Accounting and Auditing Assessment

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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.
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.
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.
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.
Report on the Observance of Standards and Codes on Accounting and Auditing Update: Republic of Serbia
(World Bank, Vienna, 2015-06) World Bank Group
This report on observance of standards and codes in accounting and auditing (ROSC A & A) provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors of Serbia and sets forth areas of consideration with a view to improving the country’s institutional environment for corporate financial reporting. To assess Serbia’s compliance with standards and codes, this report uses international benchmarks of good practice, including international financial reporting standards (IFRS), international standards on auditing (ISA), the statements of membership obligations (SMO) of the international federation of accountants (IFAC), and - because Serbia is seeking accession to the European Union (EU) - relevant provisions of the EU acquis communautaire (the acquis) governing financial reporting. The assessment focuses on the strengths and weaknesses of the A and A environment that influence the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. It updates an earlier assessment published in 2005. ROSC A and A assess accounting and auditing practices in participating countries.
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.
Report on the Observance of Standards and Codes on Accounting and Auditing Update: Georgia
(World Bank, Vienna, 2015-03) 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 World Bank and International Monetary Fund joint initiative to review the quality of implementation of twelve internationally recognized core standards relevant to economic stability and private and financial sector development (the ROSC Program). Since its inception in 2000, the ROSC AA program has concluded evaluations of the AA environment 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 Russia. This report covers the accounting, audit, and financial reporting frameworks as a whole, paying particular attention to the financial sector, state owned enterprises, SMEs and audit regulation - key areas that are important in the current economic context of Georgia. With respect to SOEs, the report focuses on the existing requirements, standards enforcement, and use of financial reports and statutory audit findings by the Government in its decision making and monitoring of SOEs. This report also discusses SMEs existing financial reporting requirements, and the need to simplify the requirements for the small and micro businesses. Finally, the report reviews the audit oversight function and a quality assurance system soon to be employed by Georgia, and provides recommendations to raise the quality of audit services through the strengthening of audit oversight.
Papua New Guinea Report on the Observance of Standards and Codes: Accounting and Auditing
(Washington, DC, 2015-02) World Bank Group
The main purpose of the Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review exercise, conducted at the request of the Government of Papua New Guinea, is to propose policy recommendations that will strengthen the institutional framework that underpins accounting and auditing practices in the country. Implementation of the policy recommendations will enhance the quality of financial reporting for corporations a key pillar that directly contributes to enhancing the business environment and the advancement of governance and financial accountability in both private and public sector entities. The ROSC A&A review for Papua New Guinea focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and involves both a review of mandatory requirements and actual practices. The international standards that have been used as reference points for the preparation of this report are International Financial Reporting Standards (IFRS), clarified International Standards on Auditing (ISA), and international good practice in the field of accounting and auditing regulation. It is critical at this stage of development that PNG manage its resources well. The PNGLNG project shipped its first cargo in June 2014 and it is expected the LNG project to expand GDP by as much as one-quarter in 2014 and 2015, and national income by about 8 per cent. This requires significantly stepping up the quality, compliance, and enforcement of benchmark financial reporting and auditing practices. This is a key development challenge for PNG to channel this windfall revenue into investments that positively impact peoples lives.
Bangladesh Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Dhaka, Bangladesh, 2015) 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 ROSC A&A program focuses on the institutional framework underpinning national accounting and auditing practices, and degree of conformity with international standards and good practices. This 2014 update to the Report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A&A) assesses the degree to which the policy recommendations of the 2003 ROSC A&A review have been implemented, identifies issues that have emerged since the last review, and proposes a number of policy recommendations aimed at further improving the quality of corporate financial reporting and auditing which contributes to improving country’s business climate, investors’ confidence and economic growth potential of Bangladesh. The policy recommendations should form the basis for a prioritized, stakeholder-driven Country Action Plan (CAP), aimed to assist in further enhancing financial reporting processes in accordance with international standards and good practices, taking into account Bangladesh’s country specific circumstances.
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.