The Czech Financial Reporting Assistance Project (FRTAP) is the fifth in a regional program, funded by the Swiss government, to improve the frameworks for accounting and auditing in the countries from Central and Eastern Europe that joined the EU in 2004.
The project passed another milestone on July 2nd, when the Czech Republic formally joined the program. The Czech Deputy Minister of Finance, Tomáš Zídek, and John Hegarty, the Head of the CFRR, signed a CHF 2 million agreement for the CFRR to provide advisory services on improving the structure of accounting and auditing in the Czech Republic.
The project will strengthen the system for overseeing auditing in the Czech Republic, including the provision of training on the latest “clarified” international standards on auditing (ISAs) and assistance in setting up a quality assurance system for auditing. It will also help to strengthen the capacity of the financial regulators in the Czech Republic to supervise the insurance sector, to enforce corporate governance rules and to carry out their consumer protection activities. In addition, the CFRR will update the previous Report on Standards and Codes (ROSC) on accounting and auditing in the Czech Republic in order to provide a comprehensive and up to date picture of the state of the accounting and auditing systems in the country.