Finance and the World Bank to introduce a diploma course for

public sector accountants in Kosovo and is involved in reforming higher education in accounting and

auditing at the University of Prishtina. Ms. Bunjaku served as a member of quality assurance

committee in Kosovo Board for Standards and Financial Reporting and a treasury board member of

the American Chamber of Commerce.

Ms. Bunjaku has extensively promoted institutional cooperation for the development of the

accountancy profession, in the public and private sectors, which has led to the unique cooperation

between the professional accountancy (SCAAK) organization and the supreme audit institution (OAG

in Kosovo) to develop public sector auditor certification.

In addition, Ms. Bunjaku is board member and member of the audit and risk committee of Nova

Ljubljanska Banka – NLB Bank in Kosovo. She was elected by the President of Kosovo to develop an

NGO focused on the economic empowerment of Kosovo women where she serves as a vice

president of the board. She holds a Masters Degree in Insurance Regulation and Accounting, "Pjeter

Budi" college and, Business Administration from the Economics School at the University of Pristina.

She is also a member of INSOL Europe.

Florin Toma


Florin Toma became a member of the IFAC Small and Medium Practices (SMP)

Committee in January 2009. He was nominated by Corpul Expertilor si

Contabililor Autorizati din Romania (CECCAR). He was previously a technical

advisor for IFAC's Professional Accountants in Business Committee.

Mr. Toma is a member of the CECCAR Superior Council and chair of the CECCAR

SMP Commission. In January 2014, he was appointed to the board of the Fédération des Experts

Comptables Européens (FEE).

Mr. Toma is executive partner of JPA Romania, with over eighteen years experience assisting

domestic and foreign small- and medium-sized entities (SMEs) in Romania, as well as participating in

the restructuring of major Romanian companies. He is a member of the Association of Expert

Appraisers of Romania, L'Institut des Professionnels Associés à l'Ordre des Experts-Comptables, and

http://ceccar.ro/en/

http://ceccar.ro/en/

http://www.fee.be/

http://www.fee.be/


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the International Fiscal Association. He has also served as the CECCAR representative in the audit

and SME/SMP working parties of FEE.

Alexander Fawcett

Senior Financial Management Specialist, Centre for Financial Reporting Reform,

The World Bank

Alexander Fawcett is a member of the Association of Chartered Certified

Accountants (FCCA) and MBA from the University of Glasgow. He has extensive

experience of designing and implementating accounting reform programs in

transitional and developing economies, including the new EU member states,

Central Asia and the REPARIS countries, and brings a wealth of expertise and experience to the Bank

in the area of IFRS and accounting education.

In 1993, he was the subject of a BBC business program featuring the company he ran as CEO and

shortly afterwards he was invited to be the first Associate of the University of Glasgow Business

School. In 1999, Mr. Fawcett was invited by The Institute of Chartered Accountants of Scotland to

lecture on International Auditing in Romania as part of a World Bank training program to increase

awareness of IFRS/IAS and International Standards in Auditing. From 1999 until 2010, Mr. Fawcett

was a consultant working for the world’s major donors in the area of accounting and auditing

reform. In 2011, he joined Deloitte Consulting and, until joining the World Bank, Mr. Fawcett was a

member of the Accounting and Finance faculty of Reading University’s Henley Management College

and a Non-Executive Director of the Chamber of Accountants of Kazakhstan.

Andre Kilesse

President, Federation of European Accountants (FEE)

André Kilesse was the President of the Belgian Institute of Registered Auditors

from 2004 to 2007 and was elected as FEE Vice-President in December 2006

and became FEE President on 13 December 2012. Mr. Kilesse is chairman of

BDO Belgium and is active in different BDO worldwide committees.

At FEE, he chaired the Qualification and Market Access working party and was

active in other different FEE working parties. At international level, Mr. Kilesse served on the IAESB

(International Accounting Education Standards Board) CAG (Consultative Advisory Group) and was

on the FIDEF (Fédération Internationale des Experts-Comptables Francophones) board of directors.

He is a member of the board of the HEC – University of Liege Business School, where he also gives

lectures. He has written numerous professional and academic publications. Mr. Killesse received a

national award in the Order of the Crown.


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Paul Thompson

Director, IFAC SME and SMP Affairs

Paul Thompson joined IFAC in 2004 and is presently director, SME & SMP

affairs. In addition to leading IFAC’s initiatives to support the development of

small- and medium-sized practices (SMPs) and the value they add to small- and

medium-sized entities (SMEs), in March 2014, Mr. Thompson also took on the

role of leading the Supporting Professional Accountants Worldwide business

line for IFAC, which encompasses the Global Knowledge Gateway, SMPs/SMEs, and professional

accountants in business.

From 1988 to 1991, Mr. Thompson worked for Touche Ross & Co., London, where he specialized in

the audit of financial institutions. He then went on to lecture on financial reporting and analysis at

the undergraduate and MBA levels at universities in the UK, Singapore, and Malaysia. He has

contributed to a number of publications in academic journals and the professional press in the areas

of bank lending, financial reporting, corporate governance, and corporate social reporting.

Mr. Thompson graduated from the University of Warwick with a bachelor of science in accounting

and financial analysis.

Kalina Sukarova


The World Bank

Kalina Sukarova is responsible for supporting CFRR’s activities in Western

Balkans, with a particular focus on supporting reforms to external audit trough

the Road to Europe Program of Accounting Reform and Institutional

Strengthening (REPARIS).

She has over 15 years of experience in the accounting and auditing. Prior to joining the CFRR, Ms.

Sukarova was an Executive Director with Ernst and Young. She is a Fellow member of the Association

of Chartered Certified Accountants (FCCA), Member of the Kosovo Society of Accountants and

Auditors and holds a master in economics from the Macedonia State University. She also holds a

postgraduate diploma in Economics from the Macedonian State University.

Mark Spofforth

IFAC Board Technical Advisor

Mark Spofforth is a senior partner in a 16 partner, 5 office firm of UK general

practice Chartered Accountants based in West Sussex. He has a wide portfolio

of clients including audits, but mainly focuses on private client work, charities,

and the SME sector. Mr. Spofforth is a Past President of ICAEW. He is a former

chairman of the Council of ICAEW, and has also chaired the General Practitioner


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Board, the Technical Directorate, and the Learning and Professional Development Board. He also

served as Deputy Chairman of the International Accounting Education Standards Board, and is now a

Technical Advisor to the IFAC Board. In 2014 he was awarded the OBE for services to the profession.

He chaired the committee that produced the “Profitable and Sustainable Practice” report on SMP

management, and was a member of the group that produced the “Value Added Accountants 2005”

report, predicting the future environment for the profession. Mr. Spofforth also lectures, broadcasts

on financial matters on radio, and writes for the financial press, mainly on matters relevant to the

SME sector.

Away from the office, Mr. Spofforth is a past Master of the Horners’ Livery company in the City of

London, and is Junior Warden of the Chartered Accountants’ Livery company. He is a school

Governor, and a trustee of the Thalidomide Trust. Mr. Spofforth’s daughter Gemma was an

Olympian swimmer, competing in Beijing and London. In 2009 she became World Champion and still

holds the World Record for the 100m backstroke event. His son, Peter works in Corporate Finance in

the technology sector.

Meta Duhovnik

Senior Adviser, Slovenian Institute of Auditors

Meta Duhovnik, a qualified accountant and certified auditor, is a senior adviser

at the Slovenian Institute of Auditors, active mostly in the fields of monitoring,

international relations and lecturing. She is also a part time lecturer at the

University of Ljubljana, Faculty of Economics. She has previously worked in the

power generating industry as head of finance and accounting department, and

as a project manager in the Slovenian Agency for Restructuring and Privatisation.

Ms. Duhovnik is a member of the EU committee on auditing; a member of the FEE Council and FEE

auditing working party. She is a former member of the professional council of the Slovenian Institute

of Auditors, and continues to serve on their committees. She has a Master’s degree in business

policy and organization and a Doctorate in business-organization sciences from the University of

Lubljana, and is the author of a number of books and articles.

Mats Olsson


Mats Olsson became a member of the Small and Medium Practices (SMP)

Committee in January 2012. He was nominated by the Nordiska

Revisorsförbundet (Nordic Federation of Public Accountants, or NRF).

Mr. Olsson is partner and one of the founders of Adrian & Partners AB. Adrian

& Partners is a medium-sized practice in Gothenburg, Sweden, that works primarily with small- and


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medium-sized owner-led client companies. He has higher education in accounting as well as business

law.

Mr. Olsson was a member, and later chair, of the Auditing Practices Committee of Svenska

Revisorsamfundet until its merger with FAR in 2006. He has been representative of SRS and, after

the merger, of FAR SRS in the EFAA (European Federation of Accountants and Auditors of Small- and

Medium-Sized Entities) and served as a reference person in connection with the Sustainability

Project for SMPs in Sweden.

From 2006 to 2011, Mr. Olsson was also a member of the board of FAR, representing SME and SMP

issues and perspectives. Mr. Olsson has been a FAR representative on the SME/SMP Working Party

of the Fédération des Experts Comptables Européens (the Federation of European Accountants, or

FEE) from 2007 to 2010. As part of this group, he has lectured in workshops at FEE´s SME and SMP

conferences and participated in arranging roundtables. He has also lectured in workshops both in

and outside Sweden on behalf of EFAA, FEE, and FAR.

Hilde Blomme

Deputy Chief Executive, Fédération des Experts Comptables Européens

Ms. Blomme - Reviseur d’Entreprises, MBA, FCCA, CPA - is the Deputy Chief

Executive at FEE – Fédération des Experts Comptables Européens (Federation of

European Accountants) in Brussels. She started as FEE Director of Practice

Regulation in September 2003 dealing with auditing, assurance, corporate

governance, company law, ethics and independence. In her current role, she

focuses on supporting and advising FEE governing bodies related to public policy and technical

matters, co-developing FEE strategy with a focus on public policy and regulatory matters,

representing FEE on professional and technical matters and developing FEE staff.

Prior to this assignment, Ms. Blomme spent nine years with PwC as an external auditor,

consecutively in Brussels, New York and London dealing with both multinational and SME audit

clients. Prior to joining PwC, Ms. Blomme spent three years with local Belgian auditing firms serving

SME clients. She started her professional career at Morgan Guaranty Trust in Brussels.

Andrei Busuioc


The World Bank

Mr. Busuioc has over 16 years of experience in the accounting and auditing area

in both, the private and public sectors, as well as in lecturing accounting and

auditing in university. He joined the World Bank Centre for Financial Reporting

Reform (CFRR) in Vienna, Austria, in 2008 and was responsible for various

countries’ financial reporting reforms agenda, was part of Accounting and

Auditing Reports on the Observance of Standards and Codes (ROSC) teams, and thematic area of

audit regulation in Western Balkan countries.


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Prior to joining the CFRR, Mr. Busuioc worked in the World Bank Country Office in Moldova as a

Financial Management Specialist, covering fiduciary activities, public finance management

development, and corporate financial reporting development. He is an accountant by training, and a

member of the UK Association of Chartered Certified Accountants (ACCA). Mr. Busuioc holds a

university degree in economics from the Moldova State Agricultural University, and a Ph.D. in

economics from the Academy of Economic Studies of Moldova. He also holds a postgraduate

diploma in public financial management from the Centre for Financial and Management Studies,

University of London. He speaks Romanian, Russian, English, as well as basic Bulgarian and German.

Lejla Begtasevic-Rudalija

Financial Management Consultant, Centre for Financial Reporting Reform, The

World Bank

Lejla Begtasevic-Rudalija is a consultant in accounting and auditing

development and contributes towards the CFRR’s work on the REPARIS

program. A qualified ACCA accountant, Ms. Begtasevic-Rudalija previously

worked on capacity development projects and operations within her native

Bosnia & Herzegovina supporting the development of the accounting and audit profession, the

transition to IFRS based financial reporting, as well as broader economic themes such as the

development of intellectual property rights protection mechanisms.

Henri Fortin

Head, The World Bank Centre for Financial Reporting Reform

Mr. Fortin is the Head of the World Bank Vienna Centre for Financial Reporting

Reform (CFRR) since January 2011. Between 2003 and 2010, he led the World

Bank’s analytical and advisory activities in corporate financial reporting for the

Latin America and Caribbean (LAC) Region. His responsibilities included in

particular (i) the preparation of ROSC reports on Accounting and Auditing, (ii) a

number of technical assistance projects to assist partner countries in implementing ROSC

recommendations and (iii) the “CReCER” (Spanish acronym for Accounting and Accountability for

Regional Economic Growth) initiative in cooperation with international standard-setters, the

accounting profession and key development partners. He also participated in a number of Financial

Sector Assessment Program missions and worked on projects related to public financial

management and governance of state-owned enterprises.

Mr. Fortin also represented the World Bank on the International Accounting Standards Board’s SME

working group which assisted the IASB in developing global financial reporting standards for small

entities, the IFRS of SMEs. He currently represents the Bank on the IFRS of SMEs Implementation

Group.

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