February 11, 2008
ACDI/VOCA Hosts Conference to Promote CIPA Training in Azerbaijan
On January 30, ACDI/VOCA hosted a conference in Azerbaijan to promote its Certified International Professional Accountant (CIPA) program. The program is part of ACDI/VOCA’s USAID-funded SME Support through Financial Sector Development project and aims to combat the lack of highly trained financial professionals in Azerbaijan.
The CIPA program is the only Russian-language training, examination and certification program for professional accountants, financial managers and auditors. The program trains accountants to become certified according to International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and is well recognized in many former Soviet Union countries. ACDI/VOCA-Chief of Party Muhammad Junaid reports that all Azeri banks have already switched to following IFRS.
The training enables Azeri institutions to navigate international financial business standards and processes. Transitioning successfully to IAS and IFRS is an important priority for Azerbaijan to develop its financial services sector.
Since the launch of the CIPA program, ACDI/VOCA and its partners have conducted trainings for financial sector accountants to obtain certifications. More than 50 senior accountants from banks and nonbank financial institutions participated in 2007 training sessions, and this number is expected to grow dramatically now that the program is being offered on an ongoing basis.
As of January 1, Azerbaijan law requires all “strategically important companies” to be compliant with IAS and IFRS standards. Many other companies are voluntarily complying because of recommendations from investors, auditors and investment and audit community members.
To date, ACDI/VOCA has helped six senior accountants to pass all examinations and become the first Certified Accounting Practitioners (CAPs) in Azerbaijan. CAP is the first step to the more comprehensive CIPA certification level.
To learn more about ACDI/VOCA’s SME through Financial Sector Development project, click here.