On June 29th the Round Table discussion took place in the World Bank country office in Kyiv, which brought together key stakeholders to share views and consider options for strengthening the role and contribution that PAOs play in Ukraine economy. The issues of consolidation of the profession were also discussed.
The event gathered about 30 participants, including representatives of four leading PAOs, namely the Auditors union of Ukraine (AUU), Ukrainian Federation of Professional Accountants and Auditors (UFPAA), Ukrainian Association of Certified Accountants and Auditors(UACAA) and Board of National Accountants and Auditors (BNAA). In addition, representatives from the Audit Chamber of Ukraine attended the event, which was held with the support of the World Bank Centre for Financial Reporting Reform (CFRR).
The event`s aims were threefold:
- to discuss existing models, good practices and other countries' experiences of consolidating PAOs
- to share knowledge on how professional accountants and auditors can contribute to an improved business climate and in this context, for participants to understand what a PAO is and what it does; and
- to discuss and consider options on how professional bodies should be structured to perform their role effectively.
During the round table discussion John Hodge, Senior Financial Management Specialist, CFRR, provided participants with practical insights and references to good international practices regarding what a PAO is and how it can strengthen the profession. He outlined the key points on good governance of PAOs and underscored the benefits to the Government and to the national economy as a whole of a strong PAO in audit regulation.
During open discussion session participants had a chance to share their views and get an expert`s feedback on the possible models of profession consolidation that may be implemented in Ukraine, key focus areas and challenges pertinent to this process.
Participants of the event discussed the Principles of consolidation, drafted by joint AUU-UFPAA, and preliminary agreed on the next steps in this process, which is expected to be accomplished in three years and has its purpose to embrace all currently existing organizations into single PAO for accountants and auditors with more than 50 000 of members.
The event helped participants understand good international practices on PAO governance and possible policy options that could consolidate and strengthen the accounting and auditing profession in Ukraine. All parties agreed to continue the dialogue through roundtables, public debates and consultations in order to facilitate building up a strong and sustainable accounting and auditing profession in a country.