The Multilateral Investment Fund (MIF) has approved two grants totalling US$1.33mn to strengthen the accounting systems in
Each country will receive US$665,000 to help its accounting profession build adequate mechanisms for the application and enforcement of International Accounting Standards and International Standards on Auditing.
The programme includes an independent assessment of accounting and auditing in the country in accordance with the Reports on Observance of Standards and Codes, which are being prepared by the World Bank and the International Monetary Fund to help strengthen the international financial architecture.
Recent financial crises and cases of corporate mis-governance have underscored the need to adopt sound accounting and auditing principles to reduce capital costs and increase investment possibilities.
The MIF projects will be carried out by the Institute of Chartered Accountants of Jamaica and Institute of Chartered Accountants of Trinidad and Tobago. Each entity will provide US$350,000 in counterpart resources for the two programmes.
The Multilateral Investment Fund, an independent fund administered by the Inter-American Development Bank, is dedicated to promoting private sector development in Latin America and the Caribbean through grants and investments.