WBG - Enhancing Corporate Financial Reporting The objective of this proposed project is to:  1) Assist the WBG Board of Professional Auditing (BPA) in finalizing and promulgating the draft Regulations of the Audit law, most urgently and importantly those relating to entry into the auditing profession (professional examinations, qualifications, and professional experience requirements). 2) assist the BPA in ensuring that the national professional licensing program in the area of auditing draws upon internationally recognized practices and, in particular, that IESs are taken in account when designing detailed procedures for professional examination, practical experience and other licensing arrangements as well as for CPE requirements. 3) assist the Palestinian Association of CPAs (PACPA) in a) establishing an effective tool for promulgating and implementation of new and amended ISAs by its members, b) adopting ISCQ 1 (Quality control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Service Engagement) and establish a requirement for audit firms to comply with ISCQ1 and, c) Promote a CPE program consistent with IAESB#s Education Standards which should be one of the first priorities for PACPA's education committee. 4) Introduce IFRS for SMEs to be used as the standard of reference for preparing financial statements outside the regulated sectors (i.e., banks, listed companies and insurance undertakings). This would be consistent with the fact that full IFRS has been adopted de jure in the regulated sectors and de facto by large enterprises operating in WB&G. This proposed IDF grant with the above mentioned objectives will specifically help the PA and institutions to introduce, implement, and enforce regulations, including implementation and enforcement measures, that are comparable to best international practices within their respective regulatory domains. It will also help the accountancy profession to continue its strengthening effort by offering advice and benchmark to move with key areas and plan to re submit a request to IFAC for membership and adhere to its obligations. The funds for this proposed grant will be channeled through the MoF to the BPA, which will be responsible for the management of the grant funds through a separate designated account. Monitoring and follow up on implementation of the project#s objectives will be carried out by the national technical committee assigned for this regard. The project will provide technical assistance through international consultants to assist the BPA and PACPA in meeting the required actions. The project will also finance training on ISCQ1 and IFRS for SMEs. The grant seeks to support the WBG Board of Professional Auditing (BPA) and the Palestinian Association for CPAs (PACPA) in their efforts to strengthen the audit profession in WBG to be in line with the international good practices by: improving the system of accountancy training and education; enhancing the licensing process for external auditors and establishing a system of quality assurance and continuing professional development for auditors.  A qualified audit profession and a strong financial architecture are key pillars of sound corporate governance, required to build investor confidence and support a strong business climate, with consequent positive impacts on competitiveness and economic growth.