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The Second Financial Reform for Economic Development

On 17-18 May 2016, the Confederation of Asian and Pacific Accountants (CAPA) together with the World Bank jointly organised The Second Financial Reform for Economic Development (FRED II) focused on the public sector in Asia, held in Kuala Lumpur, Malaysia.  "The focus for FRED 2 is on the public sector because the accountancy profession must be increasingly active to promote accountability and transparency in the public sector and because we need to ensure that professional accountancy organisations serve the public sector and the accountants and auditors that work in it," said CAPA President, Jackie Poirier. CAPA reiterated the need for strong public financial management and the importance of professional accountancy organisations in engaging with the public sector to bring about change.

CAPA’s publication titled “Attracting and Retaining Finance Personnel in the Public Sector” observed the issue of “winning the war” for talent, especially for specialist, within the public sector. The publication discusses human resource challenges faced by the public sector, both generally and for accountants, mainly in developing economies. This includes a generally poor perception of the work environment, a compensation gap, inflexible bureaucratic systems and slow career progression.

This high level regional forum was strongly supported by International Federation of Accountants (IFAC). Fayezul Choudhury, Chief Executive Officer of IFAC highlighted a need to examine current accounting practices and address any flaws through dialogue, which will positively result in better accountability and transparency. He explained that the first step of getting the data right is a challenge in itself.

IFAC is the global organization for the accountancy profession, devoted to serving the public interest by strengthening the profession and contributing to the expansion of the strong international economies. IFAC involves more than 175 members and associates in 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The Chamber of Auditors of the Republic of Azerbaijan (CAAR) has become a member of IFAC in November 2008. During 8 years CAAR and IFAC have built warm friendship and strong partnership.

Overall the key outcomes from the forum focused on what good public management actually means at the end of the day. Successful public managements is the ability to convert the data and knowledge gathered into sustainable solutions that impact the economies in which we live. As put by Jackie Poirier, President of CAPA, in her closing speech, “moving forward, we must realise the power of one. Every single person in the industry has the potential to create impactful change through their individual actions.”


For immediate release - (New York, New York, June 24, 2016)

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