Launch Event, Financial Reporting and Auditing & Oversight Communities of Practice on 30 November - 1 December 2009 in Vienna
The workshop was a mix of presentations and group work. Presentation were made to participants to introduce (i) the concept of CoPs and peer learning, (ii) audit oversight and quality assurance issues, and (iii) adapting financial reporting requirements to the nature and size of reporting entities. These presentations were followed by many group meetings facilitated by the CFRR team.
The CFRR team kept track of the various events, deliverables and work in progress agreed by the communities of practices during the workshop by means of a wiki. The wiki is also used for communication among participants, including the CFRR team. The wiki includes deliverables agreed the participants of the workshop: (i) a matrix of the key aspects of the organization of financial reporting and auditing and oversight in each of the eight countries, (ii) topics that the participants would like to see discussed, and (iii) a timeline.
Participants indentified common challenges and proposed an agenda for future work that includes four different works streams.
Participants welcomed the combination of face-to-face workshops and distant learning events. It was agreed that one workshop per quarter was enough to keep the CoPs moving forward without putting too much burden on the participants.
The initial activities of FR and AO communities of practice established a common understanding of the benefits of working together as a community, updated a common knowledge of the status of reforms in each country in FR and AO areas, and developed of the initial design of activities for the next year. Both senior officials’ workshops provided significant input to the main topics of relevance to advancing the financial reporting agenda through the Regional REPARIS program.
More specifically, the following was identified: Under financial reporting: (1) the application of financial reporting requirements to different entities and (2) the translation, implementation and training of IFRS.
Under auditing and oversight: (3) improving audit quality and (4) clarifying the scope of work of accountants. Following the workshop, the CoPs design team met to review the agenda of meeting for 2010 and decide about the next events.
In conclusion, the launch of FR and AO communities of practice has provided a solid foundation for further activities and perspectives of working together as a community.