Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP)

Amount:

€1 million

Investment focus:

Policymakers, academics, regulators, local business leaders,

Start/end date: 2014 - 2019
Countries covered: Armenia, Azerbaijan, Belarus, Georgia, Moldova, Ukraine
Implementing partner: The World Bank
EU budget: €1 million

STAREP aims to help participating countries both to improve their frameworks for corporate financial reporting and to raise the capacity of local institutions to implement these frameworks effectively.

Objectives

To build the capacity of relevant national stakeholders in Eastern Partnership countries to implement international standards in corporate financial reporting and related elements of the EU acquis communautaire.

Beneficiaries

The programme is designed for all key stakeholders in the corporate financial reporting process, including:

policymakers,
members of the accounting profession,
academics,
regulators,
local business leaders.

Activities

Reinforcement of accounting and audit reform momentum and regional cooperation through regular dialogue with ministers of finance and other senior officials.
Identification and replication of experiences of EU universities in accounting education with regard to the development of common approaches to shared challenges, as well as facilitating collaboration with EU and global peer institutions and bodies.
Peer learning and joint learning seminars and workshops regarding good international practice and EU corporate financial reporting framework.
Facilitating knowledge sharing and transfer.
Provision of analytical and research support and similar type of activities.
Capacity building and knowledge sharing to enable financial regulators to understand ongoing modifications to standards on financial instruments and insurance contracts.

Results

The project has contributed to an increased capacity of policy makers and key stakeholders to determine appropriate ways and good practices in auditing, and to align national legislation with EU requirements. This has contributed to the approval of the Accounting & Auditing Law by the Georgian Parliament, and amendments to national legislation in several other countries. The project has also contributed to strengthened capacity of professional accountancy organisations, and seen an increased number of universities accredited by an internationally recognised professional associations.

Website

http://web.worldbank.org