Accounting and Auditing Assessment

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  • Publication
    Vietnam Corporate Accounting Education in Universities
    (World Bank, Washington, DC, 2019-12) Busuioc, Andrei; Borgonovo, Alfred Jean-Marie; Mai, Tran Thi Phuong
    Vietnam’s economic growth, among the most rapid in the region, has been supported by a boom in corporate sector development and direct foreign investment and as a consequence an increasing demand for accounting and auditing professionals. To sustain this growth and ensure strong private sector development in the face of increasing regional and international integration and the demands of a knowledge-based economy, a major priority of the government is to develop the labor force. Country legal accounting framework moves toward international standards and pressures the universities to reform the curricula. Available data on the size of the accounting profession in Association of Southeast Asian Nations (ASEAN) countries clearly shows Vietnam closer to the bottom of the scale. The Government of Vietnam has undertaken significant efforts to improve accounting education and introduce outcome-based education. A review of accounting and auditing faculties and schools of economic universities confirms further dedicated reform work is needed. The main technical competence areas, in particular foreseen in international education standards (IES) initial professional development - technical competence are well covered at bachelor’s degree level, but the required learning outcomes for almost all areas need improvements. Following the analysis of the current situation and from the perspective of the international good practices and applied benchmarks, a structured approach to reforming accounting education in Vietnam is presented in this report. This report aims at providing observations and recommendations on education of corporate accounting at Universities. To meet the public sector’s demand for qualified accountants, a similar assessment of accounting education for public sector will be needed.
  • Publication
    Report on the Observance of Standards and Codes on Accounting and Auditing: Albania Update
    (World Bank, Vienna, 2019-07) World Bank
    Albania's remarkable economic transformation has been affected by the global financial crisis. The country's main challenges include maintaining macro-fiscal and financial sector sustainability, improving the investment climate and unleashing private sector growth, removing barriers to employment for job creation, and improving governance and public service delivery. Improving the business climate and addressing gaps in infrastructure and labor force skills are necessary to reap the early benefits of European Union (EU) accession and make Albania attractive for foreign direct investments. This report on the observance of standards and codes in accounting and auditing (ROSCA and A) seeks to assist with the further development of the financial reporting institutional framework in Albania. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice.
  • Publication
    Report on the Observance of Standards and Codes on Accounting and Auditing: Indonesia
    (World Bank, Washington, DC, 2018-05-01) World Bank Group
    Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assessfinancial 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 InternationalMonetary Fund to review the quality of implementation of internationally recognized standardsand principles in 12 key areas (‘the ROSC program’) with a view to promoting financial andeconomic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector in Indonesia 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, includingInternational Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).This report updates an earlier assessment which was published in 2011 and was undertakenfollowing a formal request from the Government of Indonesia.
  • Publication
    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.
  • Publication
    Zambia Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2017-10) World Bank Group
    The government of Zambia is implementing the seventh National Development Plan (NDP) focused on building a diversified and resilient economy for sustained growth and social economic development (2017 – 2021). This second Zambia report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A and A) is aimed at determining reforms that will further strengthen the accountancy profession to accelerate its contribution towards economic and social development. The report is set out as follows. Section I describes the objective, approach, country and economic context, and link between corporate and financial reporting and the seventh NDP, World Bank country partnership strategy, and different sectors; section II provides an assessment of the framework supporting the accountancy profession; section III discusses the status of implementation of 2007 policy recommendation; and section IV lists policy recommendations.
  • Publication
    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.
  • Publication
    Myanmar Report on Observance of Standards and Codes: Accounting and Auditing Module
    (Washington, DC, 2017-06) World Bank
    Since launching fundamental political and economic reforms in 2011, Myanmar has been undergoing a major transformation aimed at increasing openness, empowerment and inclusion. The economic transition has witnessed an acceleration in growth, buoyed by improved macroeconomic management, increased gas production and exports, and stronger performance in the non-gas sectors as the economy opened up. Medium-term economic growth is projected to average 7.1 percent per year. The new Government’s economic objectives envisage Myanmar’s economy becoming more competitive and with the ability to attract increased foreign direct investment. The objectives include the development of an integrated capital market and a modern financial sector. A fundamental foundation for any market-based economy is high quality financial reporting and auditing practices. This plays a vital role in promoting improved transparency and accountability thereby ensuring a level playing field and promoting investor confidence. The Reports on the Observance of Standards and Codes (ROSC) are a joint World Bank and International Monetary Fund (IMF) initiative that helps member countries strengthen their financial systems by improving compliance with internationally recognized standards and codes. The ROSC was developed in the wake of the financial crisis of the late 1990s as part of a series of measures to strengthen the international financial architecture. The global financial community believed the implementation of internationally recognized standards and codes will provide a framework to strengthen domestic institutions, identify potential vulnerabilities, and improve transparency.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.7 Audit Regulation, Quality Assurance, and Public Oversight
    (World Bank, Washington, DC, 2017) World Bank
    The purpose of this report is to gain an understanding of the regulatory environment for auditors in a jurisdiction and the extent of quality assurance and oversight that takes place. In the Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) diagnostic assessment, quality assurance (QA) refers to the system in place in a jurisdiction to monitor compliance of the work performed by independent auditors with applicable auditing, ethical, and other professional standards via on-site inspections and other activities. QA inspections and other activities may be carried out by a separate audit firm (a peer review system), a professional accountancy organization (which in some circumstances has been delegated this responsibility by a government body or regulator), or by an audit regulator independent of the accountancy profession. Questions are based on the core principles for independent audit regulators issued by the International Forum of International Audit Regulators (IFIAR) and statement of membership obligations, QA as issued by the International Federation of Accountants (IFAC). The report is structured as follows: regulatory environment for auditors; QA and audit oversight system; QA review procedures, approach, and communication of findings; QA inspectors; and investigations and sanctions.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.4 Financial Sector - Insurance
    (World Bank, Washington, DC, 2017-01) World Bank
    The purpose of this report is to gain an understanding of the financial reporting requirements for insurance companies in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. Unless otherwise stated, the term insurance company refers to both insurance and reinsurance companies. There are also questions in relation to the monitoring and enforcement capacity of the local insurance supervisor in respect of financial reporting of insurance companies specifically. Questions are based on the internationally recognized insurance core principles issued by the International Association of Insurance Supervisors. The report is structured as follows: overview of the insurance sector; financial reporting requirements for insurance companies; statutory audit and other forms of independent assurance; audit committees; filing and publication of financial statements; monitoring and enforcement: financial reporting; and corporate governance.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.5 Accountancy Profession
    (World Bank, Washington, DC, 2017-01) World Bank
    The purpose of this report is to gain an understanding of the accountancy profession in the jurisdiction; from pathways for aspiring accounting professionals and auditors to enter the profession, through to maintaining professional competence, and the roles and responsibilities of professional accountancy organizations (PAOs). Questions are based on international good practice in respect of the expected professional skills, education, and competences for the accountancy profession such as the International Education Standards (IES) issued by the International Accounting Education Standards Board (IAESB). The report is structured as follows: entry requirements to the accountancy profession; continuing professional development; and professional accountancy organizations.