Accounting and Auditing Assessment

145 items available

Permanent URI for this collection

Items in this collection

Now showing 1 - 10 of 10
  • Thumbnail Image
    Publication
    Brazil : Report on the Observance of Standards and Codes--Accounting and Auditing
    (Washington, DC, 2013-06-11) World Bank
    This Report on the Observance of Standards and Codes: Accounting and Auditing (ROSC A&A) has been prepared under the Financial Sector Assessment Program in Brazil. The report assesses the status of implementation of 2005 ROSC A&A policy recommendations, highlights recent improvements in Brazil's corporate financial reporting framework, and sheds light on emerging issues regarding the institutional underpinnings of accounting and auditing practices that require further upgrading in line with international good practices. In addition to maintaining appropriate macroeconomic policies, there is an extensive agenda to implement wide ranging structural reforms to promote growth, increase productivity, and raise living standards. Brazil's low domestic savings and limited domestic long-term financing markets remain a major impediment to the investment in infrastructure that is required to sustain high economic growth. Given the increased role played by the financial system, especially as more families and businesses have access to banking credit and capital markets, it will also be necessary to further develop and strengthen Brazil's financial markets and institutions, to help to ensure macroeconomic stability and sustainable growth. In this context, one of the strategic objectives of the ROSC A&A is to help consolidate the institutional framework for accounting and auditing in Brazil in order to support improvements in business conditions in general, and facilitate access to more abundant and cheaper domestic and foreign financial resources.
  • Thumbnail Image
    Publication
    Republic of Trinidad and Tobago : Report on the Observance of Standard and Codes - Accounting and Auditing
    (Washington, DC, 2013-03-28) World Bank
    The Report on the Observance of Standard and Codes (ROSC) Accounting and Auditing (A&A) focuses on the institutional framework underpinning national accounting and auditing practices, and their conformity with international standards and good practices. It evaluates the: a) adequacy of reporting requirements, b) capacity to implement applicable standards and codes, and c) the effectiveness of enforcement mechanisms for ensuring compliance with applicable standards and codes. This report provides an assessment of corporate sector accounting, financial reporting, and auditing practices in Trinidad and Tobago. It aims to assist the Government of Trinidad and Tobago's efforts to strengthen accounting and auditing practices and enhance financial transparency in the corporate sector, so as to support the Government's objective of private sector-led growth and deepened integration with the international economy. Trinidad and Tobago is a relatively small, open economy with a high per capita income and abundant natural resources. Key areas for strengthening Trinidad and Tobago's corporate financial reporting practices are: 1) establishing a culture of compliance; 2) improving monitoring and enforcement capabilities of various regulators; 3) establishing institutional mechanisms for regulating the accounting profession, including independent oversight; 4) enhancing technical capacities of Institute of Chartered Accountants of Trinidad and Tobago (ICATT); 5) improving professional accountancy education and training; and 6) improving the statutory framework for corporate financial reporting. The recommendations in this report are presented for the consideration of authorities in Trinidad and Tobago as suggested inputs for the development of a country action plan, geared toward strengthening the corporate financial reporting regime.
  • Thumbnail Image
    Publication
    Suriname : Report on the Observance of Standards and Codes - Accounting and Auditing
    (Washington, DC, 2012-05-31) World Bank
    This report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Suriname, with the aim of assisting the Government of Suriname's efforts to strengthen private sector accounting and auditing practices and enhance financial transparency in the corporate sector, so as to support the Government's objective of private sector-led growth and deepened integration with the international economy. This ROSC A&A aims to support the government's objectives of improving the investment climate and fostering private sector growth, in particular through: (a) designing a solid legal and regulatory framework governing the accounting and audit profession in Suriname, (b) improving the technical skills of accounting and audit practitioners, and (c) enhancing the institutional capacity of the country's accounting professional body and educational institutions. The ROSC A&A focuses on the institutional framework regulating accounting and auditing practices, and the comparability of national accounting and auditing practices with international standards and best practice, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks. It evaluates the effectiveness of enforcement mechanisms for ensuring compliance with applicable standards and codes.
  • Thumbnail Image
    Publication
    Organization of Eastern Carribbean States : Report on the Observance of Standards and Codes
    (Washington, DC, 2008-06-21) World Bank
    This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in the Organization of Eastern Caribbean States (OECS). The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. High-quality financial information supports relevant strategic objectives for the OECS, including: (1) an investor-friendly business climate; (2) sub-regional and regional harmonization; (3) better management and increased transparency of public-interest enterprises; and (4) improved Small and Medium Enterprise (SME) access to credit as an outgrowth of a shift toward lending based on the borrower's financial performance and cash flow. Due to their small size (total population about 560,000) and their tropical island geography, OECS countries face special development challenges, including limited human and institutional capacity, high per capita costs of basic social and infrastructure services, and vulnerability to natural disasters and other external shocks. High levels of indebtedness and fiscal imbalance are additional factors affecting growth and crowding out private investment. These constraints significantly affect the strategic planning and decision-making processes in both the public and private sectors and make capacity issues more significant than in larger countries. The OECS accounting and auditing practices need to be strengthened and modernized to serve adequately the emerging needs of the market and support sustainable economic development.
  • Thumbnail Image
    Publication
    Haiti : A Review of Accounting and Audit Practices
    (Washington, DC, 2007-11) World Bank
    This report analyzes corporate financial reporting and auditing practices in Haiti. It supports the Government's efforts to: (a) improve financial sector stability and development; (b) encourage a business climate conducive to private investment and local companies' access to credit and long-term finance; and (c) enhance the governance and accountability of public enterprises. For the purpose of this study, the benchmarks that have been used include the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA). The report also draws on international experience and good practice in accounting and auditing, particularly in Latin America and the Caribbean. The main focus of the review is the institutional framework and professional environment that underpin private sector accounting and audit practices.
  • Thumbnail Image
    Publication
    Dominican Republic : Accounting and Auditing
    (Washington, DC, 2004-12-30) World Bank
    This report provides an assessment of accounting, financial reporting and auditing practices within the corporate sector in the Dominican Republic (DR), using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drawing on international experience and good practices in those fields. The principal objective of this ROSC assessment is to assist the Government in strengthening private sector accounting and auditing practices, and in enhancing financial transparency in the DR's corporate sector. The development objectives these efforts address are improving the investment climate, fostering competitiveness and furthering regional and international economic integration. Moreover, the recommendations arising from the assessment support the Government's efforts to ensure the stability of the financial sector and mitigate the risk of crises.
  • Thumbnail Image
    Publication
    Peru : Accounting and Auditing
    (Washington, DC, 2004-06-10) World Bank
    The report provides an assessment of accounting, financial reporting, and auditing practices within the corporate sector in Peru, using International Financial Reporting Standards (IFRS), and International Standards on Auditing (ISA) as benchmarks, drawing on international experience and best practices in that field. This Report on the Observance of Standards and Codes (ROSC) Accounting & Auditing review included the analysis of a sample of 20 published audited financial statements, and found that financial reporting standards broadly complied with by Peruvian corporations, although a number of cases of departures from IAS, and possibly from ISA, were noted. This points the need to strengthen the enforcement of financial reporting and auditing requirements for entities of public interest. The review also noted that existing arrangements for the licensing of auditors do not provide compulsory minimum academic course content in accounting and auditing, nor do they include professional examination; moreover, continuing education requirements are not effectively followed. This is detrimental to the quality of the accounting and audit practice in the country. The lack of quality control of auditors is also a cause of serious concern. The report offers several policy recommendations aimed at strengthening the regulatory framework governing accounting and auditing, including establishing an independent oversight body for the audit profession, that would ensure qualified auditors with a strong academic background, and professional skills, and that they comply effectively with both ISA and applicable ethical requirements. Another recommendation of this ROSC is that large, non-listed companies be required to have their financial statements audited, and to publish these financial statements through CONASEV - National Supervisory commission of Enterprises and Securities.
  • Thumbnail Image
    Publication
    Mexico : Accounting and Auditing
    (Washington, DC, 2004-03-31) World Bank
    This report offers several policy recommendations aimed at improving the accounting and auditing regulatory framework. An important aspect is the strengthening of enforcement mechanisms for ensuring compliance with accounting and auditing requirements and auditors' professional code of ethics; in this context, a recommendation has been made for the establishment of an independent oversight body for the audit profession. The review of accounting and auditing standards and practices in Mexico, which forms the basis of this report, placed specific focus on the strengths and weaknesses of the institutional framework that supports the corporate financial reporting system in the country. In that context, specific emphasis was placed on the quality and consistency of academic curricula for public accountants, as well as on existing arrangements for the licensing of auditors.
  • Thumbnail Image
    Publication
    Ecuador : Accounting and Auditing
    (Washington, DC, 2004-03-18) World Bank
    This report provides an assessment of accounting, financial reporting and auditing practices within the corporate sector in Ecuador, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and drawing on international experience and best practices in that field. The adoption of Ecuadorian Accounting Standards (Normas Ecuatorianas de Contabilidad, or NEC) and Ecuadorian Auditing Standards (Normas Ecuatorianas de Auditoría, or NEA) in 1999-2000 represented a significant step forward for the country in improving the quality of its standards. Nonetheless, further efforts are needed to improve those standards which leave out a number of critical areas. In that regard, full adoption of IFRS and ISA by public-interest entities is widely viewed among country stakeholders as the best solution for Ecuador, and this report endorses the accounting profession's recent initiative for such adoption.
  • Thumbnail Image
    Publication
    Jamaica : Accounting and Auditing
    (Washington, DC, 2003-06-15) World Bank
    This report assesses both the mandatory requirements and the actual practices of the accounting and auditing professions in Jamaica, using the International Accounting Standards (IAS) and the International Standards of Auditing (ISA) as benchmarks. The assessment was conducted using a diagnostic tool developed by the World Bank under a joint initiative of World Bank and International Monetary Fund on the Reports on the Observance of Standards and Codes (ROSC). The Institute of Chartered Accountants of Jamaica (ICAJ) initially carried out a self-assessment with the assistance of an international consultant, to prepare the ground for obtaining financial assistance under the Multilateral Investment Fund program of the Inter-American Development Bank.