Accounting and Auditing Assessment
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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
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
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 Poland : Accounting and Auditing
(Washington, DC, 2005-02)This report acknowledges the very significant progress achieved by Poland under the leadership of the Ministry of Finance, since publication of the first accounting and auditing ROSC report in July 2002. This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Poland. Companies are required to prepare their financial statements in conformity with Polish accounting requirements, based on the Fourth and Seventh European Union (EU) Company Law Directives, and provide a simplified financial reporting framework for small and medium sized enterprises. Banks are required to prepare their consolidated financial statements in conformity with endorsed International Financial Reporting Standards (IFRS), and their legal entity financial statements in conformity, either with accounting regulations set by the Minister of Finance based on the Banking Accounts Directive, or, with endorsed IFRS. Insurance companies are required to prepare their financial statements in conformity with accounting regulations set by the Minister of Finance based on the Insurance Accounts Directive. Companies listed on the Warsaw Stock Exchange are required to prepare their consolidated financial statements in conformity with endorsed IFRS. This report recommends that public interest entities be required to prepare their consolidated financial statements in conformity with IFRS. Clearly, this measure would go a step ahead of the current requirements of the acquis, as this is not yet required by the EU-other than for the consolidated financial statements of listed companies-however, the ROSC team believes that it would be valuable for enhancing the transparency of financial reporting of public interest entities. This report shows that priorities should now turn to building the monitoring, supervisory, and disciplinary regimes necessary to ensure effective compliance. This assessment demonstrates that the effective enforcement of accounting, auditing and ethical standards is the next challenge that Poland has to tackle. While the report highlights a major program of required reforms to ensure practices catch up with recent regulatory enhancements, the report commends Poland for its achievements to date, some of which go beyond what is presently required by the acquis communautaire and what "peer" large EU Member States are presently doing. -
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
Dominican Republic : Accounting and Auditing
(Washington, DC, 2004-12-30)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. -
Publication
Republic of Slovenia : Accounting and Auditing
(Washington, DC, 2004-10-11)This assessment of accounting and auditing practices in Slovenia focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and involves a review of both mandatory requirements, and actual practice. It uses International Financial Reporting Standards (IFRSs), and International Standards on Auditing (ISAs), and the relevant portions of European Union (EU) law (also known as the acquis communautaire) as benchmarks, and draws on international experience and good practices in the field of accounting and audit regulation. Slovenia adopted a gradualist approach to economic reform: the first stage of privatization of socially owned enterprises began in 1992, using different measures, including management and employee buyouts, voucher privatization via investment funds, and direct sales. However, the process resulted in a dispersion of ownership among various state institutions, investment funds (which have remained passive owners), and, most notably, managers and employees. The banking system is relatively well developed by central European standards, and the system is sound and well capitalized, with a low proportion of nonperforming loans. Although the Ljubljana Stock Exchange was established in December 1989, it has failed to challenge the banks as a source of funding for the corporate sector, or a destination for the population's savings. However, a broad range of Slovenian enterprises became listed toward the end of the 1990s. The insurance industry is developing: the state retains an 85 percent stake in the market leader, and, insurance penetration, expressed in terms of premium as a percentage of GDP (5.3 percent including health), is the highest among the transitional Central European countries. As new regulations come into force, priorities are now turning to build the monitoring, supervisory and disciplinary regimes necessary to ensure effective compliance. This assessment demonstrates that the effective enforcement of accounting, auditing and ethical standards is the next challenge that Slovenia has to tackle. This report draws upon recent international experience in developed economies and accession countries, as well as expected amendments to the acquis communautaire, and recommends that Slovenia strengthen the enforcement of accounting and auditing standards. -
Publication
Republic of Korea : Accounting and Auditing
(Washington, DC, 2004-06-30)This report provides an assessment of accounting and auditing practices in the Republic of Korea (Korea). Korean Accounting Standards, which have been established by an independent standard setting body, the Korea Accounting Standards Board (KASB), are largely consistent with International Financial Reporting Standards (IFRS). Korean Auditing Standards, which have been established by the Korean Institute of Certified Public Accountants (KICPA), are a translation of the International Standards on Auditing. The statutory regulator's audit engagement reviews have been strengthened in the last few years. However, opportunities still exist for noncompliance with established accounting and auditing standards. The policy recommendations of this report focus on strengthening the monitoring and enforcement of established accounting, reporting, and auditing requirements. -
Publication
Hungary : Accounting and Auditing
(Washington, DC, 2004-06-20)This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Hungary using International Financial Reporting Standards (IFRS),International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law (also known as the acquis communautaire) as benchmarks. It also draws on international experience and good practices in the field of accounting and audit regulation.