Accounting profession

The accounting skills deficit in Africa limits the capacity to achieve effective public service delivery and private sector development. The public and private sectors have limited staff with adequate training in accountancy to perform internal controls, audits, and similar functions to prevent waste, misappropriation, and corruption and to foster financial transparency. The program is managed by Adenike Sherifat Oyeyiola, Practice Manager (EGVPF), and Edward Olowo-Okere, Global Director (EGVDR).

Professional accounting/auditing associations (PAOs) from Moldova met on March 10 to discuss how to improve cooperation and build a strong and sustainable accounting and auditing profession.

On September 16, within the frames of the World Bank and the European Union joint Project – Financial Inclusion and Accountability, the World Bank held another webinar for SMPs on Future of SMPs: Practice Marketing and Communications.

Following the webinar Small and Medium-Sized Practices Rising to Coronavirus Challenge on 29 May 2020, the EU and WB joint Georgia Financial Inclusion and Accountability Project, with support from SARAS and the Georgian professional accountancy organizations (PAOs), conducted a survey of small and medium-s

On April 15, within the frames of the European Union-World Bank joint Financial Inclusion and Accountability Project, the World Bank held an online meeting on ‘Future of SMPs: Business Diversification Through Offering New Services’.

On December 16, a virtual seminar on the International Code of Ethics for Professional Accountants (IESBA Code) was organized by the EU funded twinning project Enhancing Accounting and Audit Quality in Georgia in cooperation with the Service for Accounting, Reporting and Audit Supervision (SARAS) and the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB).  

The PULSAR program is a regional and country-level program targeting the Western Balkans and the EU Eastern Partnership countries to support the development of public sector accounting and financial reporting frameworks in line with international standards and good practice. It was established to scale up World Bank support for Public Financial Management reform and improve government accountability, transparency, and performance.

This event was held in collaboration with the ACCA and conducted as a continuation of  a series of virtual events on PULSAR Education Community of Practice in the light of COVID-19 challenges that limits face-to-face workshops.  The Webinar’s  targeted audience included both the members of the PULSAR EduCoP,  and participants of the PULSAR IPSAS Training of Trainer Courses (ToT) held earlier in Vienna, Sarajevo, Tirana, and Batumi. In addition, other interested stakeholders also attended the event e.g. from education institutions.

The private equity market in the Western Balkans is at a very early stage of development and there is currently limited investment opportunity. The main source of financial capital available for Small and Medium-sized Enterprises (SMEs) throughout the region currently is through banks; by obtaining lines of credit, bank loans and other forms of debt. Alternative sources of capital are either non-existent or in very low supply.