Accounting and Auditing Assessment

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  • Publication
    Chad Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2014-04) World Bank
    The auditing profession in Chad is characterized by the existence of numerous practitioners who provide accounting and auditing services illegally, in violation of community regulations, and whose qualifications often do not meet the international standards. To date, Chad has not yet set up a national association of chartered accountants. One of the most pressing areas in transposing community texts relates to the establishment of a national association of chartered accountants, whose existence is essential for the development and practice of the accountancy profession in Chad. It is also important for consolidating accounting and auditing processes, improving the quality of financial reporting, facilitating access to credit and supporting foreign direct investors, as well as improving the competitiveness of national businesses. With regard to the accounting standards, the Uniform Act (UA) organizing and harmonizing accounting systems for businesses, as well as the accounting chart of accounts and the provisions put in place by the Commission Bancaire d'Afrique Centrale (COBAC) and the Conference Interafricaine des Marches d'Assurances (CIMA) code, there has been very little change since their entry into force towards the end of the 1990s. This is due to shortcomings in the functioning of the regional bodies in charge of ensuring that these texts were updated in line with changes in the accounting, economic, and legal fields. Looking ahead, the major areas of focus in seeking to strengthen the legal and regulatory framework governing accountancy and auditing professions in Chad are the following: (i) the reclassification of CEMAC licensed accounting technicians in Chad in the category of public accountants, in accordance with community regulations, (ii) the establishment of a national association of chartered accountants, (iii) the proper functioning of the national accounting standards commission, (iv) the adoption of auditing professional standards and a code of ethics in line with those established by International Federation of Accountants, or IFAC independent standard-setting board, (v) the strengthening of initial training through the improvement of the quality of the national curriculum and by drafting a continuous professional training plan, and (iv) the capacity building of the Court of Accounts to enable it implement INTOSAI auditing standards in order to ensure proper supervision of public enterprises.
  • Publication
    Republic of Uganda Report on the Observance of Standards and Codes : Accounting and Auditing
    (Washington, DC, 2014) World Bank
    This second Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) assesses the degree to which the findings and policy recommendations of the first review have been implemented. The report identifies and assesses issues that have emerged after the first review. From these assessments, the World Bank team identifies the root causes of failure to implement the proposed recommendations. It makes policy recommendations aimed at further improving the quality of financial reporting, which should contribute to lowering the cost of borrowing and enhance private sector competitiveness; ultimately contributing to the attainment of Uganda s strategic objectives aimed at achieving; (i) inclusive and sustainable growth, (ii) job creation, and (iii) improved governance. These are themes in the 2012/2013 and 2013-2014 and Uganda National Budgets. Going forward, the above key policy recommendations should form the basis for a stakeholder driven Country Action Plan which should be regularly monitored to ensure it is effectively implemented. This will improve financial reporting in both the private and public sector and therefore play a role in enhancing transparency and accountability which are key ingredients in attracting private sector investors and thus lead to economic growth as well as improve on public service delivery.
  • Publication
    Cape Verde Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2012-03) World Bank
    This Report on the Observance of Standards and Codes (ROSC) provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Cape Verde. The assessment focuses on six pillars of financial reporting infrastructure: statutory framework, professional education and training, accountancy profession, accounting standards, auditing standards, and monitoring and enforcement of the applicable standards. The main purpose of this assessment is to assist the development and implementation of a country action plan for strengthening institutional capacity with attendant effects on enhancing corporate financial reporting in Cape Verde. The findings reveal that Cape Verde has recognized the importance of a strong corporate financial reporting architecture. In terms of accounting and auditing standards, Cape Verde adapted International Financial Reporting Standards (IFRS) for the private companies and fully adopted IFRS for banking and insurance institutions sector. However, there is no tradition of financial analysis in the country (except within the financial institutions when issuing credit) and no credit-rating agencies. The banks do not rely on corporate financial statements; generally, the lenders manage credit risks using collaterals. The Bank of Cape Verde mandated IFRS for banks and insurance companies in 2008. In addition, the capacity of regulators would be built to cope with the demands of IFRS-compliant financial reporting. The central bank would include in its scope the regulation of micro-finance institutions, which are currently unregulated. In order to improve the legal framework of corporate financial reporting, there is need to enact a Financial Reporting Act with focus on all regulatory aspects of accounting and auditing.
  • Publication
    Nigeria : Accounting and Auditing
    (Washington, DC, 2011-06-06) World Bank
    This report finds that there has been limited implementation of the 2004 Country Action Plan and limited improvement in financial reporting practices in Nigeria. Nigerian authorities have successfully implemented only 6 of 14 action plans emanating from the 2004 review leaving significant areas yet to be addressed. This 2011 ROSC presents policy recommendations that take into account international experience, good practice, and local circumstances.
  • Publication
    Mauritius - Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing
    (World Bank, Washington, DC, 2011-06) World Bank
    The second Report on the observance of standards and codes (ROSC) Accounting and Auditing (A&A) review in Mauritius aims to determine what reforms should be undertaken to further strengthen the accountancy institutional framework that is critical in contributing to the country's economic growth. In 2010, the Government of Mauritius invited the World Bank to conduct this follow-up review. The first ROSC A&A was carried out in 2003. The new review establishes the extent of implementation of the 2003 policy recommendations and also identifies emerging strengths and weaknesses in institutional framework that underpin accounting and auditing practices that influence the quality of financial reporting. Further policy recommendations in this ROSC address the identified systematic weaknesses. Ultimately, if implemented, the recommendations would improve corporate financial reporting that will enhance Mauritius' business environment and advance its governance and financial accountability both key contributors to improving investor confidence and attracting investments. The ROSC A&A review team used a diagnostic template developed by the World Bank to facilitate collection of data. The data was complemented by the findings of a due diligence exercise obtained by the team during a series of meetings held with key stakeholders. During the meetings, the team also obtained information on the status of implementation of 2003 recommendations. A National steering committee comprising representatives of stakeholders in the accounting and auditing community in Mauritius supported the ROSC team.
  • Publication
    Sudan Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2010-06-29) World Bank
    The assessment of accounting and auditing (A&A) practices in Sudan is part of the joint initiative of the World Bank and the International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The ROSC A&A assessment focuses on strengths and weaknesses of the corporate accounting and auditing environment that influence the quality of corporate financial reporting and involves a review of both mandatory requirements and actual practices. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on recent global experiences and good practice in the field of corporate financial reporting and auditing. This assessment used a diagnostic template developed by the World Bank to facilitate collection of information, which was complemented by findings of a due diligence exercise based on meetings with key stakeholders conducted by World Bank staff. The assessment was carried out ensuring participation from the in-country major stakeholders such as regulators of corporate entities, banks and similar financial institutions, professional accountants, bankers and investment analysts, preparers of financial statements, auditors, academics, and representatives from the leading trade bodies. The main purpose of this ROSC A&A assessment is to assist the Government of Sudan in strengthening the private sector's accounting and auditing practices, along with enhancing financial transparency in the corporate sector.
  • Publication
    Burkina Faso Accounting and Auditing
    (Washington, DC, 2010-04) World Bank
    This aim of this report is to assess the accounting and financial auditing standards and practices in Burkina Faso in the private and semipublic sectors, using as benchmarks International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and taking into account the good practices noted in the international sphere in these two areas. The main objective of this assessment is to make recommendations aimed at strengthening accounting, financial auditing, and financial transparency practices in the private sector and semipublic enterprises in Burkina Faso. The development objectives associated with these recommendations are as follows: (i) stimulating private investment and enhancing the competitiveness of enterprises; (ii) improving governance in the private market and semipublic sector; and (iii) achieving greater integration of the Burkinabe economy at the regional and international levels.
  • Publication
    Malawi : Accounting and Auditing
    (Washington, DC, 2007-06) World Bank
    This report is based on the findings of a review of accounting and auditing standards and practices in Malawi's corporate sector. The review exercise focused mainly on the strengths and weaknesses of the institutional framework that supports the corporate financial reporting system in the country; a review of Government accounting and auditing practices is outside the scope of this report. This report provides policy recommendations to improve accounting and auditing practices, including strengthening enforcement mechanisms to ensure compliance with accounting and auditing requirements. The key policy recommendations include: 1) Reviewing the Companies Act to provide for up-to-date requirements for financial reporting, and to ensure that there is room/flexibility to incorporate updates as they arise; 2) Reviewing the Public Accountants and Auditors Act to strengthen the regulatory functions of the Malawi Accountants Board (MAB), and reorganizing MAB into an effective independent oversight institution; 3) Putting in place arrangements to require public interest entities to apply IFRS for financial reporting, and to adopt simplified financial reporting requirements for SMEs in Malawi; 4) Enhancing the technical capacity of the professional accountancy body so that it can better support practitioners and institute the required international standards; and 5) Supporting the leading education and training institutions-Department of Accountancy in the University of Malawi and Malawi College of Accountancy-with teaching materials and faculty development, so that they can feed the market with quality graduates and can conduct research for developing the profession in line with up-to-date international practice.
  • Publication
    Republic of Botswana : Accounting and Auditing
    (Washington, DC, 2006-05) World Bank
    This accounting and auditing report, part of the Observance of Standards and Codes (ROSC) for the Republic of Botswana, provides an assessment of accounting and auditing practices within the corporate sector in Botswana with reference to the International Financial Reporting Standards issued by the International Accounting Standards Board, and International Standards on Auditing issued by the International Federation of Accountants. Botswana has made considerable efforts in aligning its accounting and auditing practices with internationally accepted standards and codes. Corporate accounting and disclosure practices have considerably improved over the last 5 years. Monitoring and enforcement of financial reporting requirements in the banking sector have contributed to improved transparency of the financial sector. Even with progress, there is room for further improvements. The report highlights areas that need attention for strengthening the infrastructure of accounting and auditing practices in Botswana. The report concludes with recommendations to integrate with regional and sub-regional initiatives, wherever applicable, to share resources in order to strengthen accounting and auditing practices in Botswana.