MOSAIC’s collaborative initiatives are designed to empower PAOs in partner countries. Credit: TippaPatt/Shutterstock.

The International Federation of Accountants (IFAC) has convened the Mosaic Steering Committee meeting in Bucharest, Romania to advance discussions on enhancing the accountancy profession’s capacity in emerging economies.  

Marking the first MOSAIC meetings under the leadership of new IFAC CEO Lee White, the event aligns with the INTOSAI Capacity Building Committee and Donor Coordination Committee meetings, hosted by the Supreme Audit Institution of Romania. 

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Over the coming days, the MOSAIC Steering Committee will unite signatories to the Memorandum of Understanding (MoU) to strengthen accountancy and Improve collaboration (MOSAIC).  

Development partners will join IFAC and Supreme Audit Institution (SAI) representatives for the MOSAIC Forum.  

MOSAIC’s collaborative initiatives are designed to empower professional accountancy organisations (PAO) in partner countries, enhancing accountancy standards and financial management, increasing the efficacy of donor assistance.  

Recognising the challenges in PAO development, MOSAIC emphasises reinforcing cooperation between IFAC, international donors, and the global development community. 

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Recent discussions have concentrated on the future of the MOSAIC MoU, devising strategies to expand its influence on the development of the accountancy profession. 

Lee White said: “Strengthening capacity among PAOs and throughout the accountancy profession is one of the most effective ways to support sustainable economic and social growth and development, and we outlined a number of areas where accountants can have an impact in our recent publication The Accountancy Profession Enabling Africa’s Transformation.” 

“It is inspiring to see so many development partners prioritising capacity building in the accountancy profession.” 

This comes at a time as sustainability reporting evolves, while International Public Sector Accounting Standards Board (IPSASB) develops reporting standards for the public sector, with SAIs as key participants. 

In July 2024, the Public Interest Committee (PIC) and IFAC announced the formation of a search committee to select the next chair of IPSASB for an initial three-year term commencing on 1 January 2026.