STAREP - Strengthening Auditing and Reporting in the Eastern Partnership countries



Contract partner: CFRR - Centre for Financial Reporting Reform - Europe and Central Asia Region - The World BankCountry: Entwicklungsländer, unspezifisch Funding amount: € 3.300.000,00Project start: 01.12.2014End: 30.06.2023

Short Description:

Overall goal


The regional program Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) aims to encourage reform efforts, upgrade the skills of stakeholders, and provide technical assistance as needed.


Expected results


Expected results for extension period

Outcomes:

- Progress in updating legal framework that are in line with the EU framework and good international practices: additional 2 countries;

- Enhanced capacity of policy makers and practitioners to develop, promote and apply suitable legal frameworks for SMEs/SMPs: additional 200 beneficiaries;

- Public oversight systems established in line with the EU framework and operational: additional 1 country;


Outputs:

- Increased stakeholder involvement and facilitated exchange of good practice: all 6 countries

- Updating curricula and education materials: in 10 universities;

- Increased access to modern learning materials: 2 publications;

- Publication and dissemination of national education initiatives/action plans: all 6 countries;

- Availability of transposition tables: updating the tables in 4 countries and making them publicly available;

- ISAs adopted in 1 additional country;

- Suitable financial frameworks for SMEs in 1 additional country;

- National register of auditors publicly available in 1 additional country;

- Reconciliation approach to apply prudential filters in 2 additional countries.


Target group / Beneficiaries


Beneficiaries STAREP Extension 2019 Armenia Belarus Ukraine

No. of SMEs benefitting from revised A&A framework 60.000 348.000 1.5 m.

No. of auditors benefiting from the new public register 447 1.500 2.700

No. of audit firms benefiting from the new public register 35 115 1.250


Activities


The program aims to encourage reform efforts, upgrade the skills of stakeholders, and provide technical assistance as needed. Successful reforms depend on actions taken by each country, including activities implemented outside of STAREP. Pursuing a two-pronged approach, the program works both on a regional level through peer learning and communities of practice as well as on the country-level through targeted technical assistance. The regional activities help achieve significant economies of scale and encourage cooperation and experience sharing allowing the countries to tackle issues shared regionally, fostering cooperation and coordinated actions.

The program also leverages other development partner resources where applicable to implement common solutions developed and discussed regionally.

The Program contributes to establishment of standards and regulations in line with international good practice, and helps to stimulate economic growth, business activity, and better access to finance. STAREP helps participating countries to modernize corporate financial reporting frameworks and raise the capacity of local institutions to implement these frameworks effectively. Areas of program activity include accounting and auditing standards, in particular for SMEs; capacity of the profession to support businesses more effectively; initial and continuous accounting education; public oversight; and capacity of financial sector supervisors.


Context


Launched in October 2013, Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) is a regional program supported by the World Bank’s Centre for Financial Reporting Reform (CFRR) for Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine. Eastern Partnership countries face common challenges and a common aspiration towards strengthening their relationship with the EU. STAREP builds on findings from Reports on the Observance of Standards and Codes, Accounting and Auditing (A&A ROSC) diagnostics, which have been completed in all beneficiary countries.

project number2361-04/2014
source of fundingOEZA
sector Banken und Finanzwesen
tied
modality
marker
  • Policy marker: are used to identify, assess and facilitate the monitoring of activities in support of policy objectives concerning gender equality, aid to environment, participatory development/good governance, trade development and reproductive, maternal, newborn and child health. Activities targeting the objectives of the Rio Conventions include the identification of biodiversity, climate change mitigation, climate change adaptation, and desertification.
    • 1= policy is a significant objective of the activity
    • 2= policy is the principal objective of the activity
  • Donor/ source of funding: The ADA is not only implementing projects and programmes of the Austrian Development Cooperation , but also projects funded from other sources and donors such as
    • AKF - Foreign Disaster Fund of the Austrian federal government
    • BMLFUW - Federal Ministry for Agriculture, Forestry, Environment and Water
    • EU - Funds of the European Commission
    • Others - various other donors are listed in ADA’s annual business report.
  • Type of Aid – Aid modalities: classifies transfers from the donor to the first recipient of funds such as budget support, core contributions and pooled programmes and funds to CSOs and multilateral organisations, project-type interventions, experts and other technical assistance, scholarships and student costs in donor countries, debt relief, administrative costs and other in-donor expenditures.
  • Purpose/ sector code: classifies the specific area of the recipient’s economic or social structure, funded by a bilateral contribution.
  • Tied/Untied: Untied aid is defined as loans and grants whose proceeds are fully and freely available to finance procurement from all OECD countries and substantially all developing countries. Transactions are considered tied unless the donor has, at the time of the aid offer, clearly specified a range of countries eligible for procurement which meets the tests for “untied” aid.