Progress of the Financial Reporting Technical Assistance Project.

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Presentation transcript:

Progress of the Financial Reporting Technical Assistance Project

Enhancing institutional capacity to implement IFRS Training on IFRS Advanced (Sep, 8 days, Riga)30 (MoF, SRS, FCMC, ST, LASA) Executive IFRS Seminar (Oct, 5 d, Vienna)4 (SRS, FCMC) STAREP workshop (Oct, 2 d, Vienna)3 (MoF) IFRS conference (Dec, 1 d, Warsaw)1 (SRS) Enhancing institutional capacity to implement ISA POS/QA study visit to Norway (FSA, Institute of Auditors) (Apr, 2 d, Oslo)5 (MoF, LASA) Workshop “Enhancing audit quality in FRTAP countries” (Dec, 2 d, Vienna)3 (LASA) Enhancing the relationship between tax and accounting (draft) Study report on relationship between Tax and Financial Reporting (Oct) (launch) ROSC Accounting & Auditing report (Aug) IFRS and ISAs translation project Guide to Using ISA in the Audits of Small and Medium Sized Entities translated and published

3 IT System for Auditing Current situation SMEs of Sworn Auditors in documenting follow their individual, relatively subjective visions There is no integrated system which will provide an overview of whether all the required tasks have been performed and what the status of the tasks is Objective of the System Reduce manual work (e.g. currently many uses excel files) Improve work quality as processes are set up in a special framework Simplify supervision as well as reciprocal cooperation among auditors Allow finding collective solutions Allow audit firms to share and jointly develop new templates Background of changes Norwegian Descartes was cancelled (Aug 2013) due to high costs WB`s involvement raises the costs because all decisions regarding the system makes LASA ImplementerLASA (without WB) Implementationby 30 June 2015 (procurement by 30 August 2014) Users20 SMEs (up to auditors) after 1st year of implementation

IT System for the Oversight of Sworn Auditors Current situation MoF and LASA don`t have any computerized system (database) that would essentially improve and facilitate the oversight activities Lack of Audit market monitoring (auditors, number of reports, breach, finance data, customers, time spent auditing) Objective of the System Strengthen the oversight of statutory auditors Improve the performance of observance of requirements for the auditing services quality control carried out by MoF The System will provide on risk based approach at quality control inspections as database will comprise information on disciplinary proceedings, results of inspections, recommendations, customers, reports, certificates, etc. ImplementerMoF Implementationby 30 June 2016 (1st procurement by 31 Jan 2015; 2nd by 30 June 2015) Usersby persons authorized by MoF

Enhancing institutional capacity to implement IFRS Training on IFRS Comprehensive (May 2014, 12 d, Riga)30 (MoF, SRS, ST, LSAO) 2xTraining on IFRS Foundation (Aug-Oct x10 d, Riga)2x30 (MoF, SRS, ST, LSAO, FCMC) Training on IFRS Comprehensive for trainers (Oct 2014)30 (e.g. LASA, LAA) Enhancing institutional capacity to implement ISA Seminar on public sector auditing (Sep 2014, 1 d, Riga)LSAO, LASA 2xSeminars on ISA updates (Jun 2014, 2x1 d, Riga)MoF, LASA 2xPOS/QA study visits (Sep 2014, FRA, GER)MoF, LASA Enhancing the relationship between tax and accounting Study report on relationship between Tax and Financial Reporting (Jun 2014) Conference on tax and accounting (Nov 2014, Riga) Training for tax inspectors on financial interpretations (Nov 2014, Riga) ROSC Accounting & Auditing report (Dec 2014) IFRS and ISAs translation project Revision of the Latvian translation of all endorsed IAS/IFRS (by 30 July 2015)