The World Bank Report No: ISR16347 Implementation Status & Results Sri Lanka Strengthening Institute of Chartered Accountants, Sri Lanka (P127189) Public Disclosure Copy Operation Name: Strengthening Institute of Chartered Accountants, Sri Lanka Project Stage: Implementation Seq.No: 2 Status: ARCHIVED Archive Date: 28-Oct-2014 (P127189) Country: Sri Lanka Approval FY: 2012 Product Line: Institutional Development Fund Region: SOUTH ASIA Lending Instrument: Implementing Agency(ies): Institute of Chartered Accountants Sri Lanka Key Dates Board Approval Date 21-Nov-2011 Original Closing Date 22-Mar-2015 Planned Mid Term Review Date 10-Dec-2013 Last Archived ISR Date 01-Dec-2012 Effectiveness Date 22-Mar-2012 Revised Closing Date 22-Mar-2015 Actual Mid Term Review Date 23-Dec-2013 Project Development Objectives Project Development Objective (from IDF Proposal) GoSL is keen to improve the investment climate, build investor confidence for attracting foreign investments and spur private sector development. Strengthening governance and transparency in the private and public sectors are the key building blocks for improving investor confidence. The proposed IDF grant aims to support activities that will build up the capacities of ICASL to strengthen corporate governance through strengthening audit quality and standards as well as to strengthen transparency through improved financial reporting standards in the private and public sectors. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Implementing an Audit Quality Assurance (AQA) program 198200.00 Program to assist and educate Small and Medium-sized Practices (SMPs) 61500.00 Program to increase adoption of IFRS 176800.00 Public Disclosure Copy Program to Strengthen Public Sector Financial Management 63500.00 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Low Low Implementation Status Overview Page 1 of 3 The World Bank Report No: ISR16347 The Institute of Chartered Accountants have made very good overall progress. Most of the achievements have exceeded targets. The progress is on track to finish before closing date. Locations Public Disclosure Copy No Location data has been entered Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Number of Quality Assurance Board reports Number Value 0.00 40.00 20.00 issued Date 21-Nov-2011 25-Sep-2014 20-Mar-2015 Comments Increase in the number of local trainers with Number Value 0.00 35.00 20.00 relevant training experience in IFRS, and Date 21-Nov-2011 25-Sep-2014 20-Mar-2015 SLPSAS Comments Small and Medium Sized Audit Practitioners Percentage Value 0.00 10.00 75.00 Trained on the Audit Tool Kit Date 21-Nov-2011 25-Sep-2014 20-Mar-2015 Comments Increase in the number of business enterprises Number Value 15.00 200.00 150.00 having awareness of and trained in the Date 21-Nov-2011 25-Sep-2014 20-Mar-2015 application IFRS Comments Number of FM staff in Statutory Boards and Number Value 0.00 193.00 75.00 Local Authorities trained in SLPSASs Date 21-Nov-2011 25-Sep-2014 20-Mar-2015 Comments Data on Financial Performance (as of 19-Sep-2014) Financial Agreement(s) Key Dates Public Disclosure Copy Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P127189 TF-11508 Effective 22-Mar-2012 22-Mar-2012 22-Mar-2012 22-Mar-2015 22-Mar-2015 Disbursements Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P127189 TF-11508 Effective USD 0.50 0.50 0.00 0.45 0.05 89.00 Disbursement Graph Page 2 of 3 The World Bank Report No: ISR16347 Public Disclosure Copy Key Decisions Regarding Implementation - Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Public Disclosure Copy Page 3 of 3