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Compliance Training for Financial Professionals in Haiti Takes a Leap Forward
In a significant move towards strengthening Haiti’s corporate sector, a new compliance training program has been launched to improve accounting and auditing practices in the country. The project, backed by the World Bank Group, aims to enhance transparency and investor confidence in financial reporting, thereby fostering private sector development and governance.
Background
Haiti’s current statutory framework governing corporate accounting and auditing is incomplete and loosely enforced, with the legally mandated National Accounting System being outdated and rarely applied. Moreover, the pool of trained local accountants needs to be significantly expanded to meet the growing demands of the country’s business sector.
The Strengthening Accounting and Audit Practices Project
The project addresses these institutional and professional weaknesses by introducing International Financial Reporting Standards (IFRS) in a gradual and multi- tiered manner. A progressive simplification of IFRS for small and medium-sized enterprises has been designed, along with an innovative balance sheet database that will feed financial information into business statistics and a national accounts framework.
Key Features
- A clear roadmap to strengthen Haiti’s accounting practices developed and endorsed by key stakeholders
- An updated chart of accounts and modern statutory and regulatory framework
- Association with international bodies such as IFAC and the International Accounting Education Standards Board
Results
The project has achieved impressive results, including:
- Development of a business contingency plan
- Establishment of a Risk Management Committee
- Improved internal controls
Funding and Support
The World Bank Group provided US$245,000 for advisory and design services from August 2010 to October 2012. The project has also received support from the Ministry of Finance and OCPAH.
Implementation Roadmap
A steering committee comprising representatives from the Ministry of Finance, the Central Bank, and OCPAH will guide implementation of the accounting and auditing reform roadmap over the next five years. The World Bank Group has committed additional financing for follow-on activities, including a training program to acquaint private- and public-sector accountants with IFRS.
Benefits
The primary beneficiaries of this project are financial accounting and auditing institutions and their members, who will improve their performance and reputations. Improved accounting standards and performance will strengthen investor confidence, leading to greater growth in Haiti’s private sector.
Quote from Joseph Paillant, former OCPAH president
“Haitian professional accountants could be in great demand in the Caribbean if they make the right choice today of reforming the organization of the profession and converging toward international accounting standards to produce reliable financial information.”