Accounting and Auditing Assessment
145 items available
Permanent URI for this collection
Items in this collection
1 - 10 of 13
-
Publication
Sri Lanka Report on the Observance of Standards and Codes: Accounting and Auditing Update
(World Bank, Washington, DC, 2015-06)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. -
Publication
Bangladesh Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Dhaka, Bangladesh, 2015)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. -
Publication
Strategic Plan for Strengthening of Internal Audit in Government of Bihar
(Washington, DC, 2012-01)The Government of Bihar (GOB) has adopted various reform measures to modernize fiscal and financial management such as passing of the Fiscal Responsibility and Budget Management Act, adoption of Government of India's general financial rules and decentralization of financial powers to respective departments with a view to increasing the pace of expenditure and implementation of plan schemes. However, for decentralization to be effective the supporting public financial management systems need to be also modernized. Accordingly, the Government had entrusted a project 'modernization of budget and financial rules and procedures' to Centre for Good Governance (CGG), Hyderabad. The project requires CGG to comprehensively revise the treasury code, financial rules and budget manual, and to provide a roadmap to modernize and strengthen internal audit function in the government. CGG has firstly studied the existing organization structure of the internal audit function in GOB, the skills and capacity of the internal audit staff, the working conditions in the main office and divisional offices, the perception of others about internal audit and so on. They have visited the main office in Patna and the divisional office in Gaya. After identifying the strengths and weaknesses of the system, a road map has been prepared for strengthening the internal audit in the government. -
Publication
Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing
(World Bank, 2009-05-26)Bhutan has registered rapid economic growth in the recent past. But the private sector's contribution to this growth has not been significant. Recognizing that the private sector can play an important role as an engine of growth, the Royal Government of Bhutan (RGoB) mapped out strategies to encourage the private sector to participate in the Kingdom's growth. An important strategy outlined under Bhutan's Tenth Five-Year-Plan (10FYP) is to enhance employment opportunities by encouraging private sector development, which will broaden the employment base. This strategy is also in line with another major 10FYP objective of vitalizing industry, in which the private sector is envisaged to play a major role. Bhutan's financial sector has hitherto been very small and underdeveloped, owing to the lack of adequate development in the private sector and the small size of the economy. The RGoB assessed that the lack of a clear institutional framework is one the major factors responsible for the slow growth and weak performance of industries in Bhutan, notably in the manufacturing and trade sectors. It is against this backdrop that the World Bank at the invitation of the RGoB has undertaken an assessment of accounting and auditing practices in the Kingdom of Bhutan with respect to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the country's institutional framework and capacity needed to ensure compliance with international standards and to improve the quality of financial reporting in the country. These recommendations are aimed at achieving corporate financial reporting practices of international standards and to help create a world-class working environment for professional accountants and auditors in Bhutan. -
Publication
Afghanistan : Report on Observance of Standards and Codes - Accounting and Auditing
(World Bank, 2009-02-16)This report is based on a review of the strengths and weaknesses of corporate accounting and auditing practices in Afghanistan. It forms part of a joint initiative between the World Bank and the International Monetary Fund (IMF) on Reports on the Observance of Standards and Codes (ROSC), which covers a set of twelve internationally recognized core standards and codes relevant to economic stability and private and financial sector development. The review involved the assessment of actual practices and an analysis of the effectiveness of monitoring and enforcement mechanisms, in the area of corporate accounting and auditing in Afghanistan. International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) served as benchmarks for evaluating comparability of locally applicable accounting and auditing requirements. The review used a diagnostic template developed by the World Bank to facilitate collection of information. The information was complemented by the findings of a due diligence exercise, based on a series of meetings with key stakeholders, conducted by World Bank staff and consultants. -
Publication
Sri Lanka : Public Sector Accounting and Auditing, A Comparison to International Standards
(World Bank, Washington, DC, 2007)This assessment of public sector accounting and auditing is generally meant to assist with the implementation of more effective Public Financial Management (PFM) through better quality accounting and public audit processes in Sri Lanka. It is intended to provide greater stimulus for more cost-effective outcomes of government spending. The specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common strongly founded knowledge as to where local practices stand in accordance with the internationally developed standards of financial reporting and audit; (b) to assess the prevailing variances; (c) to chart paths to reduce those variances; and (d) to provide a continuing basis for measuring improvements. -
Publication
Afghanistan - Public Sector Accounting and Auditing : A Comparison to International Standards
(Washington, DC, 2007)This assessment of public sector accounting and auditing is generally meant to help implement more effective public financial management (PFM) through better quality accounting and public audit processes in Afghanistan and to provide greater stimulus for more cost-effective outcomes of government spending. More specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common firmly based knowledge as to where local practices stand in accordance with international standards of financial reporting and auditing; (b) to assess the prevailing variances; (c) to chart paths for improving the accordance with international standards; and (d) to provide a continuing basis for measuring improvements. The study has taken the international standards as axiomatic with any acceptable options incorporated in the standards. The study has not assessed whether the country should adopt a limited version of the standards, as the processes of developing the standards have already considered any acceptable options that can be incorporated into the text of the standards, but they do not override authoritative national standards issued by governments, regulatory or professional accounting bodies. -
Publication
Maldives : Public Sector Accounting and Auditing, A Comparison to International Standards
(World Bank, Washington, DC, 2007)This assessment of public sector accounting and auditing standards is generally meant to assist with the implementation of more effective public financial management (PFM) through better quality accounting and public audit processes in Maldives. It is intended to provide greater stimulus for more cost-effective outcomes of government spending. The specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-based knowledge as to where local practices stand in comparison with internationally developed standards of financial reporting and audit; (b) to assess the causes of the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. Annex A explains the methodology used for the study. Annex B provides a summary of international accounting and auditing standards referred to in this study. Annex C and D provide country accounting and auditing legislation, respectively. Lastly, Annex E includes a description of the benefits of accrual accounting. The World Bank is supporting initiatives to develop local systems so that donors can increase their use of country systems for their own grants and loans. -
Publication
Bhutan : Public Sector Accounting and Auditing, A Comparison to International Standards
(Washington, DC, 2007)The objectives of this report are: (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-founded knowledge as to where local practices stand in accordance with the internationally developed standards of financial reporting and audit; (b) to assess the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. The analysis in this report has been conducted in light of the strong measures being taken in the Kingdom of Bhutan to reform the accounting and auditing processes. The report addresses several issues such as: adopting international accounting standards in major public enterprises; implementing professional leadership in accounting and financial management; implementing a fully integrated, computerized government accounting system; drafting new acts on public financial management and combating corruption; strengthening the Royal Institute of Management (RIM); and providing training for finance, accounting, and internal audit staff in line ministries and other government agencies, heads of administration and finance divisions, and other managers. -
Publication
Pakistan : Accounting and Auditing
(Washington, DC, 2005-03)This report is based on an assessment of accounting and auditing practices in the Islamic Republic of Pakistan. It forms part of a joint initiative between the World Bank and the International Monetary Fund on Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of corporate accounting and auditing practices in Pakistan and involves a review of both mandatory requirements and actual practice. The report consists of policy recommendations to be used as inputs in developing a Country Action Plan. The objectives of these recommendations are to consolidate the prior achievements, improve knowledge base among auditors and the preparers of financial statements, and strengthen the monitoring and enforcement mechanisms for ensuring compliance with applicable standards and codes. The recommendations include improving the capacity of regulators and professional bodies, upgrading accountancy education and training with focus on practical application of International Financial Reporting Standards and International Standards of Auditing, issuing and disseminating implementation guidance on applicable standards, instituting a system for independent oversight of auditing profession, developing simplified reporting requirements for small- and medium-sized enterprises, upgrading the licensing procedure of professional accountants and auditors, and enhancing the delivery of continuing professional education.