Audit quality

The inaugural meeting of the Regional Audit Quality Assurance Forum was held in Vienna on May 16-17, 2023. The event was organized under the Road to Europe Program of Accounting Reform and Institutional Strengthening for Small and Medium Enterprises (REPARIS for SMEs) and for representatives of competent authorities responsible for public oversight and quality assurance in the Western Balkans countries. The event was attended by 60 participants including from public oversight bodies, professional accounting organizations (PAOs), and ministries of finance.

During the week of March 21, 2016, the World Bank’s CFRR team held a series of events in Tbilisi to demonstrate the World Bank’s commitment to ongoing reform in audit regulation and support Georgia on its reform path in this important policy area. The key highlights of these events were:

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.

The purpose of this one-day workshop was to disseminate the lessons learned at the regional Accounting and Auditing Education Community of Practice (EduCoP) with the local community of practice from Moldova, and to identify practical and workable solutions to strengthen education in accounting and auditing at both the university and professional levels.

The official launch of the Service for Accounting, Reporting and Auditing Supervision (SARAS), a subordinated agency of Georgia’s Ministry of Finance, took place in Tbilisi on June 21. Reform of auditing and financial reporting is an obligation for Georgia under the country’s Association Agreement with the European Union (EU), and its implementation is a top priority for the Government.

While significant progress was demonstrated by the Moldovan authorities in aligning the audit and accounting legislation to the EU acquis requirements, there is still a room for a better alignment of the requirements and process related to Professional Auditor Qualification to the provisions of the International Education Standards (IES) and good international practices.

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®).

The World Bank Centre for Financial Reporting Reform (CFRR) delivered an audit quality assurance workshop on October 9 and 10, 2017, as part of country level assistance to Bosnia & Herzegovina under the EU-REPARIS program.

Over 300 stakeholders, including policymakers, representatives from the academia, the profession, regulators, private and public sector employers and representatives from the business community, met in Becici, Montenegro on October 20, 2017 to attend a World Bank Centre for Financial Reporting Reform (CFRR) workshop focusing on accountancy education.

The Kyrgyz Audit and Reporting Enhancement Project (KAREP) is working to enhance the investment climate in the Kyrgyz Republic by increasing the availability of transparent and reliable financial information, raising the quality of audit services and building trust in the audit profession, strengthening financial reporting capacity, and improving the public accountability of state-owned enterprises. Funded by the Government of Switzerland through the Swiss State Secretariat for Economic Affairs (SECO) and implemented by the World Bank, KAREP became operational in September 2017.