» Academic Education – Establishing a model accounting and auditing curriculum.  Each country/entity can then translate and adapt the curriculum to their specific needs.

» IFRS Courses – Developing a standard suite of courses on International Financial Reporting Standards (IFRS) aimed at various target audiences with varying levels of professional knowledge including academics, accountants, auditors, regulators, tax administrators, etc.  Each country/entity can then translate and adapt the courses to their own specific needs.

» Accounting & Auditing Standards Setting – Developing templates for defining the authority, responsibilities and powers of standard setting bodies that are consistent with best international practice.  This includes a standard guide on representative membership and appointment processes which each country/entity can adapt to its own specific requirements.

» Strengthen audit professional bodies – Providing audit professional bodies with the tools to enhance statutory audit quality (e.g., audit guides, continuing professional education programs, etc.)

» Professional education, experience, and examination – Establishing a model system in line with the requirements of the Eighth EU Company Law Directive and a model for "re-tooling" grandfathered auditors.  Each country/entity can then adapt the model to its own specific needs.

 

 

» Strengthen Institutional Enforcement Capacity – Providing banking, insurance, and securities market regulatory and supervisory bodies with the authority and the tools to enforce sound accounting and auditing requirements in line with the acquis communautaire (for example the principles set forth by the Committee of European Securities Regulators).

 

 

» Implementation of Coordination of Enforcement Activities – Establishing a platform for coordination of enforcement activities among banking, insurance, and securities market regulatory and supervisory bodies as well as audit profession public oversight systems in each country/entity.

 

 

» Public Oversight – Developing a template for defining the authority, responsibilities and powers of a supervisory board that are compliant with the acquis communautaire, including suitable draft legislation with a standard guide on representative membership and appointment processes, which each country/entity can then adapt to its own specific requirements.

» Quality Assurance – Establishing a panel of international experts to advise on quality review proposals emanating from the committee and/or individual countries/entities.

 

 

» Twinning and Secondment – Twinning and secondment are a valuable tool for the institutional strengthening and development process for both professional and regulatory bodies.  It is important that the right willing partners from the EU are matched with suitable counterparts in the Region.  This process can be best coordinated and facilitated on a regional basis so as to prevent duplication of effort and to ensure the cooperation and goodwill of the relevant organizations within the EU.

 

  

» European and International Organizations – Adoption of European and international practice in both professional and regulatory bodies can by supported by skills transfer and education and training through participation in meetings, seminars and workshops as well as courses provided by relevant European and international organizations.  This process is best managed on a regional basis to maximize economies of scale and to prevent duplication, e.g.  courses are provided on a regional as opposed to a country by country basis.

» Public access to financial information – Establishing a model to comply with the requirements of the First EU Company Law Directive and the Transparency Directive, which is conducive to financial and capital market stability and growth.