Accounting and Auditing Assessment

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  • Publication
    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.
  • Publication
    Sudan Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2010-06-29) World Bank
    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
    Moldova Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2004-06-28) World Bank Group
    Financial reporting and auditing practices in Moldova's corporate sector are currently in a period of transition from providing for tax calculation and statistical needs to convergence with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). This report draws upon recent international experience in developed economies and EU accession countries as well as expected amendments to EU Directives. The National Accounting Standards (NAS) were developed on the basis of International Accounting Standards (IAS) from 1996 to 1998 for the most part, but they are substantially incomplete and out of date vis-à-vis IFRS (which incorporate IAS). Accordingly, the standard-setting process should be streamlined so as to allow the prompt adoption of the numerous existing IASs not yet reflected in the NAS. The National Standards of Auditing were developed recently and mirror ISA. The existing Accounting Law and certain aspects of the Joint Stock Companies Law are unduly onerous and restrictive in that they demand bookkeeping and other administrative procedures not normally required in market economy systems. These conflict with mandated accounting standards, confuse the preparers of financial statements and are detrimental to the quality of the financial information. A new Accounting Law should be passed with simplified requirements and incorporating key elements of the NAS and relevant EU Directives on that matter.