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Acknowledgments
This publication has been developed by Kalina Shukarova ►► A
ssociation of Accountants and Auditors of Republic
Savovska, Senior Financial Management Specialist, as Srpska (AAARS)
a supplement to the World Bank Centre for Financial
►► University of Pristina, Faculty of Economics
Reporting Reform (CFRR) Accountancy Education
Benchmarking Study. It represents a Collection of Good ►► ociety of Certified Accountants and Auditors of
S
Practices in Accountancy Education shared by members Kosovo (SCAAK)
of the Education Community of Practice (EduCop) of the ►► S
s Cyril and Methodius University in Skopje, Faculty
Road to Europe: Program of Accounting Reform and of Economics - Skopje
Institutional Strengthening (EU-REPARIS).
►► nstitute of Certified Auditors of the Republic of
I
The CFRR wishes to thank the following participating Macedonia (ICARM)
universities and Professional Accountancy Organizations
►► University of Montenegro, Faculty of Economics
(PAOs) for their inputs and quality of the information
provided (listed in country order): ►► I nstitute of Certified Accountants of Montenegro
(ICAM)
►► University of Tirana, Faculty of Economics
►►
University of Belgrade, Faculty of Economics
►► nstitute of Authorized Chartered Auditors of
I
Albania (IEKA) ►► S
erbian Association of Accountants and Auditors
(SAAA)
►► niversity of Sarajevo, School of Economics and
U
Business Sarajevo (SEBS) ►►
Serbian Chamber of Authorized Auditors (CAA)
►► University of Banja Luka, Faculty of Economics
Contents
Acronyms 1
Introduction 3
About this Publication 5
A Collection of Good Practices 6
Focus on Practical Experience 7
Commitment to Lifelong Learning 12
Assessment of Professional Competence 17
Supporting a Quality Learning Environment 21
Collaboration and Partnerships 27
About the CFRR 31
Acronyms
AAARS Association of Accountants and Auditors of Republic Srpska
CAA Chamber of Authorized Auditors
CFRR Centre for Financial Reporting Reform
CIPFA Chartered Institute of Public Finance and Accountancy
CPD Continuing Professional Development
EduCoP Education Community of Practice
EU-REPARIS The Road to Europe: Program of Accounting Reform and Institutional Strengthening
IAASB® International Auditing and Assurance Standards Board®
IAESB™ International Accounting Education Standards Board™
IASB® International Accounting Standards Board®
ICAM Institute of Certified Accountants of Montenegro
ICARM Institute of Certified Auditors of the Republic of Macedonia
IEKA Institute of Authorized Chartered Auditors of Albania
IES™ International Education Standard™
IESBA® International Ethics Standards Board for Accountants®
1
IFAC® International Federation of Accountants®
IFRS Standards® International Financial Reporting Standards
IFRS for SMEs® Standard International Financial Reporting Standards for Small and Medium-Sized Entities
IPD Initial Professional Development
IPSAS® International Public Sector Accounting Standards®
ISA® International Standards on Auditing®
PAO Professional Accountancy Organization
SAAA Serbian Association of Accountants and Auditors
SCAAK Society of Certified Accountants and Auditors of Kosovo
SEBS School of Economics and Business Sarajevo
SEE Southeast Europe
SMP Small- and Medium-Sized Practice
2
Introduction
Sound accountancy education systems improve the competence of professional
accountants and contribute to enhanced public trust and confidence in the quality
of their work.
Fostering inclusive and sustainable economic growth is Accountancy Education
key to ending poverty and boosting shared prosperity.
Growing economies create jobs, generate income,
produce social benefits and attract investment. This
is of particular importance to developing economies
whose strategic development goals include significant
efforts to improve the business climate, increase
access to finance, strengthen the financial sector, and
promote private sector-led growth.
There is widespread recognition that in order for
markets to function efficiently and for economies to
grow, reliable and credible financial information is
vital. Producing high quality financial information is
supported by sound accountancy education systems
that develop and improve the competence of
professional accountants.
Well-developed accountancy education programs
comprise technical competencies, professional skills,
and professional values, ethics and attitudes. Initial
education includes all the training that aspiring
accountants need to complete in order to begin
their career: general education (e.g. high school,
and attitudes. Continuing education includes learning
university), initial professional accountancy education
and development undertaken to maintain technical
(usually delivered through a Professional Accountancy
competencies, professional skills, and professional
Organization, completion of practical experience (to
values, ethics and attitudes, over the course of a
learn on-the-job skills under the tutelage of a skilled
career. These education programs are essential, not
accountant or auditor), and finally, passing a formal
only for ensuring the competencies of professional
assessment of the requisite technical competencies,
accountants, but also to strengthen public trust and
professional skills, and professional values, ethics
confidence in their work.
3
Learning outcomes are at the core of the revised
International Education Standards
The International Accounting Education Standards Board™ (IAESB™), as an independent standard-setting body of
the International Federation of Accountants® (IFAC®), serves the public interest by strengthening the world-wide
accountancy profession by developing and implementing globally accepted International Education Standards™
(IES™), aimed at increasing the competence of the global accountancy profession and reducing international
differences in the requirements to qualify and work as a professional accountant.
The IAESB recently revised the IESs. Most of the revised standards came into effect from July 1, 2015, except
for IES 8 which became effective on July 1, 2016. At the core of these revisions is a shift towards a “learning
outcomes” approach for the content based IESs1 as an effective way to develop competences. This educational
approach involves the active participation of students by asking them to demonstrate the achievement of a
learning outcome at a targeted level of proficiency (either foundation, intermediate or advanced).
The IAESB has highlighted many benefits in adopting a learning outcomes approach to accountancy education.
These include:
►► Enhancing an individual’s competence, given the direct link between education and on-the-job capability;
►► A
dding accountability for program design by introducing a statement describing what a particular curriculum
is expected to achieve;
►► Increasing visibility of the program to students; and
►► Identifying portions of the program which need development.
The IAESB has produced guidance material to support the implementation of a learning outcomes approach
which can be accessed at www.ifac.org/publications-resources.Transitioning to a learning outcomes-based
approach requires IFAC member bodies to engage in an education conversion process that starts by mapping
existing education programs to learning outcomes and devising a plan to address the gaps.
1
Content based International Education Standards (IES) include: IES 2, Initial Professional Development – Technical Competences (2015); IES 3, Initial
Professional Development – Professional Skills (2015); IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (2015);
and IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (2016).
4
About this Publication
This publication has been developed based on participate in the work of the EduCop. Between March
the findings of the World Bank Centre for Financial 2015 and May 2016, 14 universities and PAOs from the
Reporting Reform (CFRR) Accountancy Education EduCop countries, which together provide 25 academic
Benchmarking Study. This Study was undertaken as and professional accountancy education programs to
part of the Road to Europe: Program of Accounting around 4,120 enrolled students, participated in an
Reform and Institutional Strengthening (EU-REPARIS) Accountancy Education Benchmarking Study. The Study
and its Education Community of Practice (EduCop). The was a comprehensive assessment of their academic
EduCop facilitates a process of sharing good practices and professional accountancy education programs. For
of universities and PAOs by enabling members to more details please see www.worldbank.org/cfrr.
engage in peer learning and regional knowledge
This publication is a supplement to the CFRR
exchange and develop solutions to shared challenges
Accountancy Education Benchmarking Study and
through a collaborative process.
represents a Collection of Good Practices in
Universities and PAOs from six countries of Southeast Accountancy Education shared by members of the EU-
Europe, including Albania, Bosnia and Herzegovina, REPARIS EduCop.
Kosovo, Macedonia FYR, Montenegro and Serbia,
The EU-REPARIS Education Community of Practice
EU-REPARIS has been designed to help and encourage the process of integration of candidate or potential
candidate countries for EU enlargement in the countries of Southeast Europe, including Albania, Bosnia and
Herzegovina, Kosovo, Macedonia FYR, Montenegro and Serbia.
The Education and Development activity of EU-REPARIS aims to promote the development of accountancy
education aligned with International Education Standards and the educational requirements of the European
Union’s Statutory Audit Directive for professional qualifications, continuing professional development, and at
university level. The EduCoP was established as a means of achieving this objective. There is a substantial
commonality of curriculum content, qualification systems, and lifelong learning requirements that are being
addressed on a regional basis through the EduCop.
5
A Collection of Good Practices
A number of good practices by participating universities and Professional Accountancy Organizations (PAOs) were
identified during the Study and are highlighted throughout this publication, organized on a thematic basis. They are
not meant to be exhaustive and are organized into the following areas:
1 Focus on Practical Experience
2 Commitment to Lifelong Learning
3 Assessment of Professional Competence
4 Supporting a Quality Learning Environment
5 Collaboration and Partnerships
6
1 Focus on Practical Experience
Practical experience is an essential component of Initial Maintaining relationships and consulting with
Professional Development (IPD), aiming to supplement both private- and public-sector employers when
formal education and reinforce learning through the developing education programs is also very important
application of knowledge in real-world situations. By for accountancy educators to mitigate the risk of
gaining relevant practical experience before qualifying, disconnect between skills taught and skills required.
aspiring candidates develop, demonstrate and maintain
IES 5, Initial Professional Development – Practical
the technical competence, professional skills, and
Experience (2015), establishes the practical workplace
professional values, ethics and attitudes, required to
experience that aspiring professional accountants
perform a professional role.
should achieve during IPD under the supervision of
In today’s competitive job market, apart from a good appropriately qualified providers. This experience
academic record, it is essential for candidates to should reinforce the technical competence and other
demonstrate excellent soft skills like communication, professional skills that candidates are expected to
creativity and problem solving, and teamwork. achieve. PAOs may adopt an input-based, output-based
Supplementing university education with more practical or combination approach to measure the achievement
approaches to teaching theory and developing more of practical experience requirements. If an input-based
internship opportunities for students helps create approach is used, the practical experience requirement
better links between students and the job market, should be for a minimum of three years.
ultimately leading to greater employability of students
Listed below are good practice examples, tips and
upon graduation.
ideas that both universities and PAOs can implement
to improve the teaching of theory and enhance the
practical experience requirements.
Tips & Ideas
UNIVERSITIES
►► Making internships a minimum requirement for ►► Facilitating professional networking opportunities
graduation; for students;
►► Creating a network of internship opportunities for ►► Supporting the student learning process by
students; developing business case simulations;
►► Involving established practitioners to ensure the ►► Assisting the talent recruitment process through
delivery of more practical lectures; partnerships with accounting firms; and
►► Formalizing interactions with the business ►► Providing employers with access to student
community to feed information into education databases as a tool for connecting job seekers
programs on the skills and knowledge that the and employers.
business sector expects from graduates;
7
Tips & Ideas
PAOs
►► Introducing learning outcomes for professional ►► Creating a database of supervisors to help mentor
skills, and professional values, ethics and attitudes; candidates;
►► Providing tools and guidance to candidates and ►► Receiving feedback from employers and business
supervisors for the development of practical support organizations to ensure that skills-gaps
skills, such as competency maps and frameworks are being identified and addressed through
to help identify areas of focus and further skills qualifications; and
development needs;
►► Stress-testing competency maps with potential
►► Using work log books to assess the quality of employers.
work experiences developed;
Measurement Approaches
There are three measurement approaches that can be used to monitor achievement of practical experience
and continuing professional development (CPD): (i) input-based; (ii) output-based, or (iii) a combination of
output-based and input-based approaches.
An input-based approach focuses on what the learning or development activity should feature, e.g. coverage
of certain subject matter in curricula or the minimum number of hours that a course should comprise. For
example, a requirement to complete a minimum of 120 hours of CPD over a three-year period is an input-based
requirement. Input-based approaches allow easier measurement and verification but also have the shortcoming
that they do not focus on the development of a specific competence.
In an output-based approach, the focus is on whether a specific competence has been developed or maintained,
as demonstrated by achieving certain learning outcomes. Learning outcomes clearly express the competences
that need to be demonstrated for a particular subject. Under this approach, evidence of achievement can
be taken from workplace assessments validated by a suitably qualified supervisor, or undertaking a form of
periodic assessment of competence achieved through continuing professional development.
8
Good Practice Examples
University of Tirana, Faculty of Economics
Reinforcing practical learning in Established practitioners are engaged on a part-time
basis as lecturers. Around twelve part-time lecturers,
university accountancy programs lecturers from foreign universities, and professional
The accountancy program of the Faculty of Economics accountants and auditors (in public practice and
of the University of Tirana has introduced a practical industry) are invited frequently to deliver presentations,
experience requirement for all accountancy students to workshops and seminars to both undergraduate and
reinforce learning through the application of knowledge master’s students. This approach gives students
in real-world situations. All students in undergraduate valuable insights into real-world accountancy lifestyles
and master’s programs must complete a three-month and working practices and enables established
internship requirement as a condition for graduation. practitioners to share professional experiences and
Before enrolling on the Doctoral program, it is desirable working methods directly with students.
that students have completed at least three years of
professional experience.
University of Sarajevo, School of Economics
and Business Sarajevo (SEBS)
Developing technical and include the ability to critically assess professional
issues, seek solutions independently or in a team,
professional competencies demonstrate professional behavior and attitudes, and
through practical experience show initiative on an individual or team basis.
At the School of Economics and Business Sarajevo Two supervisors are assigned to each student
(SEBS) practical experience of at least 22 days is a undertaking an internship program: one from the
mandatory component of the undergraduate accounting company providing the internship and another
program. Most students find internship opportunities appointed by the SEBS faculty. Students are required
with local or international professional accountancy to prepare a report on completion of the internship
firms or with financial institutions. which is evaluated by the SEBS supervisor, while the
supervisor from the company evaluates the student’s
Students are expected to develop technical and
professional attitude and professional skills.
professional competencies during the internship. These
9
SEBS’ strategy for managing ►► Executive education and lifelong learning needs; and
its interface with the corporate ►► Internships, career placement, recruitment and
selection processes.
world
SEBS formalized its collaboration with the business
The Business Advisory Board’s main task is to guide
community by establishing a Business Advisory Board
SEBS towards satisfying the needs of the business
in 2005. This Board includes representatives from some
sector so that courses and curricula are designed
of the most successful companies in the country and
appropriately.
provides SEBS with information regarding the needs of
the business sector, such as:
►► kills and knowledge that the business sector
S
expects from graduates. This information feeds
into the education process, including future course
design;
Society of Certified Accountants and Auditors
of Kosovo (SCAAK)
Providing tools and guidance to have attained by completion, including technical,
leadership and general managerial skills;
meet practical experience and
►► I n a profession which is still considered “new” in
professional skills requirements Kosovo, selecting an appropriate supervisor can
In order to encourage and guide students to develop be challenging due to the size of the profession
relevant skills and competencies in the workplace and because the supervisor’s role is not always
that will equip them for a successful career as a understood. SCAAK’s guidance is also used as a
professional in accounting and related areas, the tool for supervisors to understand the requirements
Society of Certified Accountants and Auditors of when signing off on a candidate’s competencies;
Kosovo (SCAAK) has developed several resources and and
guides. These include:
►► ractical experience forms and templates are
P
►► SCAAK’s practical experience and skills policy, which provided to help candidates document the practical
is a comprehensive document that candidates and experience that they have attained.
students are required to use while documenting
their work and to match such work with the SCAAK is presently developing requirements for an
competencies determined in SCAAK’s policy. The approved employer’s scheme. This process is to be
policy provides details regarding the practical launched soon through a new practical experience
experience requirement and also elaborates on the guidance policy.
professional skills that successful candidates should
10
Ss Cyril and Methodius University in Skopje,
Faculty of Economics-Skopje
Supporting the student learning law students work in groups to develop a solution to
simulated professional practice problems. The results
process and talent recruitment of their group work are presented during a public
through partnerships dissemination event. The best performing students
are awarded certificates as well as winning internship
The Faculty of Economics at the Ss Cyril and Methodius
and employment opportunities with the international
University in Skopje, in cooperation with an international
accounting firm. The program has been evaluated as
accounting firm, is implementing a program to develop
a great success both from the students’ perspective
young potential. The program looks at how a business
and by the international accounting firm. Students
case competition can help students learn, make the
are provided with a good insight into professional
profession more attractive to multidisciplinary students,
accounting practice and develop their initial career
and help international accountancy practices identify
skills. The international accounting firm also benefits
and recruit young professionals. The program was
from increased good publicity, social responsibility and
launched in 2013 and includes a case study scenario
a more structured recruitment process.
competition, where accounting, finance and business
University of Belgrade, Faculty of Economics
Facilitating professional ►► T
he Careers Center provides businesses and
financial institutions with access to its databases
networking opportunities for which contain information on final year students,
students master’s students and graduates. The database
is available online and represents a useful tool for
The Faculty supports several networking events
connecting job seekers with employers;
and activities aimed at providing students with the
opportunity to connect with the business community, ►► Company Days”, which feature workshops hosted
“
including: by companies which are offering employment and
internship opportunities; and
►► O
rganizing focused workshops on job search
strategies, CV writing, and preparing for job ►► Business Case Study”, which is a competition
“
interviews; where students work together in groups on a
business case study.
11
2 Commitment to Lifelong Learning
Public confidence and trust in the profession is bodies should implement a CPD requirement as an
linked to the quality of the services that professional integral component of a professional accountant’s
accountants provide. Professional accountants must continued membership so as to develop and maintain
offer an effective and high quality service to win and their professional competence.
retain business and maintain the trust and confidence of
The European Union Audit Directive requires statutory
their clients. They have an ethical obligation to clients,
auditors to take part in appropriate programs of
employers, and other stakeholders to undertake their
continuing education in order to maintain theoretical
work with due care and diligence. By engaging in
knowledge, professional skills and ethical values at a
CPD activities, professional accountants continue to
sufficiently high level. The Public Oversight Authority
learn throughout their career, thus maintaining and
has ultimate responsibility for the continuing education
upgrading their skills so the quality of their work can
requirement and non-compliance is subject to
remain at high levels and keep pace with accountancy
sanctions.
changes and innovations.
Listed below are good practice examples, tips and
PAOs are an important supplier of CPD to their
ideas that PAOs can implement to enhance CPD
membership. IES 7, Continuing Professional
systems and training programs.
Development (2014), prescribes that IFAC member
Tips & Ideas
►► Providing members with a good choice of ►► Introducing personal reflections as part of periodic
accessible CPD in order to support compliance CPD evaluations as a means to gradually move
with requirements; towards a more learner-centered CPD approach;
►► Introducing a variety of options for CPD activities ►► Engaging with the International Accounting
and modern methods of delivery (e.g. online Standards Board® (IASB®) and IFAC to make
platforms); available the latest versions of International
Standards on Auditing® (ISA®) and (International
►► Developing more frequent and focused CPD
Financial Reporting Standards (IFRS Standards®)
training offerings, including activities to develop
to practitioners;
professional skills, and professional values, ethics
and attitudes; ►► Informing members of their CPD obligations and
providing CPD guidance to members;
►► Introducing an accreditation system of CPD
providers; ►► Periodically assessing competences developed
through CPD;
►► Prescribing learning outcomes for CPD activity
and implementing output-based measurement ►► Monitoring members’ CPD records and ensuring
systems; that they are relevant, accurate and complete;
12
►► Undertaking disciplinary measures when CPD sessions to areas where most frequent findings
obligations are not met; are noted etc.);
►► Maintaining a CPD lecturers’ contact database, ►► Resolving capacity constraints by outsourcing
comprising external experts and practitioners CPD delivery to accounting firms and international
who specialize in different topics and fields, and experts;
relevant members of academia;
►► Partnering with regional PAOs to deliver joint CPD
►► Integrating quality assurance systems with CPD sessions; and
(e.g. identifying the target audience to receive
►► Introducing minimum ethics content in annual CPD
specific or additional CPD, tailoring CPD annual
training.
Good Practice Examples
The Association of Accountants and Auditors
of Republic Srpska (AAARS)
Offering a range of relevant ►► Self-directed and unstructured (up to 5 hours);
admissible CPD activities ►► elivering and developing CPD courses in relevant
D
areas (up to 7 hours);
A good choice of accessible CPD supports members’
compliance with requirements and reinforces the ►► W
riting articles, papers or books, both professional
importance of maintaining professional competence. or academic (up to 5 hours);
The Association of Accountants and Auditors of ►► R
esearch including reading of professional literature
Republic Srpska (AAARS) has adopted a variety of ways or journals (up to 8 hours); and
that members can meet their CPD obligations, allowing
►► C
PD activity in the form of seminars, courses
members to engage with CPD in ways that suit their
and workshops organized by regional PAOs with
learning styles. These include:
which AAARS has cooperation agreements is also
►► S
eminars, courses, workshops organized by AAARS admissible.
(at least 20 hours);
►► cademic conferences and workshops (up to 10
A The AAARS CPD policy acknowledges that professional
hours); competence can be maintained in a variety of ways
and that professionals can also learn effectively in
►► C
oaching and mentoring, provided or received (up
less structured environments. There is a good balance
to 7 hours);
between structured/verifiable and unstructured/
►►
Networking (up to 8 hours); unverifiable CPD activity.
13
Institute of Authorized Chartered Auditors
of Albania (IEKA)
Monitoring and assessment of The IEKA Managing Council reviews the results of the
testing and is required to take corrective measures
competence developed through where applicable. These measures may include
CPD revoking membership. IEKA is also required to perform
monitoring activities to ensure that the CPD records
The Institute of Authorized Chartered Auditors of
provided by statutory auditors are accurate and
Albania (IEKA) Managing Council is mandated by law
complete.
to conduct periodic tests of knowledge gained during
CPD in order to assess the professional competence of Should false declarations be observed, the IEKA
its members. These assessments should be performed Managing Council is required to revoke membership
on a cyclical basis of between three and five years. and inform the audit regulator, who reflects the
IEKA is required to make the results of the assessment revocation of status in the register of statutory
public and to file a copy with the audit regulator. auditors.
Society of Certified Accountants and Auditors
of Kosovo (SCAAK)
Maintaining a CPD lecturers’ The criteria used to select CPD trainers include: (i)
relevant work experience; (ii) professional reputation;
database and (iii) teaching experience. For ISA based CPD
The Society of Certified Accountants and Auditors of courses, SCAAK usually contracts experts from
Kosovo (SCAAK) has a group of internal CPD trainers international audit firms who have practical as well as
with adequate technical and soft skills to deliver CPD teaching experience. The CPD speakers are usually the
training. In addition, a contact database is maintained same as those who prepare the CPD content.
of external experts and practitioners who specialize
SCAAK also organizes joint CPD events with IEKA and
in different topic and fields, as well as recognized
benefits from sharing experiences and CPD sessions
members of academia.
though regional cooperation.
14
Institute of Certified Auditors of the Republic of
Macedonia (ICARM)
Integrated CPD and Quality and additional CPD is made available to those local
SMPs; and
Assurance Review systems
►► More rigorous monitoring of CPD requirement is
The quality assurance review system of the Institute performed during quality assurance reviews for
of Certified Auditors of the Republic of Macedonia professionals auditing Public Interest Entities.
(ICARM) was established with the support of the
national REPARIS program and continued through a 2010
twinning project with two French professional bodies: Resolving capacity constraints by
Compagnie Nationale des Commissaires aux Compte
(CNCC) and Conseil Supé rieur de l’Ordre des Experts-
outsourcing CPD delivery
Comptables (CSOEC). Two qualified inspectors - full One of the CPD challenges faced by ICARM is sourcing
time employees of ICARM - perform quality assurance trainers with adequate relevant experience and
reviews and report the findings to the Committee on knowledge to deliver CPD activities to its members.
Quality Control. Recent quality review results indicate
ICARM is addressing this issue by taking the following
that the implementation of ISA remains a challenge for
actions:
local Small- and Medium-Sized Practices (SMPs). Issues
relating to deficiencies in audit methodology, internal ►► utsourcing the delivery of CPD sessions to
O
quality control mechanisms, limited use of experts with international network accountancy firms on topics
appropriate specialized knowledge and inappropriate such as ISA, IFRS Standards, and the IFRS for
or insufficient documentation are frequently identified. Small and Medium-sized Entities (IFRS for SMEs®
Standard); and
The findings of the quality assurance review have
been integrated with the CPD system. This enables ►► I nviting international experts to provide training
the quality assurance review system to move toward a opportunities to members. Through its partnership
preventive system, rather than being purely detective. with the French professional bodies (CNCC and
The following actions are being taken: CSOEC), foreign practitioners delivered a five-day
training session on French audit documentation
►► Q
uality assurance review findings feed into the CPD
tools through practical case studies.
annual program: frequent findings and assessment
methodologies are shared with members and
emphasis is placed on tailoring CPD annual sessions Member satisfaction and feedback on such CPD
to areas where most findings are noted; opportunities has been highly appraised by the
audience of practitioners, who had the chance to
►► Target audience to receive specific or additional
receive quality presentations on current professional
CPD is identified during quality assurance reviews
topics.
15
Institute of Certified Accountants of Montenegro (ICAM)
Providing members with useful achieve this, the Institute of Certified Accountants of
Montenegro (ICAM) undertakes the following:
guidance about CPD
►► Provides CPD guidance and publishes the CPD
It is important that CPD requirements are as clear as
policy on its website; and
possible and that members can easily access the CPD
policy for their reference in order to facilitate clear ►► rovides responses to frequently asked questions
P
guidance to members on their CPD obligations. To on CPD (i.e. phone help line).
Serbian Association of Accountants and Auditors (SAAA)
Active engagement on public The SAAA recently established a Public Sector CPA
designation and entered into a Memorandum of
sector accounting issues Understanding with the Chartered Institute for Public
Approximately 25 percent of Serbian Association of Finance and Accountancy (CIPFA) on a Joint Public
Accountants and Auditors (SAAA) members work Sector Qualification. This allows a fast-track route to
directly or indirectly in the public sector. The SAAA is CIPFA membership whereby Certified Accountants and
actively engaged in public sector issues. These include: Certified Public Accountants with suitable experience
promoting sound public sector accounting practices; in the public sector are exempt from CIPFA exams. This
providing CPD for public sector accountants; and new designation has been very popular with members,
organizing bi-annual three-day seminars for public as indicated by a large increase in the number of
sector accountants, State Auditors and auditors of candidates to the program within the last year.
public sector entities.
Chamber of Authorized Auditors (CAA)
Mandatory ethics training as part The Serbian Chamber of Authorized Auditors (CAA)
annual CPD programs include a minimum of 15 percent
of annual CPD dedicated to professional ethics training.
Considering the importance of professional ethics
in the day-to-day work of professional accountants,
annual CPD programs should have a mandatory ethics
training update with a focus on ethical decision making.
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3 Assessment of Professional Competence
Professional accountants need to meet a high level IES 6, Initial Professional Development – Assessment
of professional competence requirements consisting of Professional Competence (2015), establishes
of technical knowledge, professional skills, and the requirement for assessing the professional
professional values, ethics, and attitudes. In order to competence of aspiring professional accountants as a
protect the public interest and enhance the credibility prerequisite of completing IPD. The assessment should
of the profession, only those who meet the profession’s be based on verifiable evidence with high levels of
competence requirements should be permitted to reliability, validity, equity, transparency, sufficiency and
qualify and practice as professional accountants. may include a series of examinations, a single multi-
disciplinary examination, or a series of examinations
and workplace assessments conducted throughout IPD.
Principles of Assessment
IES 6 requires PAOs to establish appropriate assessment activities designed to enable the combined achievement
of several attributes, including high levels of:
►► R
eliability – the assessment activity should consistently produce the same result, given the same set of
circumstances (e.g. avoiding using ambiguous wording in written examination questions);
►► alidity – assessments should measure what they were intended to measure (e.g. using comprehensive
V
case studies rather than simple case studies);
►► quity – the assessment activity should be fair and without bias (e.g. introducing assessment activities
E
that rely on computer-based technologies);
►► T
ransparency – enabling appropriate public access regarding the assessment activities (e.g. making
information on scoring, types of assessments publicly available);
►► ufficiency – whether the assessment activity has a balance of depth and breadth, knowledge, and
S
application, and combines materials from different areas applied to a range of situations and contexts (e.g.
assessment activities that combine technical knowledge and professional skills, and professional values,
ethics and attitudes, at appropriate levels of difficulty and detail).
17
Listed below are good practice examples, tips and ideas that education providers can implement to ensure that
appropriate assessment activities are in place.
Tips & Ideas
►► Involving various committees and stakeholders in ►► I ntroducing a system of independent oversight to
the education program to ensure the adequate ensure the integrity of the assessment process;
separation of roles and responsibilities;
►► Transparency with pass marks that are published
►► Implementing procedures to protect candidate on the educators’ website; and
anonymity during examinations;
►► mplementing security, timeliness and quality
I
►► Introducing double marking systems; control procedures during examination marking.
►► Allowing candidates to inquire into the marking of
their paper and to file a complaint;
Good Practice Examples
Society of Certified Accountants and Auditors
of Kosovo (SCAAK)
Implementing security, timeliness is an important step in the process because it
independently evaluates the fairness of the authors’
and quality control procedures expectations of the candidates;
during examination marking ►► SCAAK’s Professional Department is responsible
The process of examination marking is critical to for selecting exam markers who are sufficiently
ensure fairness toward aspiring candidates. SCAAK independent as well as knowledgeable about
has implemented a number of security, timeliness and matters covered by the examination. Before the
quality control processes to ensure that good practices actual marking begins, the selected markers are
are implemented during examinations: provided with adequate training;
►► ll examinations are marked at one location –
A ►► The identity of candidates should not become
SCAAK’s offices – in order to achieve greater known to the markers. Should a candidate identify
control and security over the process; themselves in any way in the paper (i.e. by first
or last name), the paper is forwarded to the
►► The authors of the examination questions prepare
Professional Department which has the authority
a marking guide that is reviewed by staff of
to stop further marking of such script;
SCAAK’s Professional Department. This review
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►► SCAAK’s Professional Department audits the marked by a third marker or it is reviewed by the
marking process to ensure that marks have been marking supervisor or another senior-level person;
awarded according to the marking guide. The
►► S
CAAK’s Executive Director approves the marks
Professional Department relies on statistical
after reviewing relevant reports and statistical data
reports to determine scripts subject to audit (e.g.
on the current and past examinations; and
reports on the distribution of marks; comparison
of average marks; and a comparison of the marks ►► M
arkers prepare and publish a report on the
awarded for a particular question by one marker examination papers marked, no later than five
to those awarded by other markers for the same days after the publication of the examination
question etc.); results via SCAAK’s web page. This report aims
to provide candidates with a general overview of
►► P
apers may be remarked as part of the audit
their performance and serves as guidance to new
process. All marginal papers are automatically
candidates who are sitting the examination for the
re-marked. If there is a discrepancy, the paper is
first time.
Institute of Certified Auditors of the Republic of
Macedonia (ICARM)
Introducing a system of professional certification and recommending the
annual CPD program;
independent oversight to ensure
►► The Examination Committee comprising five
the integrity of the professional members, including a representative from the Public
examinations Oversight Body. It organizes and delivers the exams
for the professional certification program and
Various committees and stakeholders are involved in
develops the rules for the manner and procedures
the professional education and examination program
regarding the professional examinations; and
of ICARM. Their role is to ensure that the adequate
separation of roles and responsibilities is in place and ►► he recently established Examination Oversight
T
that appropriate oversight is built into the system to Committee comprising five members, including two
enhance the integrity of the examination process. from the Ministry of Finance as well as the ICARM
These bodies include: President. The role of this Committee is to oversee
the operations of the Examination Committee
►► T
he Committee for Education, Training and
and ensure the integrity of the professional
Publications which consists of seven ICARM
examinations.
members. Among other duties, it is responsible
for developing and updating the program for
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Serbian Association of Accountants and Auditors (SAAA)
Introducing external oversight by an encrypted bar code which can only be read by
in-house developed software.
in the professional examination
Candidates are informed about results via email or
process by post. Reports on examinations, including pass
The Education Board has overall responsibility for rates, drop-out rates, average scores and average
the professional education delivered by the Serbian length of studies, are presented twice a year by the
Association of Accountants and Auditors (SAAA). Central Examination Committee to the SAAA Education
Among other duties, it is the body that decides on Board. In turn, the SAAA Education Board submits an
candidate appeals and potential second assessments. annual report to the SAAA Executive Board, the SAAA
Oversight Board and the Assembly.
The Central Examination Committee organizes and
supervises the 14 Examination Committees responsible In order to enhance and ensure quality control over
for preparation of the exams and marking schemes. the integrity of the examination process, the SAAA has
introduced the following oversight mechanisms:
Exams are marked by a temporary working body
appointed and supervised by the Central Examination ►► n external Certification Quality Control Committee
A
Committee. Scores close to the pass mark (i.e. ranging which is an independent body that performs
between 46 and 52 percent) as well as a randomly periodical reviews of the examination process and
selected sample of papers (10 percent of the total) are papers. It has one member from the UK, one from
subject to second (double) marking. This is performed Greece and one from Serbia; and
by members of the Examination Committee, as
►► A
Joint Supervisory Commission (exam supervisors)
appointed by the Central Examination Committee.
consisting of members from academia who monitor
Candidates’ anonymity is secured by encrypted coding the integrity and quality of the examination process
of candidates’ data. Each candidate’s paper is marked itself.
Chamber of Authorized Auditors (CAA)
Implementing sound integrity ►► E
ach exam paper is coded and no names are
exchanged, thus protecting student anonymity;
procedures for professional
►► A
double marking system applies whereby two
examinations examiners mark each exam paper independently;
The Serbian Chamber of Authorized Auditors (CAA)
►► C
andidates can inquire into the marking of their
has implemented a number of procedures in order to
paper and file a complaint; and
maintain sound examination integrity, including:
►► Pass marks are published on the CAA’s website.
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4 Supporting a Quality Learning Environment
A quality learning environment is central to achieving Listed below are good practice examples, tips and
excellence in education. The learning environment ideas that education providers can implement to
should be designed to support all students in their enable a quality learning environment.
learning process and have adequate resources and
infrastructure.
Tips & Ideas
►► Maintaining low teacher-student ratios and high ►► Using IT tools to support the teaching process;
student retention rates;
►► Fostering an inclusive environment for disabled
►► Achieving globally-recognized standards in higher students;
education and pursuing international recognition
►► Entering into agreements with leading providers
and accreditation;
of professional accounting and auditing education
►► Establishing regular curricula review cycles and to use and translate high quality textbooks and
enabling curricula and teaching processes to be study materials;
up to date with the skills and needs of employers
►► Supplementing textbooks with practice kits, case
and stakeholders;
studies, exercises and mock exams;
►► Assessing the quality of the teaching process on
►► Engaging accountancy firms to help PAOs update
an ongoing basis and introducing improvements;
their education materials; and
►► Monitoring performance and quality through
►► Integrating professional ethics across the curricula.
establishing key performance indicators;
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Good Practice Examples
University of Tirana, Faculty of Economics
Maintaining low teacher-student ►► ore time is available to work one-on-one with
M
students, which is essential for preparing them to
ratios deal with more complex subjects;
The Faculty of Economics at the University of Tirana ►► ore possibilities exist to develop an individual
M
maintains low teacher-student ratios. Lower teacher- approach to each student; and
student ratios are a factor often cited as contributing
towards the creation of a higher quality learning ►► eachers can engage more with students during
T
environment. There are many benefits for both the teaching process and try out different activities
teachers and students in keeping teacher-student and lessons that might not be feasible in a larger
ratios low, including: class size.
►► eaching faculty members have more manageable
T
workloads;
University of Pristina, Faculty of Economics
High student retention rates percent. Furthermore, students complete Accountancy
undergraduate and master’s degrees, on average, in
Kosovo is Europe’s youngest country in terms of relatively short periods: the average time required
demographics – the average age of the population to complete the master’s degree in Finance and
is about 26 years, with about 38 percent of the total Accounting is three and a half years, while students
population under the age of 19. However, youth take an average of three years and eight months to
unemployment rates are high and 30 percent of youth complete the Accountancy undergraduate program.
have no job, education, or training. One of the country’s
priorities is to improve the quality and relevance of the Higher quality education is expected to provide greater
education system at all levels. opportunities for youth to acquire the skills that private
sector employers are seeking in order to create a
In this respect, it is encouraging that student drop- young and competent work force that can help attract
out rates for the entire Faculty of Economics at investment and increase employment opportunities.
the University of Pristina are quite low at about 1.5
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University of Sarajevo, School of Economics
and Business Sarajevo (SEBS)
Achieving globally-recognized With the achievement of EFMD/EPAS program
accreditation in 2012 (and subsequent re-accreditation
standards in higher education in 2015) and AACSB institutional accreditation in 2015,
The mission of SEBS is to become a prestigious SEBS is a role model for the successful implementation
education institution in the area of economics and of relevant, high quality and globally recognized
business science education in Southeast Europe by standards in higher education.
2025. To achieve this goal, SEBS engaged in the pursuit
of two prestigious international accreditations: an
Education Policy and Accreditation Standards (EPAS) Ensuring the quality of higher
program accreditation by the European Foundation for education programs through
Management Development (EFMD) and the Association
to Advance Collegiate Schools of Business (AACSB)
rigorous quality assessment
institutional accreditation. processes
The effectiveness of the teaching process at SEBS
In order to meet the requirements of these bodies,
is assessed on an ongoing basis through a number
SEBS systematically revised its core and support
of initiatives monitored by the Quality Management
processes. Over a decade-long period, all aspects
Office. Management at SEBS adopted 80 quality
of SEBS’ operations were enhanced and redesigned
indicators and 30 key performance indicators for
to meet the highest standards of quality in modern
measuring the overall quality of its programs. These
education, including its: strategic management,
indicators of teaching effectiveness include the quality
curriculum development, design and delivery of
of:
programs, scientific research, quality management,
and support services. Particular focus was placed on ►► Faculty (performance, reporting systems, evaluation
student learning. – by students, publishing outputs, etc.);
Programs at all levels of study were developed based ►► Curriculum delivery (teaching methods, innovations,
on the learning expectations that were systematically organization, pedagogical competences);
connected with learning outcomes, in a way that ►► Curriculum management (student-faculty contact,
enables regular revisions and quality measurement. benchmarking, external reviews, alumni and
In the process of curriculum development, SEBS has business advisor input);
included inputs from all relevant stakeholders: students
►► Assessment methods (pre-quizzes, post-quizzes,
(through focus groups); teaching staff (through
presentations, case studies, individual research
strategic planning with SEBS’s departments); and
papers, team/group work);
the business community (through sessions of SEBS’
Business Advisory Board and Alumni Association). ►► IT support (E-Library, E-English, etc.); and
►► Support services (Career Center, Students
Admission Office, Library Information Center,
International Office etc.).
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The SEBS Quality Management Office provides the Establishing regular curricula
results of the quality assessment to management
and proposes areas for future improvements and review processes
corrective measures to address gaps that have been Introducing regular cycles for curricula review is
identified. an important activity which ensures that teaching
processes and program curricula are aligned with
the stakeholder’s skill needs and the expectations of
Using IT tools to support the future graduates. Because the accounting and audit
teaching process profession is exposed to rapid and frequent changes
(e.g. changes driven by modernization of technology or
IT (online) tools play an important role in SEBS’s efforts changes in accounting and auditing standards), shorter
to provide maximum support to students by: review cycles, ideally between three and five years,
►► Facilitating access to academic staff: Tools include are desirable.
online office hours whereby students can contact
At SEBS, significant changes to the curriculum are
Faculty members, and a direct email messaging
performed in five-year review cycles. The last
system – a groupware platform designed to provide
update to the structure, content and curricula of the
all students with an email address to engage in
undergraduate and master’s programs was conducted
communications with the Faculty; and
in 2015/2016. Smaller changes and updates are
►► Facilitating access to teaching materials: The performed on an annual basis.
Course Management System platform available to
full-time students enables teaching materials to be Curricula reviews at SEBS are a peer-review process.
distributed online, and supports modern teaching This process is motivated by the need to meet the
methods (video, web casts, simulations, etc.). For demands of the accreditation bodies and the many
distance learning students, a distance learning stakeholders including students, faculty, the business
Course Management System is in place and there community, employers and administrative staff. Input
is also an E-English Course Management System. from the Business Advisory Board of SEBS relates to the
Another useful resource is the E-library, which skills and knowledge that the business sector expects
provides online access to textbooks and literature. from future graduates and this input is incorporated
into the curricula updates.
Other IT tools that facilitate the teaching process
include:
►► An electronic grading system;
►► ersonalized e-cards for students to track
P
attendance and other information; and
►► A student web portal.
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University of Banja Luka, Faculty of Economics
Fostering an inclusive The Support Center nurtures an educational
environment which is inclusive and ready to support
environment for disabled students with disabilities in the following ways: building
students and maintaining partnerships with the faculties and
academic as well as non-academic staff; promoting
The Disabled Students Support Center at the
awareness of disability among all members of the
University of Banja Luka was founded in 2006 by the
university community; and ensuring guidelines with
Association of Citizens “Info Part” and later grew into
regard to the university’s policies and procedures, thus
an organizational unit of the University.
enabling students with disabilities to participate fully
The Help Center represents the Coordinating Body in all aspects of university life.
at the university whose task is to ensure an equal
approach for disabled students to all of the university’s
programs and activities.
Society of Certified Accountants and Auditors
of Kosovo (SCAAK)
High quality and up to date are refreshed on an annual basis to ensure that
they are up to date with changes in accounting and
teaching materials auditing developments.
SCAAK’s teaching materials and textbooks are well ►► SCAAK collaborates with professional audit and
established and include learning outcomes, examination accountancy firms on aspects relating to updates
methodology and related competences. Each textbook of the syllabus content in areas such as tax and
is accompanied by exercise kits and mock exams law in Kosovo. Necessary changes are made to
simulating examination condition problems, designed the education program and teaching materials are
for candidate practicing purposes. The study materials updated on an annual basis.
are kept up to date and are refreshed on an annual
basis.
SCAAK has implemented a few good practices to
Being responsive to the
maintain the high quality of its teaching materials: different needs of professional
►► SCAAK has entered into an agreement with BPP accountants
Professional Education in the UK, one of the leading One of SCAAK’s strategic goals is to offer programs
providers of professional accounting and auditing tailored to specific market needs and institutions in
education materials in Europe, for the use and Kosovo in order to build and increase capacity in all
translation of its training materials. These materials areas related to financial reporting and auditing. After
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establishing the private sector certification, SCAAK ►► Insolvency Specialist Certification Program, a
engaged in the development of new certification program developed with the assistance of an EU
programs, including: funded project between 2009 and 2011.
►► Public Sector Certification Program, a professional
Furthermore, it is expected that a new Internal
title made possible through shared implementation
Audit certification program, which is currently under
with the Center for Excellence in Finance in Slovenia
development, will be offered from late 2017.
and developed by the UK Chartered Institute for
Public Finance and Accountancy (CIPFA); and
Serbian Association of Accountants and Auditors (SAAA)
Integrating professional ethics Monitoring PAO performance
across the curriculum using Key Performance Indicators
Professional ethics, values and attitudes is an area that The SAAA has developed a set of key performance
is of critical importance for the accountancy profession indicators (KPIs) for different functions in order to
and is also a topic that often attracts significant monitor performance against set targets for key
attention by regulators. It is widely understood that activities. The KPIs are comprehensive and include
teaching ethics in effective ways is inherently difficult a combination of quantitative, qualitative and output
but it is important that professional education includes indicators, by function:
adequate coverage of professional ethics as part of
►► Professional qualification (number of candidates,
their syllabi.
pass rates, drop-out rates, success rates);
The SAAA curricula do not have a separate course
►► ember services (number of contacts, rate of
M
on Ethics but the topics on professional values, ethics
successful responses, time taken to answer
and attitudes, are integrated into other subjects. This
members’ queries, rate of occurrence of similar
approach allows both providers of education and
issues, members’ satisfaction);
recipients of ethics education to consider professional
ethics as a skillset that is pervasive to the accountant’s ►► C
PD (number of participants, member compliance
day-to-day role, rather than as a skill used only in with CPD, feedback surveys); and
particular situations. ►► I nternational relations (a set of highly qualitative and
output-based KPIs).
The SAAA also provides pre-qualification courses on
the Code of Ethics of the International Ethics Standards
Board for Accountants® (IESBA®).
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5 Collaboration and Partnerships
Building partnerships and enhancing collaboration quality education programs; and having professional
between different education providers can lead qualifications become more appealing to potential
to many benefits including the following: greater applicants as they become internationally marketable.
integration between university and PAOs education
Listed below are good practice examples, tips and
programs; greater efficiency in utilizing scarce
ideas that support collaboration and partnership in
country-level educational resources; achieving higher
accountancy education.
Tips & Ideas
►► Participating in faculty members exchange to enable a faster route for students aspiring for
programs with universities abroad; a professional qualification;
►► Entering into partnerships to use and translate ►► Entering into twinning arrangements and
quality teaching materials and textbooks; partnerships with developed PAOs for specific
support and broader experience and knowledge
►► Cooperating between professional bodies and
sharing; and
universities to develop curricula;
►► Cooperating regionally and introducing mutual
►► Introducing a system of exemptions between
systems of qualification recognition.
university and professional education programs
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Good Practice Examples
University of Sarajevo, School of Economics
and Business Sarajevo (SEBS)
Implementing joint, double and ►► Joint master’s program with Adizes School of
Management;
twinning programs
►► Joint master’s program with the Faculty of
The mission of SEBS is to become a prestigious Economics at the University Dzemal Bijedic of
education institution in the area of economics and Mostar;
business sciences education in Southeast Europe by
2025. In its efforts to achieve a high level of international ►► Joint master’s program in “Islamic Banking” with
recognition, SEBS has developed and implemented University of Bolton, UK;
joint, double and twinning programs with a number of ►► Double degree program at the Sarajevo Business
partners, including: School, conducted with Griffith College Dublin,
►► Double degree master’s program with the Faculty Ireland.
of Economics University of Ljubljana, Slovenia;
►► Twinning master’s program with the Faculty of
Economics University of Zagreb, Croatia;
Serbian Association of Accountants and Auditors (SAAA)
Regional cooperation and ►► The Union of Accountants, Auditors and Financial
Workers of Federation of Bosnia and Herzegovina
recognition of qualifications and (SRRF-FBH).
CPD
Mutual recognition agreements are in effect between SAAA Certified Public Accountant members who
SAAA and several regional professional bodies have successfully completed the recognition process
including: have the right to practice as statutory auditors in
Montenegro and Bosnia and Herzegovina. In addition,
►► The Institute of Certified Accountants of Montenegro
members can fulfill their CPD requirements with
(ICAM);
any of the regional PAOs where mutual recognition
►► The Association of Accountants and Auditors of agreements are in effect.
Republic Srpska (AAARS); and
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University of Montenegro, Faculty of Economics &
Institute of Certified Accountants of Montenegro (ICAM)
Fostering collaboration between concentration are exempt from the following papers
when entering the professional education system of
the university and PAO on ICAM:
accounting programs ►► Preparation of Financial Statements;
The lack of exemptions between university and PAO
►► Human Resources Management;
education can cause excessive delays for aspiring
candidates to reach the point of qualification. Ensuring ►► Information Systems; and
better integration between academic and professional ►►
Corporate and Business Law.
accountancy programs is an important process that
enables students to find a shorter route to qualification.
For students who have completed a master’s degree
The Institute of Certified Accountants of Montenegro in Accounting, there is an additional exemption from
(ICAM) collaborates with the Faculty of Economics the paper in Financial Information for Management.
at the University of Montenegro to provide its
students with exemptions from exams. All students
with an undergraduate degree with an accounting
University of Pristina, Faculty of Economics
Building partnerships their return to Kosovo as members of the Accounting
Department. After returning to Kosovo in 2009, these
to modernize university individuals, supported by the partnership with the
accountancy education University of Arizona and assisted by the Society
of Certified Auditors and Accountants of Kosovo
In 2008, five students from the Faculty of Economics
(SCAAK), devised a modern accountancy three-year
at the University of Pristina participated in the USAID
undergraduate accounting program. The five Kosovo
Transformational Leadership Program, which enabled
scholars also translated six seminal accounting
them to study for 12 months on the master’s program
textbooks from English into Albanian and remained
in Accounting at Arizona State University. This USAID
as full-time lecturers at the University of Pristina and
program aims to develop capacity by facilitating
Prizren.
opportunities for advanced education via university
scholarships, partnerships, and student and faculty By collaborating to transform accountancy education
exchanges. at the University of Pristina, this partnership between
Arizona State University and the University of Pristina is
The program’s conditions included a commitment by
helping to prepare the next generation of accountants.
the University of Pristina to retain those individuals on
29
Institute of Certified Auditors of the Republic of
Macedonia (ICARM)
Twinning arrangements and Academic cooperation between
partnerships with developed PAO and University aiming
PAOs to enhance the quality of
In 2010, ICARM and the two French professional bodies accountancy education
– CNCC and CSOEC – entered into a twinning project
The University American College Skopje and ICARM
designed to support:
have reached an agreement for academic cooperation.
►► ICARM application for IFAC membership; This cooperation involves establishing formal
relationships between the institutions and foresees
►► Development of the quality assurance process and
a number of joint initiatives, including the exchange
providing assistance with practical coaching and
of information and experts while delivering joint
mentoring of quality assurance reviewers; and
lectures and CPD programs. The agreement thus aims
►► Cooperation and exchange of experiences and to enhance the quality of accountancy education and
knowledge. establish an examination center of the Association of
Partnership and cooperation between these PAOs Chartered Certified Accountants (ACCA) in the country.
continues today and ICARM benefits from the
knowledge sharing and expertise provided by the
French profession.
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About the CFRR
The Centre for Financial Reporting Reform (CFRR) The CFRR provides knowledge services including
based in Vienna, Austria, is part of the World Bank’s analytical and advisory services; learning and skill
Governance Global Practice and leads the World development; know-how and knowledge transfer; and
Bank’s corporate financial reporting agenda. The technical assistance to strengthen existing institutions.
CFRR provides a range of knowledge, convening and
CFRR activities are focused on four areas of expertise:
capacity development services in support of financial
i) raising awareness of the importance of the corporate
reporting reform, institutional strengthening and the
financial reporting reform agenda and contributing to
dissemination of good practice in the area of financial
legislative reform; ii) building institutional capacities
reporting and auditing. The CFRR supports global
by addressing knowledge gaps and offering tailored
clients to adopt and implement high-quality financial
advice in areas such as public oversight and standards;
reporting standards as a key element of strong
iii) encouraging strong and engaged professional
corporate governance systems.
accountancy organizations; and iv) promoting the
development of internationally compatible accounting
education.
Centre for Financial Reporting Reform
Governance Global Practice
The World Bank
Praterstrasse 31
1020 Vienna – Austria
T: +43 (0)1 2170-700
F: +43 (0)1 2170-701
cfrr@worldbank.org
www.worldbank.org/cfrr
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