Accounting and Auditing Assessment

145 items available

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https://hdl.handle.net/10986/2111

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Cambodia - Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing
(World Bank, Washington, DC, 2021-11) World Bank
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.
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.
Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.1 Commercial Enterprises (including SMEs)
(World Bank, Washington, DC, 2017) World Bank
The purpose of this report is to gain an understanding of the general financial reporting and audit requirements for commercial enterprises in a jurisdiction as established by law or other regulation (for example, companies’ act). Commercial enterprises are defined as companies established with a profit-making objective that do not issue equity and debt on a public exchange, are not financial institutions (such as banks or insurance companies), and are not owned and controlled by the state. The definition of commercial enterprises also includes small and medium sized enterprises (SMEs). The focus of this report is commercial enterprises with limitations of liability, such as limited liability companies (LLCs) and joint stock companies. The report is structured as follows: statutory framework; financial reporting requirements for commercial enterprises; statutory audit and other forms of independent assurance; audit committees; filing and publication of financial statements; monitoring and enforcement: financial reporting; and corporate governance.
Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.6 Accountancy Education
(Washington, DC: World Bank, 2017) World Bank
The purpose of this report is to gain an understanding of the institutional environment underpinning accountancy education at the tertiary level as well as the practices followed by leading universities in the teaching of accountancy. Questions are based on examples of international good practice for the education of aspiring accounting professionals and auditors such as the International Education Standards (IESs) issued by the International Accounting Education Standards Board (IAESB). The report is structured as follows: institutional environment for accountancy education; admission criteria; accountancy curriculum; and post-university career.
Report on the Observance of Standards and Codes, Accounting and Auditing: Module C - Observed Reporting Practices and Perceptions
(World Bank, Washington, DC, 2017) World Bank
The objectives of module C are twofold: (i) to corroborate the findings from the assessments of Accounting and Auditing (A&A) standards (module A) and the institutional framework for corporate financial reporting (module B) with reference to financial statements issued and reports from the regulators in the jurisdiction; and (ii) to gather perceptions on the demand for and quality of financial information from users of financial statements. The module is divided into three sections, which correspond to the three approaches for assessing actual practices: financial statements review; review of regulatory findings; and perceptions survey.
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) World Bank
This report presents the questions no longer included in the revised diagnostic tool.
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) World Bank
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.
Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.3 Financial Sector - Banking
(World Bank, Washington, DC, 2017) World Bank
The purpose of this report is to gain an understanding of the financial reporting requirements for the banks in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. The term bank in this assessment is used to refer to institutions authorized to receive deposits and to lend money as defined by the legal framework in the jurisdiction. There are also questions in relation to the monitoring and enforcement capacity of the local banking supervisor in respect of financial reporting of banks specifically. Questions are based on the internationally-recognized core principles for effective banking supervision issued by the Basel Committee on banking supervision, in particular Principle 27 Financial reporting and external audit. The questionnaire is structured as follows: overview of the banking sector; financial reporting requirements for Banks; statutory audit and other forms of independent assurance; audit committees; filing and publication of financial statements; monitoring and enforcement: financial reporting; and corporate governance.
Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.9 Auditing Standard-setting
(World Bank, Washington, DC, 2017-01) World Bank
The purpose of this report is to gain an understanding of the governance arrangements, procedures, and capacity for setting auditing standards in a jurisdiction, covering: (a) the adoption of International Standards on Auditing (ISA) where applicable, and (b) national auditing standards. The questions are based on examples of good practice followed by international standard-setting bodies. The report is structured as follows: institutional environment for standard-setting; adoption of ISA; standard-setting process for national auditing standards; and other aspects of the standard-setting process.
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) World Bank
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.