Stories from practice

1 October 2018

Empowering accountants in emerging economies by Jan Kalisvaart and Stephen van Kempen from NBA

Professional accountancy organisations are instrumental in improving national audit and accounting frameworks in their countries. Not all such organisations feel they have the right expertise to do so yet though. Accountants from emerging economies regularly ask their international peers to cooperate and share best practices.

Jan Kalisvaart and Stephen van Kempen, 2 Dutch audit experts share with you how they used their expertise in audit quality and financial reporting to help empower professional accountancy organisations all over the globe.

Knowledge sharing for better audit and accounting frameworks

Emerging economies’ challenge is to become more competitive globally. Clearly, an important step to achieve this objective is to build a solid national auditing and accounting framework. By meeting international accountancy standards, it facilitates setting-up national proper financial reporting and quality control monitoring structures.

To address this challenge, professional accountancy organisations from across the globe actively approach us to ask for cooperation and assistance to reform their frameworks. In response, we decided to join the NBA assistance projects and share our expertise with them.

In 2009 NBA launched a wide range of projects on assisting and developing professional accountancy organisations in emerging market economies. They’ve been collaborating with PUM Netherlands Senior Experts, a volunteer organisation supporting small and medium-size enterprises in emerging economies’ sustainable development.

Partnering to achieve tangible results

It is generally accepted that audit quality monitoring is a cornerstone for an effective functioning financial system, with significant benefits for wider society. A proper audit quality ensures a high degree of accuracy in companies’ financial statements and helps, therefore, boost investors’ confidence.

Unfortunately, this is not yet the case everywhere in the world.

One such a project was in Cambodia, where the Kampuchea Institute of Certified Public Accountants (KICPAA). asked us to help improve Cambodia’s audit quality monitoring by meeting international accountancy standards. They also aimed to strengthen their own institutional capacity as the national professional accountancy body’s.


Building on a proper framework, professional accountancy organisations hold the power to improve their national financial reporting. They become more competitive by sharing knowledge and implementing a solid quality assurance and control system. These measures greatly contribute to both public and private sector development and ultimately, to economic growth.


In 13 months of working together with KICPAA, we succeeded to:

  • create a development plan for their quality assurance programme, including audit manuals and quality assurance guidelines
  • train local audit professionals: provide high-quality on-site education and training, including practical training in international standards, and setting-up a train-the-trainer programme
  • perform quality assurance and quality control reviews with the locally trained professionals
  • tailor training materials on a cooperative basis to meet the local standards or specific needs
  • build a quality assurance and quality control sound system: develop independent monitoring and enforcement arrangements to ensure compliance with applicable standards

NBA and PUM Netherlands Senior Experts have experience in supporting quality assurance programmes in Moldova, Serbia, Albania, Kosovo, Philippines, Suriname and Mongolia.

We start each project with assessing the national financial and economic situation, existing audit and accounting legislation and the level of international standards’ implementation. Based on these findings, we provide policy and technical assistance, share ‘best practice’ knowledge and put forward recommendations.

Professional accountancy organisations such as NBA support projects in emerging economies as part of their IFAC membership. IFAC aims to contribute to effective and efficient financial markets, economic growth and reducing poverty. For example, through their efforts to adopt and implement international standards on reporting, audit, audit quality and monitoring, education, ethics, investigation and discipline.



Connect with
the author on 

Related content

Stories from PracticeDigitalising the accountancy profession: what role for young professionals?

31 May 2021

PublicationResponses to Fraud and Going concern: recommendations to strengthen the financial reporting ecosystem

17 May 2021

Consultation responseIESBA’s proposed revisions to the definitions of listed entity and public interest entity in the...

5 May 2021

NewsAccountancy Europe: Toughen the financial reporting ecosystem against fraud

23 April 2021

PodcastAn inside look into the BEIS consultation

23 April 2021

NewsFraud and going concern: Restoring public trust in the financial reporting ecosystem

24 March 2021

NewsVAT Talks: digitalisation, accountants’ role and the growing importance of tax

2 March 2021

PublicationGoing concern: recommendations to strengthen the financial reporting ecosystem

3 February 2021

PublicationFraud: recommendations to strengthen the financial reporting ecosystem

3 February 2021

Publication10 most popular publications in 2020

2 February 2021

Consultation responseIAASB’s discussion paper on fraud and going concern

2 February 2021

Consultation responseEFRAG’s Invitation to comment on EFRAG’s assessment on IFRS 17 Insurance Contracts as amended in...

28 January 2021

NewsThe most in-demand accounting specialty today? Having none at all.

4 January 2021

Consultation responseIASB’s discussion paper on business combination – disclosures, goodwill & impairment and EFRAG’s draft comment...

30 November 2020

Consultation responseProposed ISA 600 (Revised): Special Considerations – Audits of Group Financial Statement

13 October 2020

Consultation responseIASB’s Exposure Draft – General Presentation and Disclosures (Primary Financial Statements) & EFRAG’s draft comment...

28 July 2020

Consultation responseEC’s consultation on the renewed sustainable finance strategy

15 July 2020

PublicationHow is the European accountancy profession organised?

9 July 2020

PublicationHow is access to the European accountancy profession regulated?

7 July 2020

PublicationHow do multidisciplinary teams contribute to audit quality?

24 June 2020

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?