Strengthening Private Sector External Auditing

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The objective of this program will be to strengthen the technical and professional skills of public accountants and private independent auditing firms in Nicaragua so that they may provide their clientele with transparent, reliable and timely accounting and financial information. In addition, assistance will be provided to help the Comptroller General of the Republic (CGR) review and update its internal procedures. To achieve this objective, the program will provide support for: review and modernization of the legal framework governing public accountancy, and study of amendments to be made to the Commercial Code requiring firms to keep account books according to generally accepted accounting principles, plus publication and promotion of the new standards; strengthening the administrative structure and operations of the CCPN, enabling it to oversee the profession and develop continuing education programs; raising the level of professional competence among public accountants by reviewing and upgrading the university curriculum in accountancy, developing a graduate program in auditing, and establishing a self-financing program of continuing education; and review and updating of the procedures and methods currently used by the CGR in the selection and hiring of independent auditing firms, and examination of the methods for overseeing and evaluating the internal auditing units of public agencies in Nicaragua.