Accounting and Auditing Assessment

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  • Publication
    Poland : Accounting and Auditing
    (Washington, DC, 2002-07-25) World Bank
    This report provides an assessment of accounting and auditing practices in Poland using international standards as a benchmark, while focusing on the institutional framework and application of given standards. In the recent past, Poland has taken steps in reducing the gap between Polish Accounting Regulations and International Accounting Standards. This is demonstrated in the provisions of the Accounting Act, dated November 9, 2000, and the financial reporting and disclosure requirements set by the Securities and Exchange Commission for publicly traded companies. Further steps are needed for full adoption of the requirements set by the International Accounting Standards Board. A review of 30 sets of financial statements of select listed companies shows that there are divergences between various established accounting regulations and actual accounting practices. There are no Polish Auditing Standards for one-third of the areas covered by International Standards on Auditing. Also, most of the existing Polish Auditing Standards need updating inline with these international standards. Practicing auditors generally comply with the strict wording of written Polish Auditing Standards, however the lack of detailed standards and shortage of practical-oriented implementation guidelines seem to constrain the application of high quality audit methodology. Although the education and training arrangements appear to be of high quality, there is a shortage of well-trained accounting and auditing instructors in many institutions of higher learning. Moreover, there is a need to update curricula focusing on practical application of internationally recognized accounting and auditing standards and professional accounting code of ethics.