Tell us about your work at The World Bank, your role and responsibilities.
The World Bank (Bank) is an international financial institution working towards ending extreme poverty and promoting shared prosperity. The work of the Bank aims to reduce poverty to 3% by 2030 and increase the outcome of the bottom 40% of the population in each country. Under the new operating model of the Bank to support funded programmes and marshal the best development knowledge available, the Bank group has established Global Practices.
I am a Senior Financial Management Specialist in the Governance Global Practice (GGP) at the Bank. A primary goal of the GGP is to strengthen public financial management (PFM) by providing policy advice and support to institutions and processes across the entire cycle of PFM, both at the country level and the Bank’s operations. Strengthening corporate financial reporting (CFR), to build investor confidence and increase private investment flows, is another focus area of the GGP.
I joined the Bank in 2004 as a Financial Management Specialist and have, since then, provided hands-on implementation advice, direct fiduciary due diligence and quality assurance services to the Bank’s lending portfolio in South Asia; designed and managed lending operations to strengthen PFM and CFR; provided policy advice and support to institutions and processes across the entire cycle of public financial management; and carried out analytical work benchmarking country PFM and CFR practices with international norms and good practices. At present, I work in the office of the Director of the GGP, providing support to corporate strategy.
[pullquote]The work of the Bank aims to reduce poverty to 3% by 2030 and increase the outcome of the bottom 40% of the population in each country[/pullquote]
Knowledge management is another significant part of my role at the Bank. I lead knowledge sharing and learning events, whereby peer learning platforms are created within and across countries and regions. One such example is the 2nd Financial Reform for Economic Development Forum in Asia (FRED II) held in Kuala Lumpur on 17 and 18 May 2016.
This is a joint effort with the Confederation of Asian and Pacific Accountants (CAPA). It is a flagship event for the accountancy profession and policymakers in Asia that aims to address matters related to accounting, reporting and auditing that have a significant impact on economic development. The forum focused on a wide range of issues affecting the private, public and not for-profit sectors, and attracted over 200 participants from more than 30 countries.
How do you see accounting professionals making an impact on economic development going forward?
World leaders adopted the 2030 sustainable development agenda to end poverty, protect the planet and ensure prosperity for all. Achieving the proposed sustainable development goals (SDGs) will require the best possible use of each dollar spent on development. This agenda demands for more with less. Accountants have a significant role to play in this as ‘trusted advisors’.
The profession can contribute significantly to the achievement of the SDGs by providing greater insight on operations, measuring progress, monitoring impact and reporting on achievements.
It’s time for accountants to look beyond accounting, auditing and financial reporting towards integrated and sustainability reporting. These approaches assist countries and institutions to think holistically, and are used as an effective tool to communicate the value created over the short, medium and long term. Closely linked to this is the concept of risk management. Accountants are at the forefront, creating an enabling environment to integrate risk management in all operations.
Illicit financial flows (IFF) are a significant threat to global economic growth. Statistics show that IFF fromdevelop ing countries were greater than the combined total foreign direct investment and net annual official development assistance. Fraudulent mis-invoicing of trade transactions is one of the largest components of IFF. Responsibility rests with accountants to act in an ethical way to prevent such practices.
Public organisations are often challenged with demands for better accountability and transparency. What are your views on this and how is your work at The World Bank making an impact in this regard?
There are many elements that, combined together, make governments more accountable and transparent. To name a few, a sound legal framework provides the required underpinning for public sector organisations to prepare comprehensive and timely financial and fiscal reports, and for decisionmakers overseeing institutions and citizens to demand for such reports. The capacity of the public sector to prepare meaningful reports, and for stakeholders to be able to interpret and understand these reports is another a key component in this. Institutions of accountability such as the National Audit Office and Public Accounts Committees play a role in enhancing public sector accountability and transparency by carrying out rigorous and risk-based reviews, taking action on the findings, and informing citizens of their findings and actions taken.
The Bank works closely with client governments to strengthen the aforesaid areas for better accountability and transparency via its policy-based and investment lending operations, policy advice, technical assistance, analytical work, and knowledge work.