Accounting and Auditing Assessment

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Bangladesh Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Dhaka, Bangladesh, 2015) World Bank
The Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A&A) program is part of a 12-module joint World Bank-IMF initiative to assist member countries to strengthen their financial systems by improving their capacity to comply with internationally recognized standards and codes. The ROSC A&A program focuses on the institutional framework underpinning national accounting and auditing practices, and degree of conformity with international standards and good practices. This 2014 update to the Report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A&A) assesses the degree to which the policy recommendations of the 2003 ROSC A&A review have been implemented, identifies issues that have emerged since the last review, and proposes a number of policy recommendations aimed at further improving the quality of corporate financial reporting and auditing which contributes to improving country’s business climate, investors’ confidence and economic growth potential of Bangladesh. The policy recommendations should form the basis for a prioritized, stakeholder-driven Country Action Plan (CAP), aimed to assist in further enhancing financial reporting processes in accordance with international standards and good practices, taking into account Bangladesh’s country specific circumstances.
Republic of Ghana Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2014-12) World Bank
This 2014 Report on the Observance of Standards and Codes in Accounting and Auditing (ROSC A&A) is the second review for Ghana. Its main objectives are to: assess the degree to which the policy recommendations of the 2004 review have been implemented, identify any emerging issues since the last review and develop policy recommendations that, once implemented, would further enhance the quality of financial reporting in the country. While growth has been spurred by favorable commodity prices for gold and cocoa, the start of commercial production of oil and a booming services sector, there is still room for improvement in the business environment, business confidence and financing of the economy. The implementation of the policy recommendations contained in this report will contribute to improved business environment and investor confidence, an essential factor for economic growth.
Jamaica Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2014-06-13) World Bank
This Report on Observance and Codes-Accounting and Auditing (ROSC-A&A) assesses the corporate sector accounting, financial reporting, and auditing practices in Jamaica. It builds on its predecessor, a 2003 ROSC-A&A, and its aims to assist the Government of Jamaica's efforts to strengthen accounting and auditing practices and to enhance financial transparency in the corporate sector, so as to support the Government's economic reform program and provide greater confidence to current and potential investors with respect to the financial reporting environment. Jamaica has embarked on an economic reform program whose main objectives are to contain the country's growing economic and external vulnerabilities and address economic imbalances, while putting the country on a path to sustainable growth. Important reforms include: (a) strengthening public finances, including through comprehensive tax reform, expenditure rationalization, and improved public debt management and public financial management; (b) enhancing the resilience of the financial sector through strengthened supervisory, regulatory, and crisis-management frameworks; and (c) improving growth generating efficiency through enhancements to the business environment and strengthened institutional capacity and governance.
Slovenia Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2014-05) World Bank
This 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.
South Africa Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2013-06) World Bank
The main purpose of the South Africa Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) is to determine reforms that will continue to improve the quality of financial reporting in South Africa. The review, requested by the Minister of Finance, was conducted to assess the status of implementation of policy recommendations in the prior 2003 ROSC A&A report, assess the institutional framework underpinning accounting and auditing practices in comparison with international standards and good practices in order to identify any emerging issues that require strengthening, share good practices adopted in the country, and propose policy recommendations addressing areas that require improvements. Implementation of the policy recommendations will further enhance the quality of financial reporting in the country, a key pillar that contributes to enhancing the business environment and advancement of governance and financial accountability in both the private and public sector entities. The review focuses on private sector. Financial reporting in public sector is assessed under public expenditure and financial accountability framework.
Swaziland Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2012-11) World Bank
The Report on Observance of Standards and Codes, Accounting and Auditing (ROSC A&A), requested by the Government of the Kingdom of Swaziland, contributes to development of a comprehensive plan that will strengthen the institutional framework that underpins accounting and auditing practices in the country. ROSC 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 capacity to comply with important internationally recognized standards and codes. The initiative covers twelve areas that relate to: (a) policy transparency; (b) financial sector regulation and supervision, Financial Sector Assessment Program (FSAP); and (c) market integrity. ROSC A&A relate to market integrity and specifically reviews and makes recommendations for strengthening the framework for education and training for accountants, the capacity and services of a professional accountancy organization, regulatory framework governing accounting and auditing practices, the applicable accounting auditing and ethics standards and the extent of their implementation, and the regulatory institutions and mechanism for monitoring and enforcing compliance with the standards.
Cape Verde Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2012-03) World Bank
This Report on the Observance of Standards and Codes (ROSC) provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Cape Verde. The assessment focuses on six pillars of financial reporting infrastructure: statutory framework, professional education and training, accountancy profession, accounting standards, auditing standards, and monitoring and enforcement of the applicable standards. The main purpose of this assessment is to assist the development and implementation of a country action plan for strengthening institutional capacity with attendant effects on enhancing corporate financial reporting in Cape Verde. The findings reveal that Cape Verde has recognized the importance of a strong corporate financial reporting architecture. In terms of accounting and auditing standards, Cape Verde adapted International Financial Reporting Standards (IFRS) for the private companies and fully adopted IFRS for banking and insurance institutions sector. However, there is no tradition of financial analysis in the country (except within the financial institutions when issuing credit) and no credit-rating agencies. The banks do not rely on corporate financial statements; generally, the lenders manage credit risks using collaterals. The Bank of Cape Verde mandated IFRS for banks and insurance companies in 2008. In addition, the capacity of regulators would be built to cope with the demands of IFRS-compliant financial reporting. The central bank would include in its scope the regulation of micro-finance institutions, which are currently unregulated. In order to improve the legal framework of corporate financial reporting, there is need to enact a Financial Reporting Act with focus on all regulatory aspects of accounting and auditing.
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.