Accounting and Auditing Assessment
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Publication
Cambodia - Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing
(World Bank, Washington, DC, 2021-11)Cambodia has achieved remarkable economic development and political stabilization in recent years. Continuous high growth has heightened demand for high quality financial reporting and auditing in the corporate sector and in the government sector. This report on the observance of standards and codes accounting and auditing (ROSC A and A) report assesses the significant progress in the institutional framework for A and A since the previous ROSC A and A report in 2007. It analyses the accounting frameworks of listed companies, the banking and insurance sectors, state-owned enterprises (SOEs), and micro, small, and medium enterprise (MSMEs). The current report seeks to support the ongoing development of the financial reporting institutional framework in line with Cambodia’s national strategic development plan (NSDP) 2019-2023, which features good governance as a cross cutting theme. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice. Unless otherwise specified, data and statistics quoted in this report relate to the 2019 calendar year. This reflects the data that was available and or applicable at the time the analysis was done. -
Publication
Reporting by Audit Oversight Bodies
(World Bank, Vienna, 2018)A 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)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)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)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)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 A - Accounting and Auditing Standards, A.2 Auditing Standards Analysis
(World Bank, Washington, DC, 2017)To a great extent, the quality of financial reporting depends on the quality of the Accounting and Auditing standards on which the reporting and auditing requirements are based. The objective of the auditing standards analysis is to compare the national standards used to conduct audits of historical information with International Standards on Auditing (ISA) with a view to capturing significant differences (where applicable) in order to provide counterparts with concrete suggestions for improving national standards and aligning them to the extent possible with international standards. -
Publication
Report on the Observance of Standards and Codes, Accounting and Auditing: Revision of the Diagnostic Tool - Summary Note
(World Bank, Washington, DC, 2017)The Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) program is a part of the joint World Bank-International Monetary Fund (IMF) initiative on assisting member countries to strengthen their financial system by improving their capacity to comply with important internationally recognized standards and codes. The ROSC A&A diagnostic tool was first developed in 2001. Whilst a number of relatively limited amendments and updates have been introduced over the years, this recent project is the first detailed revision of the tool. The purpose of this note is to provide an overview of the key changes to the diagnostic tool. In revising the diagnostic tool, the Bank pursued two main objectives: (i) update and improve the existing four-part diagnostic tool to allow task teams to assess corporate sector A&A practices in a manner that is consistent and comprehensive; and (ii) develop a set of guidelines to help teams in planning and conducting ROSC A&A assessments using the revised diagnostic tool. -
Publication
Report on the Observance of Standards and Codes, Accounting and Auditing: Module A - Accounting and Auditing Standards, A.1 Financial Reporting Standards Analysis
(World Bank, Washington, DC, 2017)The quality of financial reporting depends to a great extent on the quality of the Accounting and Auditing (A&A) standards on which the reporting is based. Accounting standards are seen as a critical language of business. In countries seeking to improve their business environment to attract foreign direct investment and mobilize savings and finance to support productive and job-creating activities, if national accounting standards differ significantly from the increasingly universal international benchmark, International Financial Reporting Standards (IFRS), it becomes difficult for foreign investors to understand the financial reports of domestic companies, thus potentially hampering investment and growth. The objective of the financial reporting standards analysis is to compare national financial reporting standards (or generally accepted accounting principles - national (GAAP) with IFRS with a view to capturing significant differences (where applicable) in order to provide: (a) readers with a clear sense of where key areas of divergence lie, and (b) country counterparts with concrete suggestions for improving national GAAP and aligning them to the extent possible with IFRS. -
Publication
Report on the Observance of Standards and Codes, Accounting and Auditing: Revision of the Diagnostic Tool Summary Note - Annex. Questions No Longer Inlcuded in the Diagnostic Tool
(World Bank, Washington, DC, 2017)This report presents the questions no longer included in the revised diagnostic tool.