Accounting and Auditing Assessment

145 items available

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

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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.
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.
Report on the Observance of Standards and Codes on Accounting and Auditing: Republic of the Philippines

(World Bank, Washington, DC, 2017-09-28) World Bank Group

Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assess financial 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 International Monetary Fund to review the quality of implementation of internationally recognized standards and principles in 12 key areas (‘the ROSC program’) with a view to promoting financial and economic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector2 in the Philippines 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, including International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). This report updates an earlier assessment which was published in 2006 and was undertaken following a formal request from the Government of the Philippines.
Pakistan Report on the Observance of Standards and Codes: Accounting and Auditing

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

Report on the Observance of Standards and Codes Accounting and Auditing (ROSC A&A) assess financial reporting and auditing practices in participating countries. These reports form part of a joint initiative implemented by the World Bank and the International Monetary Fund to review the quality of implementation of internationally recognized standards and principles in 12 key areas (the ROSC program) with a view to promoting financial and economic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector in Pakistan and sets forth areas of consideration for improving the institutional environment for accounting and auditing. The ROSC A&A used international benchmarks of good practice governing financial reporting and auditing in the assessment, including International Financial Reporting Standards and International Standards on Auditing. As an update to an earlier assessment that was published in 2005, this report was undertaken following a formal request from the Government of Pakistan.
Republic of Senegal Report on the Observance of Standards and Codes: Accounting and Auditing

(World Bank, Washington, DC, 2016-05) World Bank Group

This 2015 Accounting and Auditing Report on the Observance of Standards and Codes (ROSC A&A) is the second assessment for Senegal. Its main objectives are to: (i) assess the degree of implementation of the 2005 recommendations and action plan and evaluate their impact on the accounting and auditing profession; and (ii) identify reforms that could be undertaken to further strengthen the accountancy profession and improve the quality of the country’s financial information. Senegal is experiencing weak economic growth, attributable on one hand to the economy’s vulnerability to domestic and external shocks and, on the other, to structural weaknesses linked in particular to the high costs of transport and energy, as well as an insufficiently attractive business climate. The implementation of the recommendations contained in this report will facilitate improvement in the quality and credibility of financial information in the country. These aspects could be key factors for improving the business climate and boosting investor confidence. This assessment focuses on the strengths and weaknesses of the accounting and auditing environment that affect the quality of the financial information produced by private-lawentities for the use of their various external users. It includes a review of legal obligations, as well as the practices observed in the country. The reference framework serving as the basis of comparison for the analysis consisted of the International Financial Reporting Standards (IFRS2), the International Standards on Auditing (ISA3) and the international good practices currently observed in the field of accounting and auditing regulation.
Poland: Report on the Observance of Standards and Codes on Accounting and Auditing Update

(World Bank, Vienna, 2015-08-27) World Bank Group

Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (AA) assess accounting and auditing practices in participating countries. They form part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to review the quality of implementation of twelve internationally recognized core standards (the ROSC Program). These standards and their related codes are relevant to economic stability, and private and financial sector development. The program was developed at the end of the 1990s, in the wake of financial crises that affected many countries in several regions of the world. In the case of the ROSC AA for Poland, the international standards used as benchmarks are (i) relevant portions of European Union legislation (also called the acquis communautaire), (ii) International Financial Reporting Standards (IFRS), (iii) clarified International Standards on Auditing (ISA), (iv) the International Federation of Accounts (IFAC) Code of Ethics, and (v) other international good practice in the field of accounting and auditing regulation. This is the third ROSC AA for Poland. The first two were conducted in 2002 and 2005. This report updates the findings of the 2005 report, and assesses the extent to which prior recommendations have been implemented. Since its inception in the early 2000s, the ROSC AA program has concluded evaluations in more than one hundred countries around the world. ROSC AA reports have been produced for all countries of the Europe and Central Asia region, except the Russian Federation. This ROSC AA serves three main objectives: (i) to support Poland’s development strategy, particularly regarding the enhancement of economic competitiveness, (ii) to assess progress achieved under the Financial Reporting Technical Assistance Program (FRTAP), and (iii) to update the findings of the 2005 ROSC AA. The FRTAP is a Swiss-funded program aimed at strengthening accounting and auditing practices in Poland through the implementation of high quality standards in these areas.
Sri Lanka Report on the Observance of Standards and Codes: Accounting and Auditing Update

(World Bank, Washington, DC, 2015-06) World Bank Group

The Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC AA) in Sri Lanka aims to assess the progress made on implementation of the policy recommendations of the first ROSC AA in 2004 and supports the Government of Sri Lanka in preparing a country action plan. This will further enhance the quality of corporate financial reporting, and thereby contribute toward the country’s goal of improving the investment climate, attracting foreign direct investment (FDI), and fostering business development. The ROSC review, requested by the Minister of Finance and Planning, entailed an evaluation exercise that assesses the strengths and weaknesses of existing institutional frameworks that underpin financial accounting and auditing practices; determines the comparability of national accounting and auditing standards; and evaluates the effectiveness of enforcement mechanisms for ensuring compliance with existing national standards, rules, and regulations. The review was conducted from December 2013 to September 2014 using the World Bank’s multi-layered review methodology. All findings reflect this time period of the review; some stated future events may have been achieved by publication date. The data and information used for the review was gathered from a diagnostic questionnaire completed by stakeholders; by reviewing accountancy profession-related documents; and through interviews with many stakeholders from government, regulatory and accountancy bodies, accounting and auditing firms, banks, insurance companies, state-owned enterprises (SOEs), small and medium-size enterprises (SMEs), and academia. The review focused on assessing the institutional framework underpinning accounting and auditing practices in the private sector and in SOEs of the country in comparison with international standards and good practice.