|Project Name:||Enhancing Corporate Financial Reporting (West Bank and Gaza)|
|Status of Project:||Completed|
Regional - Middle East & North Africa
Country - Palestine
|Focus Area(s):||Professional accountancy organization capacity building (including establishment, governance, strategy, infrastructure, information & communication technology, and operational & technical resources)|
Board of Professional Audit (BPA) and Palestinian Association of CPAs (PACPA)
World Bank Group - Institional Development Fund
|When did/will the project commence?||2011-05|
|When was/will the project be completed?||2014-05|
|Project Objectives:||The grant seeks to support the WBG Board of Professional Auditing (BPA) and the Palestinian Association for CPAs (PACPA) in their efforts to strengthen the audit profession in WBG to be in line with the international good practices.
A qualified audit profession and a strong financial architecture are key pillars of sound corporate governance, required to build investor confidence and support a strong business climate, with consequent positive impacts on competitiveness and economic growth.
|Key Project Components:||The grant seeks to support the WBG Board of Professional Auditing (BPA) and the Palestinian Association for CPAs (PACPA) in their efforts to strengthen the audit profession in WBG to be in line with the international good practices by: (a) improving the system of accountancy training and education; (b) enhancing the licensing process for external auditors and (c) establishing a system of quality assurance and continuing professional development for auditors.|
|Key Project Outputs:||• Finalized comprehensive regulations for the Audit Law approved by the National Technical Committee and the BPA;
• Development of a robust system for professional examination and licensing in line with international and regional good practices;
• Dissemination workshops on licensing and examination mechanism will be provided to the external auditors' community. The workshops will be conducted to approximately 40 participants representing the external audit community in WBG.
• Preparing and disseminating a guidance manual on implementation of ISA and ISQC;
• Leading workshops on implementation of ISQC-1 and improving the quality of Audit. The workshops will be conducted to approximately 40 participants representing the external audit community in WBG;
|Key Project Outcomes:||• The 2004 Audit Law regulations will be finalized and licensing of new CPA candidates will be resumed. This should lead to an increase in the number of Certified Public Accountants (CPAs) in WBG;
• PACPA, through its committees, will have the necessary knowledge to monitor the application of ISQC1 to enhance the compliance of its members with high quality standards and codes of professional practice.
|How was the project initiated?||Result of AA ROSC Assessment as well as ongoing relationship and awareness / knowledge of the PAO as well as engagement on the subject of Corporate Financial Reporting in the country. Application to and support by the World Bank Institutional Development Fund Facility.|
|Total project budget (in USD)||$250,000.00|