Accounting and Auditing Assessment
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Publication West Bank and Gaza : Report on the Observance of Standards and Codes - Accounting and Auditing(World Bank, 2010-07-01) World BankThis Report on the Observance of Standards and Codes for Accounting and Auditing (ROSC A&A) is a part of the World Bank (WB) and International Monetary Fund (IMF) joint initiative to review countries use of 12 internationally recognized standards/codes related to economic stability and private and financial sector development, including evaluating the country's accounting and auditing practices based on internationally recognized benchmarks and, based on that review, to make policy recommendations to help it bridge the gaps between current practices and those considered adequate. ROSC policy recommendations are intended to help strengthen a country's financial architecture, attract more foreign direct investment and foreign portfolio investment, and mobilize domestic savings, which, in turn, would allow for pension savings. In addition, improved financial reporting allows investors to better evaluate corporate prospects and make informed investment and voting decisions, which results in a lower cost of capital and a better allocation of capital and resources. Financial reporting is also the bedrock of corporate governance, allowing shareholders and the public at large to monitor management's performance. The formal financial sector in World Bank and Group (WB&G) emerged after the signing of the Oslo accord in 1993 and the Paris protocol in 1994. The Paris protocol provided Palestinians the authority to administer monetary and financial affairs in order to support expected economic growth. Those expectations were never fully realized because of ongoing tension among stakeholders, political instability and restrictions on the mobility of persons and goods.Publication Republic of Tunisia : Accounting and Auditing(Washington, DC, 2006-10) World BankThis report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Tunisia. The analysis of practices is based among others on the review of a sample of 16 financial statements prepared in accordance with Tunisian accounting standards, including 6 listed enterprise sector companies, 3 listed credit institutions and 3 insurance undertakings (of which 2 are listed). The assessment uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law (also known as the acquis communautaire) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. As Tunisia deepens its partnership with the EU and becomes more integrated in the world market, the country monitors the development of the acquis communautaire and enacts legislation that draws upon it. This report recommends changes to law and regulations to align the statutory framework with evolving internationally accepted practices. As the new regulations come into force, priorities will then turn toward building the monitoring, supervisory, and disciplinary regimes necessary to ensure effective compliance.