Accounting and Auditing Assessment

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  • Publication
    Chad Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2014-04) World Bank
    The auditing profession in Chad is characterized by the existence of numerous practitioners who provide accounting and auditing services illegally, in violation of community regulations, and whose qualifications often do not meet the international standards. To date, Chad has not yet set up a national association of chartered accountants. One of the most pressing areas in transposing community texts relates to the establishment of a national association of chartered accountants, whose existence is essential for the development and practice of the accountancy profession in Chad. It is also important for consolidating accounting and auditing processes, improving the quality of financial reporting, facilitating access to credit and supporting foreign direct investors, as well as improving the competitiveness of national businesses. With regard to the accounting standards, the Uniform Act (UA) organizing and harmonizing accounting systems for businesses, as well as the accounting chart of accounts and the provisions put in place by the Commission Bancaire d'Afrique Centrale (COBAC) and the Conference Interafricaine des Marches d'Assurances (CIMA) code, there has been very little change since their entry into force towards the end of the 1990s. This is due to shortcomings in the functioning of the regional bodies in charge of ensuring that these texts were updated in line with changes in the accounting, economic, and legal fields. Looking ahead, the major areas of focus in seeking to strengthen the legal and regulatory framework governing accountancy and auditing professions in Chad are the following: (i) the reclassification of CEMAC licensed accounting technicians in Chad in the category of public accountants, in accordance with community regulations, (ii) the establishment of a national association of chartered accountants, (iii) the proper functioning of the national accounting standards commission, (iv) the adoption of auditing professional standards and a code of ethics in line with those established by International Federation of Accountants, or IFAC independent standard-setting board, (v) the strengthening of initial training through the improvement of the quality of the national curriculum and by drafting a continuous professional training plan, and (iv) the capacity building of the Court of Accounts to enable it implement INTOSAI auditing standards in order to ensure proper supervision of public enterprises.
  • Publication
    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.
  • Publication
    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.