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Financial Reporting Technical Assistance Program Poland
Improving the capacity of Polish institutions in corporate financial reporting
The FRTAP program, funded by the Swiss Contribution to the Enlargement of the EU, aims to improve the capacity of the main institutions involved in corporate financial reporting in several of the countries of central and eastern Europe that joined the EU in 2004 and 2007. The Polish component, launched in December 2009 and running to December 2015, is the largest of the national FRTAP programs with a total budget of CHF 10 million.
The Polish program contains measures to improve the ability of accountants to prepare financial reports under International Financial Reporting Standards (IFRS) and of auditors to carry out statutory audits under International Standards on Auditing (ISA). The CFRR organized an international conference on IFRS in Warsaw in June 2011 and the first courses on IFRS and ISA have already been held under the program. These activities are being developed further and, in addition, the CFRR will begin work in the next few months to help local professional bodies to improve the provision of Continuing Professional Development (CPD).
In the area of audit regulation, the program includes assistance for the Public Audit Oversight Commission and the National Chamber of Auditors (KIBR) in designing and operating effective systems for the public oversight of audit and for quality assurance of auditors. The program funds study tours and training for audit inspectors and is supporting the creation of a national register of auditors. The forthcoming audit conference in Warsaw also forms part of the program.
In addition, the Polish FRTAP includes a range of activities to improve the capacity of local policy-makers and financial regulators to use the information in financial reports to carry out their activities. These include training courses for tax officials on IFRS, more targeted courses for financial regulators, focused particularly on the application of IFRS to the banking and insurance sectors, specialized English language training for policy-makers, a study of the local market for the provision of accounting and audit services, and a study to clarify and enhance the relationship between financial and tax reporting in Poland.
In order to monitor how well the program is meeting its objectives, an updated Report on the Observance of Standards and Codes in Accounting and Auditing (A&A ROSC) for Poland will be prepared in 2012. A second update of the A&A ROSC will be prepared in 2015, when the Polish program is due to be concluded.