The Kyrgyz Audit and Reporting Enhancement Project (KAREP) is a 3-year technical assistance project targeted towards enhancing the investment climate in the Kyrgyz Republic through increased availability of transparent and reliable financial information. The Project is aimed at building a sound institutional framework for corporate financial reporting and auditing, compliant with the relevant international standards and good international practices, and building capacity for teaching, applying, monitoring and using sound financial information. KAREP is implemented during 2017-2020 in cooperation with the State Service for Regulation and Supervision of Financial Markets of Kyrgyz Republic (SSRSFM) and with generous financial support from the Swiss State Secretariat for Economic Affairs (SECO).

The Government of the Kyrgyz Republic (GoK) approved its Strategy to enhance and develop the financial reporting and auditing framework in the Kyrgyz Republic until 2020, setting forward an ambitious reform program to modernize and strengthen corporate financial reporting policies and practices, increasing confidence and transparency of Kyrgyz businesses. To support the GoK in this ambitious goal, the World Bank’s Centre for Financial Reporting Reform (CFRR) initiated this technical assistance Project focusing on audit and reporting enhancement in the country.

Project features

Over the course of three years, the SSRSFM and the World Bank will work towards raising the quality of audit services and building trust in the audit profession, as well as strengthening financial reporting capacity and raising public accountability of state-owned enterprises. In addition, the KAREP project will help SMEs to bridge their accounting knowledge gap and compile financial statements acceptable to local banks, thus, contributing to the improvement of access to finance for smaller businesses.

The project will benefit the Kyrgyz business community and other stakeholders, including state- and privately-owned companies, SMEs, Kyrgyz government and regulators, accounting and audit profession in general, as well as students majoring in related disciplines. It will be managed by the CFRR, the World Bank’s specialist center in Vienna for providing knowledge and advisory services to support reforms in financial reporting.