Accounting and Auditing Assessment
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Publication
Republic of Uganda Report on the Observance of Standards and Codes : Accounting and Auditing
(Washington, DC, 2014)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. -
Publication
Mauritius - Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing
(World Bank, Washington, DC, 2011-06)The second Report on the observance of standards and codes (ROSC) Accounting and Auditing (A&A) review in Mauritius aims to determine what reforms should be undertaken to further strengthen the accountancy institutional framework that is critical in contributing to the country's economic growth. In 2010, the Government of Mauritius invited the World Bank to conduct this follow-up review. The first ROSC A&A was carried out in 2003. The new review establishes the extent of implementation of the 2003 policy recommendations and also identifies emerging strengths and weaknesses in institutional framework that underpin accounting and auditing practices that influence the quality of financial reporting. Further policy recommendations in this ROSC address the identified systematic weaknesses. Ultimately, if implemented, the recommendations would improve corporate financial reporting that will enhance Mauritius' business environment and advance its governance and financial accountability both key contributors to improving investor confidence and attracting investments. The ROSC A&A review team used a diagnostic template developed by the World Bank to facilitate collection of data. The data was complemented by the findings of a due diligence exercise obtained by the team during a series of meetings held with key stakeholders. During the meetings, the team also obtained information on the status of implementation of 2003 recommendations. A National steering committee comprising representatives of stakeholders in the accounting and auditing community in Mauritius supported the ROSC team. -
Publication
Sudan Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2010-06-29)The assessment of accounting and auditing (A&A) practices in Sudan is part of the joint initiative of the World Bank and the International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The ROSC A&A assessment focuses on strengths and weaknesses of the corporate accounting and auditing environment that influence the quality of corporate financial reporting and involves a review of both mandatory requirements and actual practices. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on recent global experiences and good practice in the field of corporate financial reporting and auditing. This assessment used a diagnostic template developed by the World Bank to facilitate collection of information, which was complemented by findings of a due diligence exercise based on meetings with key stakeholders conducted by World Bank staff. The assessment was carried out ensuring participation from the in-country major stakeholders such as regulators of corporate entities, banks and similar financial institutions, professional accountants, bankers and investment analysts, preparers of financial statements, auditors, academics, and representatives from the leading trade bodies. The main purpose of this ROSC A&A assessment is to assist the Government of Sudan in strengthening the private sector's accounting and auditing practices, along with enhancing financial transparency in the corporate sector. -
Publication
Ethiopia : Accounting and Auditing
(World Bank, Washington, DC, 2007-11)This Report on Observance of Standards and Codes (ROSC) provides a review of the accounting and auditing practices and the institutions underpinning the accounting and auditing environment in the corporate sector in Ethiopia. The review drew on best international practices and makes policy recommendations aimed at improving the quality of financial reporting in the country. There are some notable efforts in Ethiopia aimed at improving the quality of financial information. One is aimed at establishing accounting and auditing standards for the private sector under the auspices of the Office of the Federal Auditor General (OFAG). Another is aimed at improving the capacity for public finance management under the auspices of the Ethiopian Civil Service College (ECSC). Work is also ongoing on revision of the Ethiopian Commercial Code under the auspices of the Ministry of Justice. The aim of this ROSC has been to complement the existing efforts by producing a holistic evaluation of all necessary pillars for a strong financial reporting infrastructure. While this report focuses mainly on corporate sector accounting and auditing, it also recognizes the need to ensure a well coordinated Commercial Code under the auspices of the Ministry of Justice. The aim of this ROSC has been to complement the existing efforts by producing a holistic evaluation of all necessary pillars for a strong financial reporting infrastructure. While this report focuses mainly on corporate sector accounting and auditing, it also recognizes the need to ensure a well coordinated approach to develop (i) accounting and auditing standards; and (ii) education and training systems in accounting and auditing, in the public and private sectors. -
Publication
Tanzania : Accounting and Auditing
(Washington, DC, 2005-04)This report provides an assessment of accounting and auditing practices within the context of the Tanzania institutional framework, to ensure the quality of corporate financial reporting. Various weaknesses and encouraging advancements were identified in the course of the review. Company legislation is outdated. A revised Act provides for modernized requirements but has shortcomings and is still not effective. Some laws specify particular accounting requirements that do not align with International Financial Reporting Standards/International Accounting Standards (IFRS/IAS). Parastatals lack a single statutory financial reporting act and there is no law, or regulatory body monitoring financial reporting by pension funds. On a positive side, the Auditors and Accountants Act has facilitated the development of an enabling environment for strong accounting practices, and the mandatory appointment of professional accountants for entities meeting thresholds. Another positive development was the adoption of IFRS/IAS and International Standards on Auditing (ISA) in 2004. However, full compliance is not yet readily achieved and national ethical requirements for auditors have not kept up to date with international developments. While the National Board of Accountants and Auditors (NBAA) has made a significant contribution to accountancy development over the past decade, the professional education however, is not yet in line with International Educational Standards, and neither is the NBAA able to function effectively either as a regulator, or, a professional accountancy body. The policy recommendations provided in this report focus on improving the statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. Establishing an independent oversight body is a major recommendation. The oversight body would be responsible for adoption, monitoring, and enforcement of IFRS/IAS - based and ISA-based accounting and auditing practices of public interest entities. In addition, stakeholders should agree on criteria to clarify which entities should be eligible to use the standards of the International Accounting Standards Board for small- and medium-size enterprises, when available. -
Publication
Republic of Uganda : Accounting and Auditing
(Washington, DC, 2005-02)This report provides an assessment of accounting and auditing practices within the context of the Uganda institutional framework, to ensure the quality of corporate financial reporting. The accountancy profession in Uganda is young, but growing rapidly. Accounting and auditing practices in Uganda suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Various weaknesses were identified in the laws and regulations governing financial reporting. Adopting International Accounting Standards (IAS) and International Standards on Auditing (ISA) in 1998 was a positive development. However, full compliance with IAS (and subsequently International Financial Reporting Standards) is not yet readily achieved, and there is inadequate adherence to auditing standards and professional ethics. Apart from the financial institutions and listed companies, monitoring and enforcement mechanisms are ineffective. These factors, as well as inadequate accounting education at university level, lack of learning materials on the international standards, and a lack of monitored and controlled practical training, have contributed to weaknesses in the financial reporting and auditing regime. The policy recommendations in this report focus on improving the statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. A major recommendation is the establishment of an independent oversight body. The oversight body will be responsible for adoption, monitoring, and enforcement of IFRS/IAS-based and ISA-based accounting and auditing practices of public interest entities. -
Publication
Republic of Mauritius : Accounting and Auditing
(Washington DC, 2003-04-02)This report is part of the Bank and International Monetary Fund joint initiative on Reports on the Observance of Standards and Codes (ROSC). The ROSC- Accounting & Auditing review process involved an assessment of local accounting and auditing standards, and actual practices and analysis of effectiveness of the mechanisms for ensuring compliance with the formal standards. The review used a diagnostic template developed by the Bank to facilitate a self-assessment by a National Steering Committee established by the Minister of Economic Development, Financial Services, and Corporate Affairs. The self-assessment results, complemented by the findings of a due diligence exercise conducted by Bank staff, were used in preparing this report. The policy recommendations of this report specifically focus on strengthening the monitoring and enforcement arrangements through a proposed Financial Reporting Council. This body will develop, and disseminate guidelines on international accounting and auditing standards, monitor compliance with financial reporting requirements, conduct practice review of the auditors and audit firms, and enforce actions against infractions. For expediting the implementation of IAS and ISA, there is a need for bolstering professional education and training arrangements. -
Publication
Kenya : Accounting and Auditing
(Washington, DC, 2001-11-09)This report assesses accounting and auditing practices in Kenya in relation to the requirements of the International Accounting Standards (IASs) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC). The report addresses the institutional capacity needed to ensure compliance with the international standards and to improve the quality of financial reporting in the country. It highlights strengths and weaknesses of the institutional framework and presents an action plan for institutional capacity building. Kenya has recently made progress in closing the gap between national accounting and auditing practices and international standards, notably by adopting the IASs and ISAs as national requirements. However, its compliance with these requirements is partial, due to enforcement mechanisms that continue to evolve and inadequate resources. In spite of these difficulties, institutional investors in Kenya perceive that the quality of financial reporting has significantly improved over the past 12 months. However, the legal framework governing accounting and financial reporting, the professional education and training arrangements, the professional body, and the enforcement mechanism need improving. Stakeholders in the country believe that successful completion of appropriate capacity-building initiatives, through implementation of an action plan, would help develop accounting and auditing practices and improve compliance with international standards within a period of three to five years.