Through its Centre for Financial Reporting Reform (CFRR), the World Bank provided advisory services and technical assistance to strengthen the regulatory regime in the financial sector and enhance the implementation of EU acquis communautaire in Czech Republic, under the Financial Reporting Technical Assistance Project (FRTAP), from July 2010 to June 2015. A Grant of CHF 2 million was provided by Switzerland under the Swiss-Czech cooperation Programme to reduce economic and social disparities within the Enlarged European Union (EU).

Project features

The objective of the project was to enhance the implementation of the acquis communautaire as it relates to financial reporting in the Czech Republic, resulting in a business environment
conducive to sustained economic growth, i.e. a growing economy less prone to a financial system crisis. In line with this objective, the project was composed of 10 activities as follows:

  1. Support to the audit public oversight system and quality assurance system
  2. Audit quality assurance inspections
  3. ISA training
  4. Institutional capacity building regarding insurance financial reporting
  5. Twinning project with FINMA on corporate governance
  6. Institutional capacity building regarding consumer protection supervision of the financial market
  7. Enhancing the relationship of tax and accounting
  8. Monitoring and evaluation (ROSC)
  9. CNB monitoring and enforcement of IFRS
  10. MoF policy making role in financial reporting and auditing