CFREP Project Goals and Components. Andrei Busuioc, World Bank, CFRR
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1 Launching Workshop: Corporate Financial Repor7ng Enhancement Project Tirana, April 13, 2011 CFREP Project Goals and Components Andrei Busuioc, World Bank, CFRR Swiss State Secretariat for Economic Affairs SECO
2 Contents Background: Importance of sound financial repor7ng Financial Repor7ng Reform in Albania CFREP Goals and Components REPARIS connec7on 2
3 Importance of the financial repor7ng infrastructure Accounting Standards Statutory Framework Monitoring & Enforcement Education & Training Accounting Profession & Ethics Auditing Standards
4 All suppor7ng pillars need to be strengthened Accounting Standards Statutory Framework Monitoring Enforcement & & Education Training Accounting Profession & Ethics Auditing Standards
5 Mapping of financial repor7ng process Accounting standards setter/adopter Accounting standards Investors and Other Financial Statement Users Company XYZ (Joint stock companies, SOEs, etc.) Auditor Appointments / Membership Public filing Audit Opinion Audit Oversight System Auditing standards Certification* / licensing Quality control Company FS Register Regulator- Banking Regulatorinsurance Regulator- Securities Market Statistics authorities Tax Authorities
6 Albania - Important steps 2006 Accoun7ng and Audi7ng ROSC 2009 Country strategy and ac7on plan Both documents are good analy7cal and strategic planning tools that will guide the reforms process for medium to long term period 6
7 2009 Country strategy and ac7on plan CAP sets out a clear program of reforms to enhance Albania s legal framework, ins7tu7ons, and accoun7ng profession, as well as its accoun7ng, audi7ng and business culture Overall goal of the reform financial informa7on of sound quality is available on the market as a sound basis for economic decisions Ac7vi7es grouped under three main pillars Key Pillar 1: Enhancing the Ins4tu4onal Framework; Key Pillar 2: Strengthening of the Ins4tu4onal Capacity; Key Pillar 3: Raising Awareness on Corporate Financial Repor4ng and Statutory Audit 7
8 Regional REPARIS - links REPARIS (a CFRR program) is designed around the introduc7on, implementa7on, and effec7ve enforcement of relevant por7ons of the EU acquis communautaire Financing Austria, Luxemburg, and Swiss Government (SECO) for NaBonal program in Albania Albanian stakeholders benefi7ng from par7cipa7on in AO CoP, Fin Rep CoP, Edu CoP, and IFRS for regulators regional ac7vi7es, organized under REPARIS substan7al in leveraging CFREP ac7vi7es Exper7se & experience of the WB/CFRR useful in designing the project and suppor7ng implementa7on Direct link: regional knowledge and experience; na7onal - implementa7on 8
9 CFREP project - ini7a7on The reform program in Albania seeks to implement the CAP, over the medium- to long- term (8-10 years), extended over three phases World Bank, upon request of the Government of Albania, offered to support the first three year phase of implementa7on of the CAP 9
10 CFREP project - prepara7on Project Appraisal Document finalized in 2010 Trust Funding of USD 1.75 million provided by Swiss Government Grant Agreement between the World Bank and Government of Albania signed in March 2011 Overall responsibility for project implementa7on rests with the MoF and the NSC will play an oversight role Stakeholders are MoF, POB, IEKA, Universi7es, Accountants Associa7ons To be implemented through
11 CFREP project - Objec7ve Project Development Objec7ve (PDO) is to create a transparent policy environment and effec7ve ins7tu7onal framework for corporate financial repor7ng in line with best interna7onal prac7ces, aligned with EU acquis communautaire with a view to Albania s aspiring to EU accession. 11
12 CFREP project - Components Components: 1. Improving the legal framework in the area of corporate financial repor7ng 2. Strengthening the Capacity of the Na7onal Accoun7ng Council 3. Establishment of an Audit Oversight System 4. Improving accoun7ng and audi7ng curricula for university educa7on and professional cer7fica7on 5. Project management, strengthening reform capacity, and monitoring and evalua7on 12
13 CFREP project - Component 1 Improving the legal framework in the area of corporate financial repor7ng - (Es7mated cost USD 0.15 million) Main stakeholders: MoF,NSC, Parliament s Economy Commission Ac4vity Output Timeframe (i) reviewing the exis4ng laws; (ii) preparing a gap analysis (i) a concordance table on compliance with the acquis communautaire; (ii) proposals for improvement and alignment of legisla4on with EU acquis communautaire a 4me- bound roadmap. 4 months (i) training and workshops on acquis communautaire (ii) Awareness for decision makers about good prac4ces in countries of similar size and condi4ons. (i)agreed roadmap of legisla4on alignment (ii)drat legisla4on 2-3 months following the comple4on of the analysis of legisla4on. 13
14 CFREP project - Component 2 Strengthening the Capacity of the Na7onal Accoun7ng Council (Es7mated cost USD 0.42 million) Main stakeholders: MoF, NAC Ac4vity Output Timeframe (i) TA to strengthen the standard seung process; (ii) TA and training for seung accoun4ng standards for SMEs Transparent standard seung process, core standards are updated to comply with the EU requirements 12 months Assistance on establishment of an ins4tu4onalized transla4on process to ensure that high- quality transla4ons of IFRS are kept up- to- date on a sustainable basis NAC members trained in IFRS updates; IFRS published and sustainable mechanism in place for regular updates; 12 months 14
15 CFREP project - Component 3 Establishment of an Audit Oversight System (Es7mated cost USD 0.7 million). Main stakeholders: POB, IEKA Ac4vity Output Timeframe (i) TA and Training for drating the secondary legisla4on for the func4oning POB (ii) development of public registry of auditors. (i) By- laws are drated and public awareness is raised with a view to informing the decision makers in prepara4on of adop4ng them in due course. (ii) Public registry of auditors developed 12 months Improving the audi4ng standard seung process An audi4ng standards (ISAs) transla4on/ adop4on mechanism is in place and trainers trained; (i) the adop4on of QA tools, such as manuals, methodologies and templates; (ii) training of the QA staff including on- the- job training during audit quality inspec4ons 12 months TA and Training for crea4on of methodologies and tools for audit quality assurance system. 18months 15
16 CFREP project - Component 4 Improving accoun7ng and audi7ng curricula for university educa7on and professional cer7fica7on (es7mated cost USD 0.3 million) Main stakeholders: Professional associabons and the leading universibes in the area of accountancy educabon Ac4vity Output Timeframe Development of core accoun4ng and audi4ng curricula and basic training materials for accountancy educa4on (i) the core accoun4ng and audi4ng curricula developed - to be based on IFRS and ISAs; (ii) Training materials, manuals and case studies for pilot courses developed and available for use by universi4es and professional bodies; (iii) training of trainers 12 months 16
17 CFREP project - Component 5 Project management, strengthening reform capacity, and monitoring and evalua7on (Es7mated cost USD 0.18 million) Main stakeholders: MoF and CFCU Ac4vity Output Timeframe (i) Project management, including overall reform management and coordina4on, and fiduciary ac4vi4es. (ii) TA for Monitoring and reform momentum, capacity building for project management (i) day- to day project ac4vi4es, managed during implementa4on and comple4on; (ii) the second phase of the project is prepared 12 months 17
18 Launching Workshop: Corporate Financial Repor7ng Enhancement Project Tirana, April 13, 2011 CFREP Project Administra7on & Implementa7on Andrei Busuioc, World Bank, CFRR Secretariat for Economic Affairs SECO
19 CFREP Administra7on & Implementa7on Highlights The overall responsibility for project implementa7on stays with the MoF. The Deputy Minister of Finance (DMoF) is the designated head of the project Na7onal Steering Commigee plays an oversight role The MoF has set up a Reform Implementa7on Group (RIG), which includes both qualified staff for the day- to- day work on project implementa7on and beneficiaries under the largest components of the project 19
20 CFREP Administra7on & Implementa7on Highlights cont. A local coordinator and an Interna7onal strategic advisor will support MoF and RIG in managing the ac7vi7es CFCU responsible for procurement procedures and financial administra7on Stakeholders responsible for ar7cula7ng needs under each component and micro- supervising consultants work World Bank clears and supports the process 20
21 CFREP Administra7on & Implementa7on Governance and implementation NSC MoF RIG & CFCU Direct Beneficiaries MoF NAC POB IEKA Universities Acc. Associations Ultimate Beneficiaries Reporting units Investment & growth 21
22 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight 22
23 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties Deputy Minister of Finance (DMoF) RIG Local Coordinator and International Strategic Advisor Day-to-day management of the project 23
24 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties DMoF and RIG CFCU Planning and Budget Review Budgeting Stakeholders Confirmation 24
25 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties Beneficiaries Drafting based on proj. doc DMoF and RIG CFCU Review for consistency and alignment with the strategy Check compliance with procurement rules World Bank Review & Clearance 25
26 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties CFCU Preparation of procur. plan, handling admin. procedures, final review DMoF and RIG Agree on procur. plan, nominate eval. com, approval Beneficiaries Proposal of eval. com. Final review Evaluation Committee Evaluation World Bank Clearance 26
27 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties CFCU Preparation of contract, review, and payment DMoF Sign contracts, final approval of invoices RIG Final review of contract before signing, final approval of invoices Beneficiaries work with consultants and suppliers, acceptance of their work, initial approval of invoices World Bank Clearance of contract 27
28 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties CFCU Responsible for the functions of accounting, reporting, auditing 28
29 CFREP Admin. & Impl. Main Processes General coordina4on Planning and budge4ng ToRs Procurement Contract implementa4on management Financial management Monitoring, Evalua4on & Repor4ng Implementa4on support Reform and project oversight Responsible parties Beneficiaries Regular progress reports RIG Regular reports on project implem. World Bank Regular visits and online support NSC Regular review of the progress and strategic decisions DMoF Regular review of the progress and coordination of strategic decisions 29
30 Ques7ons & Answers 30
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