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TA 7520-CAM: Support for Financial Sector Program Cluster III

Objectives:

The objective of the project was to have (i) an updated Financial Sector Development Strategy (FSDS), to be approved by the Government in 2011 as the FSDS 2011-2020, and (ii) a report, following a detailed diagnostic assessment of the financial sector, which provided a series of proposed reforms that continued to improve public confidence and financial intermediation, enhanced financial sector resilience, promoted good governance, and improved efficiency under the next program cluster(FSP III).

Services:

Among other components, this project preparatory technical assistance addressed issues related to Accounting and Auditing as a cross-cutting sector:

  1. Focusing on the accounting and auditing practices, studied the Financial Sector Blueprint for 2001–2010, Financial Sector Development Strategy 2006–2015, various reports relating to the 1st and 2nd Financial Sector Program, Program Completion Reports, ADB independent program evaluation report, 2010 FSAP, ROSC report and other documents relating to Cambodia’s financial sector.
  2. In consultation with all stakeholders on accounting and auditing practices evaluated the current accounting and auditing framework, standards, and practice against international standards. Assessed the legal and regulatory framework, institutional arrangements, domestic capacity, enforcement mechanisms, training, and curriculum to determine how supportive these structures were of the accounting and auditing practices and to identify gaps that needed to be addressed.
  • Prepared a detailed report on the findings that included an evaluation of the impact of the 1st and 2nd financial sector programs on accounting and auditing development, background, required changes or improvements – organized into a series of reform activities, the rationale for the proposed changes, estimated adjustment costs, and ways to expedite those changes.
  1. Reviewed the process of amending and implementing laws, policies and procedures that comply with the requirements of the International Federation of Accountants (IFAC) by National Accounting Council (NAC) and Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA).
  2. In close coordination with the associated government working group, drafted the FSDS 2011–2020. Organized public workshops to discuss the draft FSDS and incorporate changes where appropriate.

 

Timeframe: October 2010 - September 2011

Realated Countries: Cambodia

Client(s): ADB

Categories: PFM and Financial Management and Audit and Accounting, Technical Assistant

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