Poland opens new project on corporate sector financial reporting and auditing under the Swiss-Polish Cooperation Program
Warsaw, December 11, 2009 — Today in the Ministry of Finance of Poland, the representatives of the Embassy of Switzerland with the Ministry of Regional Development and the representatives of the Ministry of Finance with the World Bank signed two agreements that officially open the new financial reporting and auditing project called: Institutional and regulatory capacity building for corporate sector financial reporting and auditing at the national level.
“The scope of application of International Financial Reporting Standards as well as International Standards on Auditing has increased in the recent years. It results in the need to spread the knowledge on the standards among stakeholders who are concerned by these regulations, i.e. mainly accountants, auditors and public administration,” said Elzbieta Chojna-Duch, the Undersecretary of State in the Ministry of Finance. “Thanks to the financial assistance of the Swiss-Polish Cooperation Program and technical expertise and experience of the World Bank, Poland will be able to achieve these goals.”
The project covers spreading the knowledge on IFRS and ISA among the wide range of beneficiaries who will attend the specialized trainings in this area. Drawing on funding provided under the Swiss Enlargement Contribution, the World Bank’s activities are aimed at:
- correctly implement the requirements of the acquis communautaire in the accounting and auditing area;
- ensure the full application of the acquis communautaire in practice;
- provide the necessary education and training to those individuals who are responsible for these tasks.
All the above will lead to strengthening Poland’s voice on the international level where most auditing and accounting laws are being created.
“It is a very important project both for Poland and the Ministry of Regional Development,” said Adam Zdziebło, Undersecretary of State, Ministry of Regional Development. “10 million out of 489 mln Swiss franks has been earmarked for it within the framework of Swiss-Polish Cooperation Programme. As a result, financial reporting sector will soon be given a significant boost through series of comprehensive trainings - at both national and international level - that will soon be available to Polish beneficiaries.”
“Poland takes seriously its obligation to correctly implement the requirements of the acquis communautaire in the financial reporting area, not just as a matter of formal compliance, but to provide the basis for sustained economic growth, including through enhanced functioning of the internal market, and mitigation of the risk of financial system crisis,” said John Hegarty, the Head of the Centre for Financial Reporting Reform Europe and Central Asia Region, The World Bank. “For the World Bank this is the biggest fee-for-service contract signed in the Europe and Central Asia Region and another step to apply the new, innovative engagement model in Poland providing fee based advisory services.”
“This project supporting accounting and auditing system reforms in Poland is a part of the financial Contribution which has been granted by Switzerland to the twelve states that joined the EU from 2004 onwards. The project should help Poland to upgrade its current framework accounting and auditing system to the international standards, which is crucial for the long-term success of Polish Economy. Similar measures for the application of transparent accounting and auditing standards are currently undertaken with the Swiss support in Estonia, Latvia and Slovenia.” – said Mr. Bénédict de Cerjat - the Ambassador of Switzerland to Poland.
The financial support of the 10 million Swiss Francs managed by the Ministry of Finance will allow the World Bank to carry out the planned activities. The project is projected to last 6 years within which over 6 thousand people will be trained.
“I am convinced that when we meet at the conference closing the Project in 2015, we could pride ourselves on achieving all goals that we set today” – summed up Elzbieta Chojna-Duch, the Undersecretary of State in the Ministry of Finance.