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:
This regional workshop in Kyiv aimed to increase understanding of European Union (EU) accounting requirements for micro, small and medium-sized enterprises (SMEs).
Building on previous Accounting and Auditing Standards Communities of Practice (A&ACoP) events, this workshop was organized by the World Bank Centre for Financial Reporting Reform (CFRR), as part of the “Strengthening Auditing and Reporting in the Countries of the Eastern Partnership” (STAREP) program.
On May 30, 2017, the World Bank’s CFRR organized a Workshop on Strategies for Greater Compliance with International Education Standards in Vienna. The event was organized within the Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP) regional program, which is aimed to create a transparent policy environment and effective institutional framework for corporate reporting within the countries that make up the European Union’s Eastern Partnership: Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.
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.
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.
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’.
Georgian businesses will prepare and publish management reports for the first time, starting 2018. This implementation step in accounting and audit reform contributes to increased transparency of Georgian market, expanding investment prospects and simplifying access to credit.
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.
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.
The International Federation of Accountants (IFAC), with the support of the Small and Medium Sized Practices (SMPs) Committee that acts as its strategic advisor, supports the SMP sector through a number of initiatives. These initiatives are designed to raise the profile and build the capacity of SMPs globally, as well as increase awareness about their role and value, especially in supporting small and medium sized enterprises (SMEs).