FROM ROSC_AA TO REFORM JORDAN THE SHOWCASE OF JACPA PROJECT FINANCED BY WORLD BANK Presented by Mr. Hatem Kawasmy - JACPA Chairman June 2013.

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Presentation transcript:

FROM ROSC_AA TO REFORM JORDAN THE SHOWCASE OF JACPA PROJECT FINANCED BY WORLD BANK Presented by Mr. Hatem Kawasmy - JACPA Chairman June 2013

2 2 World Bank relation with Jordan The World Bank financed more than 10,000 projects in Jordan in key sectors such as transportation, education, energy and mining, water, health. from 1947 to the present. Jordan : Lending By Volume (Millions Of US Dollars) Jordan Datasheet -Source : worldbank.org

3 3 (ROSC – AA) Jordan initiative Regulating Accounting and Auditing profession Interim Regulatory Law of Chartered Accounting Profession 73/2003. Narrowing the compliance gap in both accounting and auditing international standards. Educating new auditors and reeducating practitioners and regulators A culture shift is required to reduce the influence of tax accounting on general-purpose financial statements Jordan ROSC-AA -Source : worldbank.org

Interim Regulatory Law of Chartered Accounting Profession 73/2003 Establishment of Higher Committee of the profession Creation of Jordanian Association of Certified Public Accountants (JACPA). the Law focuses primarily and in great depth on JACPA regulations and bylaws, Areas of improvements Define practicing professional Auditors independence Monitoring and enforcement mechanisms Compliance with the applicable auditing standards and code of ethics, not only in appearance but also in substance.

5 5 50% of SMEs fall below the JD 5,000 income bracket, per year. SMEs DEVELOPMENT IN JORDAN Jordan SME development Source : Jordan Human Development Report 2011– MOP- UNDP SMEs in Jordan engage in various economic activities, including trade, services, manufacturing, and agriculture. Trade and services are the most dominant activities with 85% of SMEs activities in The trading sector is almost entirely composed of SMEs, employing almost 92.7% of the employees.

6 6 Local Demand for Accounting and Financial Outsourcing Jordan Local Demand - Source :JACPA strategy report

7 7 Future Demand for Accounting and Financial Outsourcing Jordan Local Demand - Source :JACPA strategy report

8 8 Accounting and Financial Outsourcing Demand and Qualifications Jordan Local Demand - Source :JACPA strategy report

9 9 Decision Drivers for Accounting and Financial Outsourcing Providers Jordan Local Demand - Source :JACPA strategy report

JACPA IDF Project - Objective To strengthen the capacity of Jordanian Association of Certified Public Accountants and its members to provide outsourcing services in the area of accounting and financial reporting to the local and regional market. Ass ess current professional capacity & academic program; establish master trainers program on subjects on demand; contribute to uniform academic curricula; And conduct training courses / workshops for SMEs, SMPs and JACPA members

11 JACPA Project meets National Agenda and International country guidelines

12 JACPA IDF Project - Objective

Inquiries and answers