Accounting and auditing standards

The training was organized as part of the World Bank’s Enhancing Accounting, Auditing and Sustainability Reporting (EAASURE) program funded jointly by the Austrian Ministry of Finance and SECO, implemented by CFRR.

The legal profession is evolving in an era characterized by increasingly complex financial transactions, regulatory requirements, and the intersection of law and finance. Lawyers, including judges and prosecutors, are increasingly required to navigate issues involving accounting, financial reporting, and taxation. In response to this changing landscape, it is imperative for legal professionals to have a solid understanding of accounting and financial reporting principles.

From December 1 2015, banks in Ukraine are required to fully transition to the International Financial Reporting Standards (IFRS). Successful transition and implementation of IFRS in Ukraine's banking sector will depend on the ability of both those responsible for arriving at financial estimations and preparing financial statements, and for banking supervisors to understand and confidently apply the key principles of IFRS.

Two workshops organized by the World Bank Centre for Financial Reporting Reform (CFRR) to improve audit quality in Eastern Partnership countries — Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine — took place in Minsk, Belarus, from 10 to 12 October.

Representatives of 20 regional and national Professional Accountancy Organizations (PAOs) met in Vienna on 31 May 2017, with experts from the World Bank’s Centre for Financial Reporting Reform (CFRR) and the International Federation of Accountants®(IFAC®), to discuss ways to address the challenges facing small and medium-sized practices (SMPs) and small and medium-sized entities (SMEs) as well as the opportunities available to them.

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.