Accounting and Auditing Assessment
145 items available
Permanent URI for this collection
Items in this collection
1 - 6 of 6
-
Publication
Sierra Leone Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2020-01)Sierra Leone is implementing a Medium-Term National Development Plan for 2019–2023 (2019 NDP) entitled “Education for Development”, aimed at improving people’s lives through education, inclusive growth, and the building of a resilient economy. The objective of the second Sierra Leone Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A&A) is to determine the kinds of reforms that will further strengthen the accountancy profession and enhance its contribution to the country’s growth agenda. This review focused on: (a) assessing the status of implementation of the policy recommendations and action plan developed after the first review in 2006, as well as its impact on the accountancy profession, (b) assessing and identifying any emerging issues that relate to A&A practices that require strengthening, and (c) proposing policy recommendations to strengthen the profession. The review was conducted from May to November 2019 following the revised World Bank ROSC A&A 2 methodology. -
Publication
South Africa : Report on the Observance of Standards and Codes--Accounting and Auditing
(Washington, DC, 2013-06)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. -
Publication
Tanzania : Accounting and Auditing
(Washington, DC, 2005-04)This report provides an assessment of accounting and auditing practices within the context of the Tanzania institutional framework, to ensure the quality of corporate financial reporting. Various weaknesses and encouraging advancements were identified in the course of the review. Company legislation is outdated. A revised Act provides for modernized requirements but has shortcomings and is still not effective. Some laws specify particular accounting requirements that do not align with International Financial Reporting Standards/International Accounting Standards (IFRS/IAS). Parastatals lack a single statutory financial reporting act and there is no law, or regulatory body monitoring financial reporting by pension funds. On a positive side, the Auditors and Accountants Act has facilitated the development of an enabling environment for strong accounting practices, and the mandatory appointment of professional accountants for entities meeting thresholds. Another positive development was the adoption of IFRS/IAS and International Standards on Auditing (ISA) in 2004. However, full compliance is not yet readily achieved and national ethical requirements for auditors have not kept up to date with international developments. While the National Board of Accountants and Auditors (NBAA) has made a significant contribution to accountancy development over the past decade, the professional education however, is not yet in line with International Educational Standards, and neither is the NBAA able to function effectively either as a regulator, or, a professional accountancy body. The policy recommendations provided in this report focus on improving the statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. Establishing an independent oversight body is a major recommendation. The oversight body would be responsible for adoption, monitoring, and enforcement of IFRS/IAS - based and ISA-based accounting and auditing practices of public interest entities. In addition, stakeholders should agree on criteria to clarify which entities should be eligible to use the standards of the International Accounting Standards Board for small- and medium-size enterprises, when available. -
Publication
Republic of Uganda : Accounting and Auditing
(Washington, DC, 2005-02)This report provides an assessment of accounting and auditing practices within the context of the Uganda institutional framework, to ensure the quality of corporate financial reporting. The accountancy profession in Uganda is young, but growing rapidly. Accounting and auditing practices in Uganda suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Various weaknesses were identified in the laws and regulations governing financial reporting. Adopting International Accounting Standards (IAS) and International Standards on Auditing (ISA) in 1998 was a positive development. However, full compliance with IAS (and subsequently International Financial Reporting Standards) is not yet readily achieved, and there is inadequate adherence to auditing standards and professional ethics. Apart from the financial institutions and listed companies, monitoring and enforcement mechanisms are ineffective. These factors, as well as inadequate accounting education at university level, lack of learning materials on the international standards, and a lack of monitored and controlled practical training, have contributed to weaknesses in the financial reporting and auditing regime. The policy recommendations in this report focus on improving the statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. A major recommendation is the establishment of an independent oversight body. The oversight body will be responsible for adoption, monitoring, and enforcement of IFRS/IAS-based and ISA-based accounting and auditing practices of public interest entities. -
Publication
South Africa : Accounting and Auditing
(Washington, DC, 2003-04-15)This report provides an assessment of accounting and auditing practices in South Africa, within the broader context of institutional capacity available for ensuring high-quality financial reporting. National accounting and auditing standards in South Africa are developed on the basis of international standards; but lack of legal backing for accounting standards give rise to problems. South African accountancy professionals play an important role in international standard-setting bodies. However, the existing mechanisms for enforcing compliance with accounting and auditing standards seem to be weak. Opportunities exist for undetected accounting manipulation, financial statements misrepresentation and departures from established accounting and auditing requirements. Ten years of discussions on the revision of the legislative framework for accounting and auditing, have contributed to uncertainties in the profession. Immediate steps are needed for enactment of the Financial Reporting Bill, amendments to the Companies Act, and the Accountancy Professions' Bill; and, to ensure proper enforcement of established statutory requirements. Recognizing the need for reform, the Government is currently in the process of implementing significant changes. The report provides policy recommendations specifically focusing on strengthening the enforcement mechanisms for ensuring compliance with established accounting and auditing requirements. Moreover, suggestions have been made about some important elements of a regulatory framework for the auditing profession, namely establishing an independent oversight body, consisting of eminent persons, and, restructuring the statutory regulator of the auditing profession under an effective governance structure, with a broader mandate for efficiently regulating the profession. -
Publication
Republic of Mauritius : Accounting and Auditing
(Washington DC, 2003-04-02)This report is part of the Bank and International Monetary Fund joint initiative on Reports on the Observance of Standards and Codes (ROSC). The ROSC- Accounting & Auditing review process involved an assessment of local accounting and auditing standards, and actual practices and analysis of effectiveness of the mechanisms for ensuring compliance with the formal standards. The review used a diagnostic template developed by the Bank to facilitate a self-assessment by a National Steering Committee established by the Minister of Economic Development, Financial Services, and Corporate Affairs. The self-assessment results, complemented by the findings of a due diligence exercise conducted by Bank staff, were used in preparing this report. The policy recommendations of this report specifically focus on strengthening the monitoring and enforcement arrangements through a proposed Financial Reporting Council. This body will develop, and disseminate guidelines on international accounting and auditing standards, monitor compliance with financial reporting requirements, conduct practice review of the auditors and audit firms, and enforce actions against infractions. For expediting the implementation of IAS and ISA, there is a need for bolstering professional education and training arrangements.