Professional Accountancy Organisations
Professional accountants play a crucial role in the economy and the public sector. To cater for the needs of the accountants of the future and the demands of the modern finance profession, professional accountancy organisations (PAOs) must remain relevant and lead the profession forward ensuring high ethical standards and levels of competence of their members and maintain public trust in the accounting and finance profession.
Focus on PAO objectives and changing member needs
The public's expectations of what an accountant should be and do have been rapidly moving away from the traditional view of one who should just keep the books in order. The scope of responsibilities and the range of skills and competences required from an accountant are evolving towards greater accountability, business awareness, partnership with other business functions and an analytical approach. So why shouldn't the organisations which oversee the profession itself and its stakeholders evolve also?
They should do so now more than ever. PAOs need to mature and develop in order to meet the needs of their members and students and remain a thought leader and a guide for accountants along their career path.
They should do so now more than ever. PAOs need to mature and develop in order to meet the needs of their members and students and remain a thought leader and a guide for accountants along their career path.
The accountancy profession is most successful and sustainable with the support of healthy national and regional professional accountancy organisations that have robust, effective relationships with their national and regional stakeholders, including government and regulators.
2015 IFAC Finding Your Voice Report
2015 IFAC Finding Your Voice Report
Areas of expertise
PAOs can act as regulatory bodies in their own right or as a partner to the Ministry of Finance ensuring that the accounting profession responds to public demands for transparency and accountability, and addresses the current and anticipates the future concerns of the profession.
We focus on establishment of PAOs by working with the regulator, developing recommendations and amendments to the legal framework, defining PAO mandates and objectives.
Once a regulatory basis for a PAO is created the next step is define the
key processes, develop the Charter and By-Laws and develop and implement internal policies for robust and sustainable operations.
We focus on establishment of PAOs by working with the regulator, developing recommendations and amendments to the legal framework, defining PAO mandates and objectives.
Once a regulatory basis for a PAO is created the next step is define the
key processes, develop the Charter and By-Laws and develop and implement internal policies for robust and sustainable operations.
PAOs are the focal point for professional accountants guiding them in upholding ethical standards and application of global best practice in accounting and finance.
In order to continue to carry out this function and remain a force in the profession PAOs must continuously improve and evolve in order to bring value to their members and students and achieve their operational objectives.
Whether the objective is to become a member of a global body, expand beyond geographical borders, deliver greater value to members or even become a virtual PAO, we bring our expertise and experience to support PAOs on these journeys, building agile governance structures, robust strategies and responsive monitoring and evaluation frameworks, using the latest tools available including IFAC Strategic Planning Toolkit.
In order to continue to carry out this function and remain a force in the profession PAOs must continuously improve and evolve in order to bring value to their members and students and achieve their operational objectives.
Whether the objective is to become a member of a global body, expand beyond geographical borders, deliver greater value to members or even become a virtual PAO, we bring our expertise and experience to support PAOs on these journeys, building agile governance structures, robust strategies and responsive monitoring and evaluation frameworks, using the latest tools available including IFAC Strategic Planning Toolkit.
No all PAOs have the mandate to perform the quality assurance function in their jurisdiction in whole or in part. Those who do must build a strong framework aligned with ISQM in order to ensure that firm oversight is effective. This requires embedding new processes and methodologies for quality reviews, building capacity of review teams.
Even those PAOs who have no responsibility for the quality assurance of the audit profession are in the position to influence it through advocacy and providing training to the regulator, support in adopting and implementing relevant standards.
We help PAOs at every level of responsibility from building communication plans to advocate for quality audit to designing tailored quality review methodologies.
Even those PAOs who have no responsibility for the quality assurance of the audit profession are in the position to influence it through advocacy and providing training to the regulator, support in adopting and implementing relevant standards.
We help PAOs at every level of responsibility from building communication plans to advocate for quality audit to designing tailored quality review methodologies.
International accounting and reporting, audit, education and quality standards have been very dynamic in recent years with the emergence of sustainability agenda and digitisation. keeping up with the developments is challenging especially when this requires expertise, resources and partnerships.
LMC supports PAOs within their mandate to assess feasibility of adoption, drive implementation through technical assistance and capacity building with tailored approaches depending on PAO responsibilities, jurisdictions and ultimate outcomes.
LMC supports PAOs within their mandate to assess feasibility of adoption, drive implementation through technical assistance and capacity building with tailored approaches depending on PAO responsibilities, jurisdictions and ultimate outcomes.
Ensuring that only competent and professional accountants are engaged in the economy is the primary responsibility of a PAO. This can be ensured through quality initial and continuous professional development programmes which are aligned to International Education Standards (IES).
We work with PAOs to develop qualification and certification frameworks that are internationally recognised and answer to specific country needs by assessing their compliance to IES, recommending next steps to alignment and recognition and developing the supporting infrastructure around the qualification program to ensure its continuing relevance.
We work with PAOs to develop qualification and certification frameworks that are internationally recognised and answer to specific country needs by assessing their compliance to IES, recommending next steps to alignment and recognition and developing the supporting infrastructure around the qualification program to ensure its continuing relevance.
In many cases PAOs can function well with legal recognition when membership is mandatory which drives a member pipeline and revenue streams. Where PAO are not legally recognised (and even where they are) market recognition, i.e. a strong positioning with prospective members, employers and the public sector can make or break PAO's success.
Identifying key stakeholders, creating value propositions, developing engagement and communication plans with stakeholder groups, reviewing products and services to align with PAO customer profiles and value proposition statements is what we do to build a PAOs market visibility.
Identifying key stakeholders, creating value propositions, developing engagement and communication plans with stakeholder groups, reviewing products and services to align with PAO customer profiles and value proposition statements is what we do to build a PAOs market visibility.
Investigation and Discipline (I&D) processes are often overlooked by PAOs as an afterthought but it is a key pillar in the PAO's purposes of building public trust and acting in public interest.
LMC helps PAOs establish I&D functions and structure from scratch, conduct gap analysis of their existing processes, enhance existing procedures, develop and implement policies and ensure that members and the wider society are well informed.
LMC helps PAOs establish I&D functions and structure from scratch, conduct gap analysis of their existing processes, enhance existing procedures, develop and implement policies and ensure that members and the wider society are well informed.
Most PAOs aspire to become members of IFAC which can raise their profile, increase membership, bring greater influence in their jurisdiction with the regulator, highlight the country's accountancy profession's successes and challenges and bring its voice to the global stage.
We support our partners in fulfilling the IFAC PAO programme requirements instilled in the Statements of Membership Obligations (SMOs). It could be developing a comprehensive Investigation and Discipline framework and processes, or providing support on establishing a quality assurance function and implementing ISQM, or ensuring that the PAO is best place to support international standard adoption in their jurisdiction. We apply IFAC requirements, best practice and tools, like the and CAPA Maturity Model, and extensive practical experience to bring tailored and contextualised solutions.
We support our partners in fulfilling the IFAC PAO programme requirements instilled in the Statements of Membership Obligations (SMOs). It could be developing a comprehensive Investigation and Discipline framework and processes, or providing support on establishing a quality assurance function and implementing ISQM, or ensuring that the PAO is best place to support international standard adoption in their jurisdiction. We apply IFAC requirements, best practice and tools, like the and CAPA Maturity Model, and extensive practical experience to bring tailored and contextualised solutions.
PAO Development Framework
- 01
International best practices and standards - 02
PAO processes and functions - 03
Solutions design, implementation and evaluation
PAO Development Framework is a holistic solution designed by Lynceus Management Consulting (LMC) to help PAOs overcome their challenges, achieve their goals whilst ensuring compliance with international standards and membership requirements.
The Framework draws on a PAO’s strategic objectives whether it is IFAC or reginal body membership or improvement of stakeholder engagement to identify the weaknesses that prevent the PAO from achieving these objectives.
Using international and national standards, guidance and requirements, a targeted solution is then developed and implemented to remediate the weaknesses and enable the PAO to progress towards its goals.
The Framework draws on a PAO’s strategic objectives whether it is IFAC or reginal body membership or improvement of stakeholder engagement to identify the weaknesses that prevent the PAO from achieving these objectives.
Using international and national standards, guidance and requirements, a targeted solution is then developed and implemented to remediate the weaknesses and enable the PAO to progress towards its goals.
- Alignment to international standards.PAO Development Framework is fully aligned with global and regional bodies and donors’ requirements.
- Extensive experience.Having worked with and within PAOs, LMC has extensive experience of addressing PAO capacity-building challenges.
- Relevant expertise.LMC has in-depth knowledge of the PAO support tools, extensive analysis of PAO problem areas allows for an agile and streamlined solution development and implementation.
- Agility and flexibility.LMC is well positioned to deliver tailored and contextualised solutions to PAOs with agility and flexibility to cater for the dynamic and challenging environments PAOs operate in.
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Capabilities
Expertise
Contacts
- Lynceus Management Consulting, 201- Al Suaidi, Deira - Al Marrar, Dubai, UAE
- lmc@lynceusconsulting.com
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