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BENCHMARKING INTERNATIONAL STANDARDS OF TRANSPARENCY AND ACCOUNTABILITY |
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"A Public
Private Partnership Promoting Financial Transparency and Accountability"
The public interest demands a transparent and accountable financial system based on international standards, rigorously and honestly applied, by credible professionals with the requisite credentials. In transition economies across Europe & Eurasia, the Benchmarking International Standards of Transparency and Accountability (BISTA) project accelerates implementation of harmonized international standards, closes compliance gaps, and fosters global and regional alliances and the transfer of best practices. BISTA serves the public interest by ensuring the sustainability of regional and national institutions that improve and oversee the competency and credibility of accountants and auditors in the private and public sectors. Overall, BISTA project components enhance economic governance and the anti-corruption environment, contribute to improvement of the macroeconomic environment, encourage foreign and domestic investment, and increase human and institutional capacity.
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Read more...
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Accountancy Development Index UPDATE - 05 MAY 2009 |
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Representatives from over 40 countries from around
the world are in the process of evaluating their country’s level of accountability
and transparency as part of the Accountancy Development Index (ADI) Initiative.
Developed by USAID’s Benchmarking International
Standards of Transparency and Accountability (BISTA) project and designed with
the assistance of an international Steering Council comprised
of scholars, practitioners and academics from around the world, the ADI
assists in monitoring country progress
as it relates to a country’s financial
sector enabling environment. Leveraging Public Private Partnerships with representatives
from over 40 professional accountancy associations world-wide, the ADI’s broad reach
and application allows donor agencies, government officials, regulators, academics
and professional accountancy associations the ability to understand a country’s
current position and progress over time
as it works to implement financial sector international standards and best
practices, helps to identify strategic
imperatives for technical assistance activities, and aids in the analysis
of impact and outcomes of financial
sector reform initiatives.
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Read more...
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The Global Financial Crisis |
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In September 2008, the USAID Benchmarking International Standards of Transparency and Accountability (BISTA) Project, with its focus on the transparency and accountability of the financial sector, found new relevance as the U.S. sub-prime mortgage crisis burgeoned into a full blown global financial crisis. The failures of large US financial institutions resonated throughout the global financial markets resulting in currency deflation and a decline in commerce world-wide. The fallout of this crisis has been a global liquidity problem and the de-leveraging of financial institutions especially in the United States and Europe, which has exacerbated economic challenges. Although the effects of this crisis have been widespread, those hardest hit have been the economies of developing and transition countries.
Against this challenging backdrop, the BISTA Project has been working to enhance the financial sectors of transition economies across Europe & Eurasia (EE). The BISTA Project aims to accelerate the implementation of harmonized international standards, close compliance gaps, and fosters global and regional alliances and the transfer of best practices to countries in the EE Region.
For relevant guidance on the Global Financial Crisis please see the following website provided by IFAC:
http://www.ifac.org/financial-crisis
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ADI Steering Council Meeting 2009 |
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 The BISTA Project held its Accountancy Development Index (ADI) Steering Council meeting in Amsterdam, the Netherlands this January 20-21, 2009. Among the topics of discussion was the addition of Ms. Weiyi Shi as the BISTA Project statistician, major statistical issues surrounding the structure of the ADI as well as selections of countries for responding to the ADI. At the close of the meeting, the Steering Council reviewed the finalized the ADI Questionnaire and approved it for distribution. The ADI will be distributed to respondents over the coming weeks and should be yielding results shortly.
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Practical Audit ExperienceTraining (PAET) Pilot Programs Conclude Successfully! |
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USAID in collaboration with Royal NIVRA, CARANA Corporation and Public Private Partners Ernst and Young and Deloitte. of the Netherlands, successfully delivered trainings on the practical aspects of conducting financial audits as part of the BISTA Project's initiative to develop a Practical Audit Experience Training (PAET) Manual. Trainers traveled to Pristina, Kosovo; Tirana, Albania; and Chisinau, Moldova to work with each country's respective professional accountancy association (SCAAK, IEKA & ACAP) to learn about the auditing environment in each country and to share their knowledge and experience with local auditors. Due to the overwhelming demand, this collaborative group provided instruction to over 150 auditors on such topics as assessing audit risk, determining audit materiality and identifying key assumptions and the practical application of substantive and analytical tests of accounts.
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Transparency and Accountability Resources |
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Underlying the goals of the BISTA program is the desire to enhance knowledge and understanding of transparency and accountability. In an effort to achieve this, the BISTA program has collected and organized various website and weblinks which discuss and relate to the subjects of transparency and accountability. To access this information please click on the link here.
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