Accounting and Auditing Assessment
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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
Tunisia Urban Development and Local Governance Program : Fiduciary Systems Assessment Report
(Washington, DC, 2014-06-26)As part of the preparation of the Tunisia Urban and Local Governance Program (ULGP) using the Program for Results (PforR) instrument of the World Bank, the Bank task team carried out a Fiduciary Systems Assessment (FSA) of the Program in accordance with OP/BP 9.0. Based on the findings of the FSA, it is concluded that Program Fiduciary Systems have the capabilities to provide reasonable assurance that the financing proceeds will be used for intended purposes. However considering the existing weaknesses in Program Fiduciary systems, the residual fiduciary risk rating for the Program is rated as Substantial. The Program will finance a portion of the Government of Tunisia s (GoT) existing program for financing municipal service delivery that involves a combination of Capital Grants, and Loans in addition to the Own Source Revenues generated by the municipalities themselves. The PforR Program intends to reform the system of Capital Grants by making it predictable and based on an allocation formula that is principle based and transparent. It has been agreed with client counterparts that GoT will issue a Decree prior to the start of the Program that will spell out the design and operating rules of the reformed capital grant. Indicative allocations for Capital Grants will be included in the Five Year Plans and indicative allocations will be provided by MoEF in advance of the annual plan preparations. The budget allocations for Capital Grants will be transferred from the Treasury Current Account at the Central Bank (BCT) to the Caisse des Prêts et de Soutien des Collectivités Locales (CPSCL) (referred to as the Caisse), who will act as the Program Manager for the ULGP. Caisse will in turn transfer the grant funds to municipalities in accordance with the operating rules for the Unconditional and Conditional Capital Grants. Preliminary assessment of the Program expenditure framework shows that in addition to the changes in the design of the Capital grant through the proposed decree, additional steps such as publishing the indicative allocations of capital grants in advance and reforming the existing system of multiple ex-ante checks and controls into a coordinated system of ex-post controls are necessary for the efficient implementation of the proposed Program. -
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
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
An Independent Oversight Body for Quality Assurance Review in the Philippines
(Washington, DC, 2009-02)The paper is part of a program to provide support to a major recommendation in the Philippine Review of Standards and Codes on Accounting and Auditing (ROSC-A&A). The ROSC-A&A brought out that there were major improvements in the accounting and auditing scene since the last assessment made in 2001. Substantially complete improvements include the adoption of the international standards for accounting, auditing, and professional ethics. The objects of this program were as follows: First, to develop a strategic plan to provide for the adoption and implementation of a QAR (Quality Assurance Review) program for auditing firms in the Philippines. Second, begin devloping a cooperative arrangement between Philippine regulatory authorities and the accounting professional body, and develop rules and regulations subjecting auditors and/or auditing firms to such a quality assurance review program. This would include administrative steps to be taken by the relevant government authority to initiate this program. Third, to enable the development a medium-term strategic plan for sustainability of the QAR program. The proposed plan should be the product of working closely with the relevant regulatory body (BOA) and PICPA incorporating their inputs in the study. This should ensure their eventual acceptability for adoption and implementation by these entities. -
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.