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AKIPRESS.COM - The State Service for Regulation and Supervision of Financial Markets of the Kyrgyz Republic and the World Bank have launched a new technical assistance project aimed at improving the quality of audit and financial reporting in the Kyrgyz Republic, the Embassy of Switzerland in the Kyrgyz Republic said.
The Kyrgyz Audit and Reporting Enhancement project (KAREP), funded by the Government of Switzerland through the Swiss State Secretariat for Economic Affairs (SECO), will work to enhance the investment climate in the Kyrgyz Republic by increasing the availability of transparent and reliable financial information.
Over the course of three years, the State Service for Regulation and Supervision of Financial Markets and the World Bank will work towards raising the quality of audit services and building trust in the audit profession, as well as strengthening financial reporting capacity and raising public accountability of state-owned enterprises. In addition, the KAREP project will help SMEs to bridge their accounting knowledge gap and compile financial statements acceptable to local banks, thus, contributing to improvement of access to finance for smaller businesses.
The project will benefit the Kyrgyz business community and other stakeholders, including state and privately owned companies, SMEs, Kyrgyz government and regulators, accounting and audit profession in general, as well as students majoring in related disciplines. It will be managed by the Centre for Financial Reporting Reform (CFRR), the World Bank’s specialist center in Vienna for providing knowledge and advisory services to support reforms in financial reporting.