Accounting and Auditing Assessment
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Publication Report on the Observance of Standards and Codes on Accounting and Auditing: Albania Update(World Bank, Vienna, 2019-07) World BankAlbania'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 Reporting by Audit Oversight Bodies(World Bank, Vienna, 2018) World Bank GroupA wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by their clients and could not be trusted to regulate themselves. Beginning with the Sarbanes-Oxley Act of 2002 in the U.S., there has been a global movement away from self-regulation of the auditing profession and towards independent oversight. Perhaps the most important milestone in this movement was the 2006 Audit Directive of the European Union, which required all EU members and accession candidates to implement independent oversight. A key goal of independent oversight is to provide relevant and reliable information to investors, lenders, audit committees, regulators, other stakeholders, and the general public about auditors and the audit market, among other matters. This paper aims to provide a brief synopsis on the topic of reporting by audit oversight bodies (AOBs) through their annual and inspection reports. It outlines international principles and legislative requirements, highlights certain good practices and shares results from a focused survey across EU-REPARIS and STAREP countries.Publication Key Accounting and Auditing Reforms(World Bank, Vienna, 2017-12-01) World Bank GroupThe 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 Poland: Report on the Observance of Standards and Codes on Accounting and Auditing Update(World Bank, Vienna, 2015-08-27) World Bank GroupReports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (AA) assess accounting and auditing practices in participating countries. They form part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to review the quality of implementation of twelve internationally recognized core standards (the ROSC Program). These standards and their related codes are relevant to economic stability, and private and financial sector development. The program was developed at the end of the 1990s, in the wake of financial crises that affected many countries in several regions of the world. In the case of the ROSC AA for Poland, the international standards used as benchmarks are (i) relevant portions of European Union legislation (also called the acquis communautaire), (ii) International Financial Reporting Standards (IFRS), (iii) clarified International Standards on Auditing (ISA), (iv) the International Federation of Accounts (IFAC) Code of Ethics, and (v) other international good practice in the field of accounting and auditing regulation. This is the third ROSC AA for Poland. The first two were conducted in 2002 and 2005. This report updates the findings of the 2005 report, and assesses the extent to which prior recommendations have been implemented. Since its inception in the early 2000s, the ROSC AA program has concluded evaluations in more than one hundred countries around the world. ROSC AA reports have been produced for all countries of the Europe and Central Asia region, except the Russian Federation. This ROSC AA serves three main objectives: (i) to support Poland’s development strategy, particularly regarding the enhancement of economic competitiveness, (ii) to assess progress achieved under the Financial Reporting Technical Assistance Program (FRTAP), and (iii) to update the findings of the 2005 ROSC AA. The FRTAP is a Swiss-funded program aimed at strengthening accounting and auditing practices in Poland through the implementation of high quality standards in these areas.Publication Report on the Observance of Standards and Codes on Accounting and Auditing Update: Republic of Serbia(World Bank, Vienna, 2015-06) World Bank GroupThis 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 Report on the Observance of Standards and Codes on Accounting and Auditing Update: Georgia(World Bank, Vienna, 2015-03) World Bank GroupReports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (AA) assess accounting and auditing practices in participating countries. They form part of a World Bank and International Monetary Fund joint initiative to review the quality of implementation of twelve internationally recognized core standards relevant to economic stability and private and financial sector development (the ROSC Program). Since its inception in 2000, the ROSC AA program has concluded evaluations of the AA environment in more than one hundred countries around the world. ROSC AA reports have been produced for all countries of the Europe and Central Asia Region, except Russia. This report covers the accounting, audit, and financial reporting frameworks as a whole, paying particular attention to the financial sector, state owned enterprises, SMEs and audit regulation - key areas that are important in the current economic context of Georgia. With respect to SOEs, the report focuses on the existing requirements, standards enforcement, and use of financial reports and statutory audit findings by the Government in its decision making and monitoring of SOEs. This report also discusses SMEs existing financial reporting requirements, and the need to simplify the requirements for the small and micro businesses. Finally, the report reviews the audit oversight function and a quality assurance system soon to be employed by Georgia, and provides recommendations to raise the quality of audit services through the strengthening of audit oversight.Publication FYR Macedonia: Report on the Observance of Standards and Codes on Accounting and Auditing, Update(2014-09) World BankThis assessment of accounting and auditing requirements and practices in Former Yugoslav Republic (FYR) Macedonia is part of a joint initiative implemented by the World Bank and the International Monetary Fund to prepare reports on the observance of standards and codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing (A and A) environment that influences the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. The assessment also considers the extent of compliance with European Union (EU) requirements under the acquis communautaire. The strategic objective of this report is to support government efforts to improve the business climate in FYR Macedonia, and achieve the country s overarching goal of EU integration. The three essential pillars of institutional infrastructure are: (i) adequate and appropriate legal requirements, (ii) capacity sufficient to implement those requirements, and (iii) effective enforcement mechanisms. This report updates the first ROSC A and A prepared in 2003. This report provides policy recommendations to improve financial transparency in the domestic corporate sector and to strengthen accounting and audit practices in line with international benchmarks and EU Directives.Publication Latvia: Report on the Observance of Standards and Codes on Accounting and Auditing(World Bank, Washington, DC, 2014-09) World Bank GroupThis assessment of accounting and auditing practices in Latvia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). One of the twelve ROSC modules focuses on Accounting and Auditing (A&A), this assessment addresses the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice. This is the second A&A ROSC for Latvia. The first one was published in 2005.Publication Slovenia Report on the Observance of Standards and Codes: Accounting and Auditing(World Bank, Washington, DC, 2014-05) World BankThis assessment of accounting and auditing practices in Slovenia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice. This is the second A&A ROSC for Slovenia and based on information collected in 2013, early 2014. The first one was published in 2004. As the requirements of the EU acquis communautaire and international standards have already been adopted in the financial sector this assessment focuses on the proper application of these requirements, with the view that improved financial information raises the capacity of regulators to maintain financial stability, and improve the level of trust in the financial system, in the context of an ongoing recapitalization exercise. In the State Owned Enterprises, or SOEs, the report focuses on the requirements applicable to them and how well these are enforced, as well as to what extent the government uses the financial reporting and audit process to monitor SOEs and hold their management teams accountable. This report also considers SMEs financial reporting, including how current requirements compare with the latest revisions to the EU Accounting Directive, which further simplified requirements for smaller companies. Finally, audit oversight and quality assurance systems are assessed, including the feasibility of incorporating the audit oversight body as part of the financial sector supervisor.Publication Moldova : Reports on the Observance of Standards and Codes on Accounting and Auditing, Update(Washington, DC, 2013-06-01) World BankThis assessment of accounting and auditing practices in Moldova is part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. It uses International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices, as well as the European Union's acquis communautaire given Moldova's strategy of further integration with the European Union. In the medium term, improvement in Moldova's business environment is essential to put the country on a sustainable growth path. The strategic objective of this task is to support the Government in its efforts to improving the business environment in Moldova by contributing to an elevated level of competitiveness and productivity across the economy through business enterprises providing timely and reliable financial information, formulated according to internationally accepted standards, while also observing standards of governance that create confidence among local and foreign investors. These will enable companies to have greater access to finance, invest and increase their productivity. This assessment was drawn up at the request of the Government of Moldova and builds on the previous Accounting and Auditing ROSC that was prepared in 2004. The 2004 ROSC had the following objectives: (i) to spell out the ingredients of a good set of national accounting and auditing practices; (ii) to assess how Moldovan practices and its accounting profession perform relative to those practices; and (iii) to lay out the reforms needed to bring those practices and the profession into compliance with the generic model of good practices.