On 11 August 2009 the Latvian project under the Financial Reporting Technical Assistance Program (FRTAP) was launched with the signing of a project agreement between Latvia and Switzerland.
This marked the start of a project to support the implementation of accounting and auditing standards in businesses. The project has been allocated 2 million Swiss francs and will help Latvia to meet the EU’s requirements for transparent accounting and auditing in the corporate sector. The ability to meet such requirements, particularly in difficult economic times, is an important factor in promoting the positive development of the private sector and in supporting the growth of the overall economy.
The World Bank Centre for Financial Reporting Reform (CFRR) was selected to implement this project. The CFRR will provide technical assistance and training for key individuals in regulatory bodies in Latvia in order to improve Latvia’s capacity to implement and enforce the EU’s rules on financial reporting. The project will have a particular focus on improving the oversight and quality assurance of auditing, with the aim of increasing the reliability of the financial information provided by private sector enterprises in Latvia.
FRTAP is a program which the CFRR will be implementing in several EU member states from central Europe, including Latvia, Estonia, Poland and Slovenia. The projects in FRTAP will help the participating countries to meet more fully the EU’s requirements in the area of accounting and auditing. FRTAP is funded by the Swiss government as part of the Swiss contribution to the enlargement of the EU.