Accounting and Auditing Assessment

145 items available

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https://hdl.handle.net/10986/2111

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Digital Transformation of Tax and Customs Administrations
(Washington, DC: World Bank, 2022-06-30) Junquera-Varela, Raúl Félix; Lucas-Mas, Cristian Óliver; Krsul, Ivan; Calderon Yksic, Vladimir Omar; Arce Rodriguez, Paola
Domestic resource mobilization has become a core priority of the sustainable development agenda for tax and customs administrations. Information systems can play a critical role in revenue mobilization, which may create the much-needed fiscal space for maneuver and allow for more spending on all the things that drive potential growth over the medium term. New technologies can also increase the effectiveness of the internal operations of tax and customs administrations, and can reduce costs, as they improve their capacity to collect revenue with smarter use of the information they collect. Of particular interest is machine learning, which can be used to solve difficult problems that arise from the inability of revenue administrations to process massive amounts of data efficiently. Technology by itself can only provide tools. To achieve meaningful and impactful goals, a comprehensive strategy must be defined, covering the regulatory, institutional, and operational aspects. This paper analyzes such aspects and provides a roadmap for policymakers and tax officials on how to incorporate and manage disruptive technologies into the process of building the tax and customs administrations of tomorrow.
Cambodia - Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing
(World Bank, Washington, DC, 2021-11) World Bank
Cambodia has achieved remarkable economic development and political stabilization in recent years. Continuous high growth has heightened demand for high quality financial reporting and auditing in the corporate sector and in the government sector. This report on the observance of standards and codes accounting and auditing (ROSC A and A) report assesses the significant progress in the institutional framework for A and A since the previous ROSC A and A report in 2007. It analyses the accounting frameworks of listed companies, the banking and insurance sectors, state-owned enterprises (SOEs), and micro, small, and medium enterprise (MSMEs). The current report seeks to support the ongoing development of the financial reporting institutional framework in line with Cambodia’s national strategic development plan (NSDP) 2019-2023, which features good governance as a cross cutting theme. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice. Unless otherwise specified, data and statistics quoted in this report relate to the 2019 calendar year. This reflects the data that was available and or applicable at the time the analysis was done.
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.
Vietnam Corporate Accounting Education in Universities
(World Bank, Washington, DC, 2019-12) Busuioc, Andrei; Borgonovo, Alfred Jean-Marie; Mai, Tran Thi Phuong
Vietnam’s economic growth, among the most rapid in the region, has been supported by a boom in corporate sector development and direct foreign investment and as a consequence an increasing demand for accounting and auditing professionals. To sustain this growth and ensure strong private sector development in the face of increasing regional and international integration and the demands of a knowledge-based economy, a major priority of the government is to develop the labor force. Country legal accounting framework moves toward international standards and pressures the universities to reform the curricula. Available data on the size of the accounting profession in Association of Southeast Asian Nations (ASEAN) countries clearly shows Vietnam closer to the bottom of the scale. The Government of Vietnam has undertaken significant efforts to improve accounting education and introduce outcome-based education. A review of accounting and auditing faculties and schools of economic universities confirms further dedicated reform work is needed. The main technical competence areas, in particular foreseen in international education standards (IES) initial professional development - technical competence are well covered at bachelor’s degree level, but the required learning outcomes for almost all areas need improvements. Following the analysis of the current situation and from the perspective of the international good practices and applied benchmarks, a structured approach to reforming accounting education in Vietnam is presented in this report. This report aims at providing observations and recommendations on education of corporate accounting at Universities. To meet the public sector’s demand for qualified accountants, a similar assessment of accounting education for public sector will be needed.
Report on the Observance of Standards and Codes on Accounting and Auditing: Albania Update
(World Bank, Vienna, 2019-07) World Bank
Albania's remarkable economic transformation has been affected by the global financial crisis. The country's main challenges include maintaining macro-fiscal and financial sector sustainability, improving the investment climate and unleashing private sector growth, removing barriers to employment for job creation, and improving governance and public service delivery. Improving the business climate and addressing gaps in infrastructure and labor force skills are necessary to reap the early benefits of European Union (EU) accession and make Albania attractive for foreign direct investments. This report on the observance of standards and codes in accounting and auditing (ROSCA and A) seeks to assist with the further development of the financial reporting institutional framework in Albania. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice.
Indonesia: Report on the Observance of Standards and Codes on Accounting and Auditing
(World Bank, Washington, DC, 2018-05) World Bank
Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assessfinancial reporting and auditing standards, institutions and practices in participating countries.These reports form part of a joint initiative implemented by the World Bank and the InternationalMonetary Fund to review the quality of implementation of internationally recognized standardsand principles in 12 key areas (‘the ROSC program’) with a view to promoting financial andeconomic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector in Indonesia and sets forth areas for consideration for improving the institutional environment for A&A. The ROSC A&A used international benchmarks of good practice governing financial reporting and auditing in the assessment, includingInternational Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).This report updates an earlier assessment which was published in 2011 and was undertakenfollowing a formal request from the Government of Indonesia.
Report on the Observance of Standards and Codes on Accounting and Auditing: Indonesia
(World Bank, Washington, DC, 2018-05-01) World Bank Group
Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assessfinancial reporting and auditing standards, institutions and practices in participating countries.These reports form part of a joint initiative implemented by the World Bank and the InternationalMonetary Fund to review the quality of implementation of internationally recognized standardsand principles in 12 key areas (‘the ROSC program’) with a view to promoting financial andeconomic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector in Indonesia and sets forth areas for consideration for improving the institutional environment for A&A. The ROSC A&A used international benchmarks of good practice governing financial reporting and auditing in the assessment, includingInternational Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).This report updates an earlier assessment which was published in 2011 and was undertakenfollowing a formal request from the Government of Indonesia.
Reporting by Audit Oversight Bodies
(World Bank, Vienna, 2018) World Bank Group
A wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by their clients and could not be trusted to regulate themselves. Beginning with the Sarbanes-Oxley Act of 2002 in the U.S., there has been a global movement away from self-regulation of the auditing profession and towards independent oversight. Perhaps the most important milestone in this movement was the 2006 Audit Directive of the European Union, which required all EU members and accession candidates to implement independent oversight. A key goal of independent oversight is to provide relevant and reliable information to investors, lenders, audit committees, regulators, other stakeholders, and the general public about auditors and the audit market, among other matters. This paper aims to provide a brief synopsis on the topic of reporting by audit oversight bodies (AOBs) through their annual and inspection reports. It outlines international principles and legislative requirements, highlights certain good practices and shares results from a focused survey across EU-REPARIS and STAREP countries.
Key Accounting and Auditing Reforms
(World Bank, Vienna, 2017-12-01) World Bank Group
The purpose of this knowledge paper focusing on key accounting and auditing reforms is to assist the government to make informed decisions for future reform actions following the publication of the Macedonian Report on the Observance of Standards and Codes (ROSC) on Accounting and Auditing (A and A). The paper should be used as a tool to assist the Ministry of Finance when discussing and further analyzing some possible implications of various reform actions that the government and key stakeholders may choose to conduct, as well as provide possible application examples when possible. The government has remained committed to continue its reform efforts in corporate financial reporting frameworks and actual practices and implement the recommendations of the ROSC A and A update. This paper is divided into four thematic areas including: (i) Definition and special Considerations for Public Interest Entities (PIEs); (ii) Reducing regulatory burdens related to compliance with accounting, financial reporting and auditing requirements for Micro and Small and Medium Sized Enterprises (SMEs); (iii) public oversight of statutory auditors and quality assurance over external audit function; and (iv) professional accountancy education and training.
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.