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
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. -
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)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.1 Commercial Enterprises (including SMEs)
(World Bank, Washington, DC, 2017)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. -
Publication
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)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. -
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)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.