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Latin America and Caribbean

Improving Corporate Financial Reporting (El Salvador)


Client: FIRST Initiative

2008-2010

In El Salvador, CARANA provided consulting services to raise the quality of corporate financial reporting in El Salvador on behalf of the FIRST Initiative, a multi-donor grant facility managed by the World Bank.

The project, an offshoot of the World Bank Accounting and Auditing Reports on the Observance of Standards and Codes (AA ROSC) Program, promoted better understanding and observance of international standards. With CARANA's assistance, the project developed a training plan for El Salvador's accountancy professionals and a quality assurance system for auditors.

It also prepared a formal plan for the country's transition to International Financial Reporting Standards (IFRS), outlining key actions for further accounting and auditing reform and drafts of key legislative changes.