Accounting and Auditing Assessment

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  • Publication
    India : Report on Observance of Standards and Codes - Accounting and Auditing
    (Washington, DC, 2004-12-20) World Bank
    This report provides an assessment of accounting and auditing practices in India, within the broader context of institutional capacity available for ensuring high-quality financial reporting. India's accounting profession was among the earliest to develop historically, when the Indian Companies Act was enacted in the mid-l800s, giving the accounting profession its start. Since then, considerable efforts have been made to align India's accounting and auditing standards and practices, with the internationally accepted standards and codes. In order to further improve the quality of corporate financial reporting in India, there is a need to improve the institutional framework, and take steps for enhancing compliance with the applicable standards and rules. Enhanced by significant inputs from stakeholders, this report provides some principles-based policy recommendations aimed at strengthening the corporate financial reporting regime in India. These recommendations specifically focus on strengthening the monitoring and enforcement arrangements. Moreover, suggestions have been made on some important elements for an independent oversight body for the auditing profession, from a public interest perspective. The objectives of the recommendations are to build on the existing system, and promote a gradual process of improvement.