2013-12 BOOTCAMP: Support to the Development of the LACPA System of Quality Assurance

Event Details

DATE: December 12, 2013

TIME: 5:15 pm

Location:Beirut, Lebanon

Support to the Development of the Lebanese Association of Certified Public Accountants (LACPA) System of Quality
Assurance and Enhancement of SMP Firm Quality Control

December 12-13, 2013

Location:  Beirut, Lebanon.

This Boot Camp will offer an opportunity for learning and engaging on the subject of the IFAC revised Statements of Membership Obligations (SMOs)—in particular on the role and key structural components of a system of quality assurance. The Boot Camp will explain the key changes in SMO 1, which covers Quality Assurance; examine the success factors and challenges in the development of such a system; and offer practical advice and guidance to LACPA as the organization continues to make decisions regarding the development and operation of a system of quality assurance in Lebanon--with special focus on encouraging enhanced of quality in the provision of services by SMPs. A presentation by the Délégation Internationale pour l'Audit et la Comptabilité will offer insight into various models for quality assurance reforms and lessons learned that may be transferrable to the Lebanese context. This Boot Camp has been designed in response to feedback received from The Exchange: Strengthening Accountancy as a Foundation for MSME Sector Growth and Job Creation, which identified the need for CV MENA support to LACPA in their efforts to access international experience in the development of quality assurance systems.

The Boot Camp event to support the development and implementation of a system of quality assurance for Lebanon was held on December 11-14, 2013, and provided practical skills training for roughly 25+ Small and Medium Practitioners (SMPs) participants on creating internal firm systems of quality control so that they may be better able to ensure processes and procedures which enhance the quality of the services they provide. This event was a natural continuation of the discussions / areas for improvement noted through the Connecting Voices  MENA  (CV MENA) Exchange Conference which was held in Amman, Jordan in June 2013 on “Strengthening Accountancy as a Foundation for MSME Sector Growth and Job Creation.”  Additionally, the Boot Camp was coupled with side meetings held with the Banque du Liban, Ministry of Finance and LACPA, which continued to highlight the need for support to LACPA in the design as well as the development of a system of quality assurance. Full findings from this event were detailed in a formal CV MENA Solutions Paper.

 

The event included presentations by prominent international experts from the United States and France, with a large degree of discussion and interaction between the participants and the experts.

 

Key areas covered in the presentations included:

·         Concept of the Quality Assurance;

·         Overview of Statements of Membership Objectives # 1 (SMO#1);

·         Quality Assurance Principles and Standards;

·         Quality Control Framework;

·         Quality Assurance Systems’Design;

·         Quality Assurance Reforms;

·         Inspection Tools; and

·         Other countries’ experience in Quality Control Implementation.

 

Key points concluded in the Solutions Paper:

·         Institutional framework that best fit a System of Quality Assurance in Lebanon;

·         A System of Quality Control Review under “Peer Review” versus “Inspection”;

·         Who should be subject to the Quality Assurance Inspection/Review?

·         What should be the frequency of the Quality Assurance Inspections/Reviews?

·         Remedy and education versus punitive enforcement and reprimand;

·         Technical and financial assistance to the LACPA;

·         Small and medium audit firms capacity building;

·         Impact and expected results; and

·         Next Steps