Accounting and auditing standards

The overall aim of the series is to increase the audit profession's capacity to deliver high-quality training and continuing professional development (CPD) programs based on the Standards of the International Auditing and Assurance Standards Board® (IAASB®). In particular, the workshop series focuses on the needs and challenges of Small and Medium-sized Practices (SMPs) to implement International Standards. The series is conducted with the support of the International Federation of Accountants® (IFAC®).

On April 20th 2018, a roundtable discussion on accounting education and certification was hosted at the World Bank office in Baku. Over 20 participants represented a range of stakeholders including the Ministry of Education, the Ministry of Finance, the Ministry of Taxation, Professional Accountancy Organizations and Universities, the Chamber of Auditors, and representatives of business and industry. Representatives for Azerbaijan on the STAREP Education Community of Practice were all present.

This virtual workshop updated participants on the ongoing initiatives of the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA) and the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee over 2017. Participants also received insights into the priorities and future projects of the IAASB, IESBA and the IFAC SMP Committee.

Objectives

The overall aim of the Audit Training of Trainers workshops is to increase the audit profession's capacity to deliver high-quality training and continuing professional development (CPD) programs based on the Standards of the International Auditing and Assurance Standards Board® (IAASB®). In particular, the workshop series focuses on the needs and challenges of Small and Medium-sized Practices (SMPs) to implement International Standards.

This virtual workshop allowed participants to gain insight into proposed revisions and standards issued by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standard Board (IESBA) and become updated with these developments directly from the Standard Setting Boards.

During the first week of May, the regional "Strengthening Auditing and Reporting in the Eastern Partnership" program hosted several knowledge and capacity events aimed at strengthening accounting and auditing profession in Georgia. Joining forces with the Service for Accounting, Reporting and Auditing Supervision (SARAS) and IFRS Foundation, the World Bank’s CFRR delivered two roundtables dedicated to the accounting education and professional development, as well as IFRS Workshop.

The conference on October 2nd featured speakers from the World Bank, the Professional Accountancy Organization Development Committee of the International Federation of Accountants (IFAC), as well as representatives from Professional Accountancy Organizations (PAOs) in Poland, the Kyrgyz Republic, and Georgia. The discussions focused on changes in Accounting Law, how to achieve smooth transition by learning good international practices and overcoming challenges, as well as the implications to the accounting profession.

Over 32 representatives from Central Banks, Banking Supervisory Agencies, and Insurance Supervisory Agencies from 13 countries from Europe and Central Asia attended the Executive IFRS for Regulators Workshop on 26 and 28 November 2018, at the hotel Intercontinental in Vienna. The workshop was one of the several events around the 2018 Ministerial Conference, that took place on 27 November 2018, and was specifically directed at financial supervisors and regulators. This workshop was jointly organized by the World Bank Centre for Financial Reporting Reform (CFRR) and the IFRS Foundation.

A two-and-a-half day workshop, designed for banking supervisory staff responsible for supervising banks and drafting accounting and prudential regulations, was held in Chisinau between 5 and 7 December, 2018. Speakers included the World Bank’s CFRR senior staff, experts in accounting standards, a former member of Audit Committee of banks as well as representatives of commercial banks and audit firms from Moldova.

Under the framework of the “Enhancing the Quality of Financial Reporting” (EQFinRep) project, Deloitte Albania presented the findings of two surveys regarding the users and preparers of financial reports in the country.