Accounting and Auditing Assessment
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Publication
Nepal Report on the Observance of Standards and Codes: Accounting and Auditing
(World Bank, Washington, DC, 2015-06)This report provides an assessment of accounting, financial reporting and auditing requirements and practices in Nepal. The report uses international financial reporting standards and international standards on auditing as benchmarks and draws on international experience and good practices in the field of accounting and audit to assess the quality of financial reporting and make policy recommendations. The reports on the observance of standards and codes (ROSC) accounting and auditing addresses two strategic objectives in the Country Partnership Strategy FY14-FY18 (poverty reduction and shared prosperity). The report aims to support the Government of Nepal in preparing a country action plan aimed at further enhancing the quality of corporate financial reporting to facilitate improvement of business climate, attract foreign direct investment, and foster business development. The policy recommendations also target small and medium enterprises that form the backbone of Nepal's economy. -
Publication
Strategic Plan for Strengthening of Internal Audit in Government of Bihar
(Washington, DC, 2012-01)The Government of Bihar (GOB) has adopted various reform measures to modernize fiscal and financial management such as passing of the Fiscal Responsibility and Budget Management Act, adoption of Government of India's general financial rules and decentralization of financial powers to respective departments with a view to increasing the pace of expenditure and implementation of plan schemes. However, for decentralization to be effective the supporting public financial management systems need to be also modernized. Accordingly, the Government had entrusted a project 'modernization of budget and financial rules and procedures' to Centre for Good Governance (CGG), Hyderabad. The project requires CGG to comprehensively revise the treasury code, financial rules and budget manual, and to provide a roadmap to modernize and strengthen internal audit function in the government. CGG has firstly studied the existing organization structure of the internal audit function in GOB, the skills and capacity of the internal audit staff, the working conditions in the main office and divisional offices, the perception of others about internal audit and so on. They have visited the main office in Patna and the divisional office in Gaya. After identifying the strengths and weaknesses of the system, a road map has been prepared for strengthening the internal audit in the government. -
Publication
Report on Pilot Study on Migration to Accrual Accounting : Forest and Health Departments of State Government of Madhya Pradesh (India)
(Washington, DC, 2010-05)The objective of this study is to identify gaps between the existing cash based accounting system and the accrual based accounting system to assist Government Accounting Standards Advisory Board (GASAB) to address issues related to Property, Plant and Equipment (PPE) and inventories during actual migration to accrual accounting. This study also includes documentation of operational and implementation issues and suggested solutions to latent problems and road blocks if any so as to provide necessary inputs to GASAB for framing appropriate. Guidelines for migration of Government accounts from cash basis to accrual accounting system. The study is noteworthy that not only statement of financial position for the reporting entity has been prepared but it also discloses physical assets and current liabilities. Maintenance of proper records of various classes of assets (constructed, acquired or donated), inventories, receivables and carry over as prescribed in the financial rules and departmental regulations is a starting point for transition to accrual accounting. -
Publication
Bangladesh : Public Sector Accounting and Auditing, A Comparison to International Standards
(Washington, DC, 2007-05)This assessment of public sector accounting and auditing for Bangladesh is meant generally to help implement more effective Public Financial Management (PFM) through better quality accounting and public audit processes in Bangladesh and to provide greater stimulus for more cost effective outcomes of government spending. More specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-founded knowledge as to where local practices stand against the internationally developed norms of financial reporting and auditing; (b) to assess prevailing variances; (c) to chart paths for improving the accordance with international standards; and (d) to provide a continuing basis for measuring improvements. -
Publication
Pakistan : Public Sector Accounting and Auditing, A Comparison to International Standards
(Washington, DC, 2007-05)This assessment of public sector accounting and auditing is generally meant to help implement more effective public financial management (PFM) through better quality accounting and public audit processes in Pakistan and to provide greater stimulus for more cost-effective outcomes of government spending. More specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common, strongly-founded, knowledge as to where local practices stand against the internationally developed norms of financial reporting and auditing; (b) to assess the prevailing variances; (c) to chart paths for improving the accordance with international standards; and (d) to provide a continuing basis for measuring improvements. -
Publication
Nepal : Public Sector Accounting and Auditing, A Comparison to International Standards
(World Bank, Washington, DC, 2007-05)This assessment of public sector accounting and auditing in Nepal is intended to assist with the implementation of more effective public financial management (PFM) through better quality accounting and public audit processes. It is intended to provide greater stimulus for more cost-effective outcomes of government spending. The specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-based knowledge as to where local practices stand in accordance with the internationally developed standards of fi nancial reporting and audit; (b) to assess the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. -
Publication
Sri Lanka : Public Sector Accounting and Auditing, A Comparison to International Standards
(World Bank, Washington, DC, 2007)This assessment of public sector accounting and auditing is generally meant to assist with the implementation of more effective Public Financial Management (PFM) through better quality accounting and public audit processes in Sri Lanka. It is intended to provide greater stimulus for more cost-effective outcomes of government spending. The specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common strongly founded knowledge as to where local practices stand in accordance with the internationally developed standards of financial reporting and audit; (b) to assess the prevailing variances; (c) to chart paths to reduce those variances; and (d) to provide a continuing basis for measuring improvements. -
Publication
Afghanistan - Public Sector Accounting and Auditing : A Comparison to International Standards
(Washington, DC, 2007)This assessment of public sector accounting and auditing is generally meant to help implement more effective public financial management (PFM) through better quality accounting and public audit processes in Afghanistan and to provide greater stimulus for more cost-effective outcomes of government spending. More specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common firmly based knowledge as to where local practices stand in accordance with international standards of financial reporting and auditing; (b) to assess the prevailing variances; (c) to chart paths for improving the accordance with international standards; and (d) to provide a continuing basis for measuring improvements. The study has taken the international standards as axiomatic with any acceptable options incorporated in the standards. The study has not assessed whether the country should adopt a limited version of the standards, as the processes of developing the standards have already considered any acceptable options that can be incorporated into the text of the standards, but they do not override authoritative national standards issued by governments, regulatory or professional accounting bodies. -
Publication
Maldives : Public Sector Accounting and Auditing, A Comparison to International Standards
(World Bank, Washington, DC, 2007)This assessment of public sector accounting and auditing standards is generally meant to assist with the implementation of more effective public financial management (PFM) through better quality accounting and public audit processes in Maldives. It is intended to provide greater stimulus for more cost-effective outcomes of government spending. The specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-based knowledge as to where local practices stand in comparison with internationally developed standards of financial reporting and audit; (b) to assess the causes of the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. Annex A explains the methodology used for the study. Annex B provides a summary of international accounting and auditing standards referred to in this study. Annex C and D provide country accounting and auditing legislation, respectively. Lastly, Annex E includes a description of the benefits of accrual accounting. The World Bank is supporting initiatives to develop local systems so that donors can increase their use of country systems for their own grants and loans. -
Publication
Bhutan : Public Sector Accounting and Auditing, A Comparison to International Standards
(Washington, DC, 2007)The objectives of this report are: (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-founded knowledge as to where local practices stand in accordance with the internationally developed standards of financial reporting and audit; (b) to assess the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. The analysis in this report has been conducted in light of the strong measures being taken in the Kingdom of Bhutan to reform the accounting and auditing processes. The report addresses several issues such as: adopting international accounting standards in major public enterprises; implementing professional leadership in accounting and financial management; implementing a fully integrated, computerized government accounting system; drafting new acts on public financial management and combating corruption; strengthening the Royal Institute of Management (RIM); and providing training for finance, accounting, and internal audit staff in line ministries and other government agencies, heads of administration and finance divisions, and other managers.