ROSC - REPARIS The Advanced Program in Accounting and Auditing Regulation

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1 Sept. 14, Sarajevo Steering Committee Workshop ROSC - REPARIS The Advanced Program in Accounting and Auditing Regulation Mr. David Nagy Financial Management Unit Europe and Central Asia Region The World Bank

2 High quality financial reporting contributes to promoting private sector growth and reducing volatility

3 Strengthening countries financial architecture Reducing the risk of financial market crises Contributing to foreign direct investment Helping to mobilize domestic savings Allowing investors to evaluate corporate prospects and make informed investment and voting decisions, resulting in a lower cost of capital and a better allocation of resources Facilitating integration into global financial and capital markets

4 Role of the World Bank The World Bank plays a leading role in advising countries on accounting and audit regulation The World Bank is the international institution charged with assessing countries systems of accounting and auditing through the Reports on the Observance of Standards and Codes (ROSC) - Accounting and Auditing (A&A)

5 ROSC A&A Objectives Assess the comparability of national accounting and auditing standards with IFRS and ISA Identify the degree to which corporate entities comply with established accounting and auditing standards in the country Assist the country in bridging the identified gaps

6 Systematic Approach

7 ROSC A&A -> REPARIS The ROSC reports have formed the analytical and diagnostic underpinning for the regional program REPARIS

8 The Road to Europe Program of Accounting and Institutional Strengthening (REPARIS) REPARIS is designed around the introduction, implementation, and effective enforcement of relevant portions of the EU s acquis communautaire REPARIS Brussels Conference 2004 Ministers of Finance / designates, the World Bank, European Commission, OECD, private sector and the donor community

9 Interventions under REPARIS Program Drafting and phasing-in of legal and regulatory instruments to comply with the acquis Institutional design and operating procedures Design of ongoing education and training programs, both academic and professional Start-up support of a network of regulators, standard-setters Twinning arrangements

10 REPARIS Regional Activities Knowledge sharing Regional conferences for senior Government officials and regulatory bodies Academic education Strengthen institutional enforcement capacity Strengthen audit professional bodies IFRS courses Public oversight Quality assurance Twinning and secondment Public access to financial information

11 Advanced Program in Accounting and Auditing Regulation Forum that facilitates creative thinking, discussion and development Knowledge sharing activity An integral part of REPARIS Follow-up face-to-face workshops

12 Advanced Program in Accounting and Auditing Regulation Participating countries/entities include: Albania; Bosnia and Herzegovina (Sarajevo and Banja Luka); Bulgaria; Croatia; Kosovo (UNSCR1244); the former Yugoslav Republic of Macedonia; Moldova; Romania; Turkey (Ankara and Istanbul); Serbia and Montenegro (Belgrade and Podgorica); and Ukraine.

13 Advanced Program in Accounting and Auditing Regulation The audience is comprised of: Senior civil servants from ministries dealing with corporate sector accounting and auditing; Management and professional staff members of accounting and auditing bodies Senior-level supervisors and staff members of financial sector regulators

14 Advanced Program in Accounting and Auditing Regulation The panel of contributors includes leading international experts from: European Commission World Bank International Federation of Accountants (IFAC) International Accounting Standards Board (IASB) European Federation of Accountants (FEE) Committee of European Securities Regulators (CESR) European Federation of Investment Funds and Companies Austrian Federal Economic Chamber UK Financial Reporting Council Royal NIVRA New EU Member States

15 Advanced Program in Accounting and Auditing Regulation 28 modules covering a variety of subjects including: EU enlargement; Internal Market; Accounting and auditing acquis communautaire; International Financial Reporting Standards (IFRS) and International Standards on Auditing; Oversight of the auditing profession; International standard setting bodies; and Financial sector supervision.

16 Advanced Program in Accounting and Auditing Regulation 28 modules delivered with simultaneous interpretation into 8 languages. 14 local facilitators All videoconferencing presentations are videotaped and are readily available on the Program website The first six modules were attended by 490 participants in 14 locations Participants particularly valued the experience shared by the New EU Member States

17 Thank you for your attention