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A conference hosted by the World Bank and the Academy of Economic Studies of Moldova addresses aspects of sustainable development of accounting and auditing profession

September 26, 2013

The event focuses on the modernization of university curricula in the context of cooperation and partnership with the Member States of the European Union

CHISINAU, September 26, 2013 – The World Bank Center for Financial Reporting Reform (CFRR), in partnership with the Faculty of Accounting of the Academy of Economic Studies of Moldova (ASEM), hosted an international conference on “Sustainable Development of the Profession in the area of Accounting and Auditing: Applying Best Practices to the Modernization of University Curricula through Cooperation and Partnership with the Member States of the European Union.”

“The conference focused on a solution-based approach to improve university education and life-long professional development in the area of accounting and auditing, based on modern standards and requirements,” stressed Andrei Busuioc, Senior Financial Management Specialist, CFRR, World Bank. “The cooperation in this regard, between the universities from the Republic of Moldova and Romania, may serve as a useful model in approaching the development challenges concerning the curriculum in the area of financial reporting in the corporate sector.”

The conference highlighted the role and implications of the latest amendments to the International Education Standards (IESs) in accounting and the practical aspects related to their implementation in universities. The following aspects have been tackled: (i) examples of result and demand-based approaches, imposed by the revised IESs and their implications; (ii) the impact of e-learning platforms and solutions on the current offer in the area of accounting education in light of the EU 2020 Knowledge Economy Strategy; and (iii) examples of innovative solutions, on a global level, concerning the collaboration between universities and professional associations, as well as in the larger context of the European Union, in matters of curricula and content of accounting programs.

The event was attended by representatives of the Faculty of Accounting and Management Informatics (ACCA accredited), Bucharest University of Economic Studies, who presented their own experience of modernizing the curriculum in the area of financial accounting and auditing, in order to provide an adequate academic preparation and to develop high-quality professional abilities in students.

“The event was an expected and, at the same time, a necessary one for the academic community, in particular for the Faculty of Accounting of ASEM, which is always concerned with improving the quality of university education in the area of accounting and auditing,” mentioned Valentina Paladi, Dean of the Faculty of Accounting, ASEM. “In 2012, the Faculty of accounting, with the technical and financial support of the World Bank, launched the accreditation procedure of the Faculty by the Association of Chartered Certified Accountants (ACCA) from the UK, which, once granted, would provide faculty students with the possibility to equate part of the examinations passed during university studies with the respective examinations within ACCA programs. The format of the conference is a novelty for Moldova, succeeding to bring together representatives of academia, the Ministry of Finance, economic entities, audit companies, national and international professional bodies.”

The conference was entirely funded from the South-South Experience Exchange Trust Fund (SSEETF) project for Moldova, financed by the World Bank, entitled “Modernizing the Curriculum in the area of Accounting and Auditing through Experience Exchange with the Member States of the European Union”[1].

Since Moldova joined the World Bank in 1992, over US$1 billion has been allocated to 49 operations in the country. Currently, the World Bank portfolio includes 11 active projects with total commitments of US$205.7 million. Areas of support include regulatory reform and business development, education, social assistance, e-governance, healthcare, water and sanitation, agriculture, and others. The International Finance Corporation has provided total investments in the amount of US$191 million and the Multilateral Investment Guarantee Agency has provided guarantees totaling US$95 million. Both institutions are members of the World Bank Group.

[1]The South-South Facility is a Multi-Donor Trust Fund that allows experience and knowledge exchange between the client countries of the World Bank. This Trust Fund is determined by offer and responds in a rapid and efficient manner to the needs related to the knowledge exchange. The global partners of the South-South Facility include China, Columbia, Denmark, India, Mexico, the Netherlands, Russia, Spain, and UK. For more information, please visit: https://wbi.worldbank.org/sske/.

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