|
23.01.2009 - Article
Swiss Contribution: Signing of the second Project Agreement for the private sector
Implementation of the accounting and auditing provisions in Estonia
In Tallinn the second Project Agreement for the private sector as part of the enlargement contribution has been signed on 23 January 2009. SECO is providing CHF 2 million towards supporting the implementation of the accounting and auditing standards for businesses in Estonia. The project is helping to ensure a competitive market for the auditing business, high-quality test performance, and to meet other requirements set out in EU company law.
Switzerland signed the bilateral framework agreements with the ten new EU member states - including Estonia - in Bern on 20 December 2007. The agreement with Estonia is providing for a sum of CHF
39.9 million towards the reduction of social and economic disparities. The bilateral agreement specifies the importance of environment and infrastructure, promotion of the private sector, human and
social development and security, stability and reforms in cooperation.
In the field of promotion of the private sector, the State Secretariat for Economic Affairs (SECO) and the Estonian officials of the Ministry of Finance responsible for the implementation of the
Swiss-Estonian cooperation programme were able to expedite the preparatory work for the implementation of the programme. In Tallinn on 23 January 2009, the Estonian Minister of Finance Ivari Padar,
the Head of the Centre for Financial Reporting Reform John Hegarty from the World Bank and the Swiss Ambassador in Helsinki Josef Bucher have signed the Project Agreement.
The CHF 2 million-subsidised project in Estonia is helping to ensure a competitive market for the auditing business and high-quality test performance, and to meet other requirements set out in EU
company law. In specific terms this means that over the next four years public control of statutory auditors should be tightened, a quality assurance system should be built and the responsible
authorities should be trained in the application of the established international norms. The project is being carried out by the World Bank, which, in the context of an overriding country programme,
is also helping promote cooperation of the new EU states in the field of accounting and auditing. Through this project, SECO is making an important contribution to the comprehensive implementation of
the European Union’s Community law (Aquis Communautaire).
Additional information and documents:
Website of Switzerland’s contribution to EU enlargement in Estonia
http://www.erweiterungsbeitrag.admin.ch/de/Home/Laender/Estland
Local website with information about Switzerland’s contribution to EU enlargement in Estonia
http://www.swiss-contribution.admin.ch/estonia