Accounting and Auditing Assessment

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Sub-Saharan Africa

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Sierra Leone Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2020-01) World Bank Group

Sierra Leone is implementing a Medium-Term National Development Plan for 2019–2023 (2019 NDP) entitled “Education for Development”, aimed at improving people’s lives through education, inclusive growth, and the building of a resilient economy. The objective of the second Sierra Leone Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A&A) is to determine the kinds of reforms that will further strengthen the accountancy profession and enhance its contribution to the country’s growth agenda. This review focused on: (a) assessing the status of implementation of the policy recommendations and action plan developed after the first review in 2006, as well as its impact on the accountancy profession, (b) assessing and identifying any emerging issues that relate to A&A practices that require strengthening, and (c) proposing policy recommendations to strengthen the profession. The review was conducted from May to November 2019 following the revised World Bank ROSC A&A 2 methodology.
Zambia Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2017-10) World Bank Group

The government of Zambia is implementing the seventh National Development Plan (NDP) focused on building a diversified and resilient economy for sustained growth and social economic development (2017 – 2021). This second Zambia report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A and A) is aimed at determining reforms that will further strengthen the accountancy profession to accelerate its contribution towards economic and social development. The report is set out as follows. Section I describes the objective, approach, country and economic context, and link between corporate and financial reporting and the seventh NDP, World Bank country partnership strategy, and different sectors; section II provides an assessment of the framework supporting the accountancy profession; section III discusses the status of implementation of 2007 policy recommendation; and section IV lists policy recommendations.
Republic of Rwanda: Report on the Observance of Standards and Codes--Accounting and Auditing

(World Bank, Washington, DC, 2015-11) World Bank

The Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A&A) program is part of a 12-module joint World Bank-IMF initiative to assist member countries to strengthen their financial systems by improving their capacity to comply with internationally recognized standards and codes. The program focuses on the institutional framework underpinning national accounting and auditing practices, and degree of conformity with international standards and good practices. The initial ROSC A&A for Rwanda was carried out in 2008 and provided a key input in designing necessary financial reporting reforms in the country. The 2015 update is a valuable tool for monitoring the effectiveness of the reform program. It assesses the degree to which the recommendations of the 2008 ROSC A&A review have been implemented, identifies issues that have emerged since the last review, and proposes a number of recommendations aimed at further strengthening the quality of corporate financial reporting and auditing which contributes to improving business climate, investors’ confidence and economic growth potential of Rwanda.
Republic of Ghana Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2014-12) World Bank

This 2014 Report on the Observance of Standards and Codes in Accounting and Auditing (ROSC A&A) is the second review for Ghana. Its main objectives are to: assess the degree to which the policy recommendations of the 2004 review have been implemented, identify any emerging issues since the last review and develop policy recommendations that, once implemented, would further enhance the quality of financial reporting in the country. While growth has been spurred by favorable commodity prices for gold and cocoa, the start of commercial production of oil and a booming services sector, there is still room for improvement in the business environment, business confidence and financing of the economy. The implementation of the policy recommendations contained in this report will contribute to improved business environment and investor confidence, an essential factor for economic growth.
Chad Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2014-04) World Bank

The auditing profession in Chad is characterized by the existence of numerous practitioners who provide accounting and auditing services illegally, in violation of community regulations, and whose qualifications often do not meet the international standards. To date, Chad has not yet set up a national association of chartered accountants. One of the most pressing areas in transposing community texts relates to the establishment of a national association of chartered accountants, whose existence is essential for the development and practice of the accountancy profession in Chad. It is also important for consolidating accounting and auditing processes, improving the quality of financial reporting, facilitating access to credit and supporting foreign direct investors, as well as improving the competitiveness of national businesses. With regard to the accounting standards, the Uniform Act (UA) organizing and harmonizing accounting systems for businesses, as well as the accounting chart of accounts and the provisions put in place by the Commission Bancaire d'Afrique Centrale (COBAC) and the Conference Interafricaine des Marches d'Assurances (CIMA) code, there has been very little change since their entry into force towards the end of the 1990s. This is due to shortcomings in the functioning of the regional bodies in charge of ensuring that these texts were updated in line with changes in the accounting, economic, and legal fields. Looking ahead, the major areas of focus in seeking to strengthen the legal and regulatory framework governing accountancy and auditing professions in Chad are the following: (i) the reclassification of CEMAC licensed accounting technicians in Chad in the category of public accountants, in accordance with community regulations, (ii) the establishment of a national association of chartered accountants, (iii) the proper functioning of the national accounting standards commission, (iv) the adoption of auditing professional standards and a code of ethics in line with those established by International Federation of Accountants, or IFAC independent standard-setting board, (v) the strengthening of initial training through the improvement of the quality of the national curriculum and by drafting a continuous professional training plan, and (iv) the capacity building of the Court of Accounts to enable it implement INTOSAI auditing standards in order to ensure proper supervision of public enterprises.
Republic of Uganda Report on the Observance of Standards and Codes : Accounting and Auditing

(Washington, DC, 2014) World Bank

This second Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) assesses the degree to which the findings and policy recommendations of the first review have been implemented. The report identifies and assesses issues that have emerged after the first review. From these assessments, the World Bank team identifies the root causes of failure to implement the proposed recommendations. It makes policy recommendations aimed at further improving the quality of financial reporting, which should contribute to lowering the cost of borrowing and enhance private sector competitiveness; ultimately contributing to the attainment of Uganda s strategic objectives aimed at achieving; (i) inclusive and sustainable growth, (ii) job creation, and (iii) improved governance. These are themes in the 2012/2013 and 2013-2014 and Uganda National Budgets. Going forward, the above key policy recommendations should form the basis for a stakeholder driven Country Action Plan which should be regularly monitored to ensure it is effectively implemented. This will improve financial reporting in both the private and public sector and therefore play a role in enhancing transparency and accountability which are key ingredients in attracting private sector investors and thus lead to economic growth as well as improve on public service delivery.
South Africa : Report on the Observance of Standards and Codes--Accounting and Auditing

(Washington, DC, 2013-06) World Bank

The main purpose of the South Africa Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) is to determine reforms that will continue to improve the quality of financial reporting in South Africa. The review, requested by the Minister of Finance, was conducted to assess the status of implementation of policy recommendations in the prior 2003 ROSC A&A report, assess the institutional framework underpinning accounting and auditing practices in comparison with international standards and good practices in order to identify any emerging issues that require strengthening, share good practices adopted in the country, and propose policy recommendations addressing areas that require improvements. Implementation of the policy recommendations will further enhance the quality of financial reporting in the country, a key pillar that contributes to enhancing the business environment and advancement of governance and financial accountability in both the private and public sector entities. The review focuses on private sector. Financial reporting in public sector is assessed under public expenditure and financial accountability framework.
South Africa Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2013-06) World Bank

The main purpose of the South Africa Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) is to determine reforms that will continue to improve the quality of financial reporting in South Africa. The review, requested by the Minister of Finance, was conducted to assess the status of implementation of policy recommendations in the prior 2003 ROSC A&A report, assess the institutional framework underpinning accounting and auditing practices in comparison with international standards and good practices in order to identify any emerging issues that require strengthening, share good practices adopted in the country, and propose policy recommendations addressing areas that require improvements. Implementation of the policy recommendations will further enhance the quality of financial reporting in the country, a key pillar that contributes to enhancing the business environment and advancement of governance and financial accountability in both the private and public sector entities. The review focuses on private sector. Financial reporting in public sector is assessed under public expenditure and financial accountability framework.
Swaziland Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2012-11) World Bank

The Report on Observance of Standards and Codes, Accounting and Auditing (ROSC A&A), requested by the Government of the Kingdom of Swaziland, contributes to development of a comprehensive plan that will strengthen the institutional framework that underpins accounting and auditing practices in the country. ROSC A&A program is a part of the joint World Bank-International Monetary Fund (IMF) initiative on assisting member countries to strengthen their financial system by improving capacity to comply with important internationally recognized standards and codes. The initiative covers twelve areas that relate to: (a) policy transparency; (b) financial sector regulation and supervision, Financial Sector Assessment Program (FSAP); and (c) market integrity. ROSC A&A relate to market integrity and specifically reviews and makes recommendations for strengthening the framework for education and training for accountants, the capacity and services of a professional accountancy organization, regulatory framework governing accounting and auditing practices, the applicable accounting auditing and ethics standards and the extent of their implementation, and the regulatory institutions and mechanism for monitoring and enforcing compliance with the standards.
Nigeria : Accounting and Auditing

(Washington, DC, 2011-06-06) World Bank

This report finds that there has been limited implementation of the 2004 Country Action Plan and limited improvement in financial reporting practices in Nigeria. Nigerian authorities have successfully implemented only 6 of 14 action plans emanating from the 2004 review leaving significant areas yet to be addressed. This 2011 ROSC presents policy recommendations that take into account international experience, good practice, and local circumstances.