Accounting and Auditing Assessment

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  • Publication
    Digital Transformation of Tax and Customs Administrations
    (Washington, DC: World Bank, 2022-06-30) Junquera-Varela, Raúl Félix; Lucas-Mas, Cristian Óliver; Krsul, Ivan; Calderon Yksic, Vladimir Omar; Arce Rodriguez, Paola
    Domestic resource mobilization has become a core priority of the sustainable development agenda for tax and customs administrations. Information systems can play a critical role in revenue mobilization, which may create the much-needed fiscal space for maneuver and allow for more spending on all the things that drive potential growth over the medium term. New technologies can also increase the effectiveness of the internal operations of tax and customs administrations, and can reduce costs, as they improve their capacity to collect revenue with smarter use of the information they collect. Of particular interest is machine learning, which can be used to solve difficult problems that arise from the inability of revenue administrations to process massive amounts of data efficiently. Technology by itself can only provide tools. To achieve meaningful and impactful goals, a comprehensive strategy must be defined, covering the regulatory, institutional, and operational aspects. This paper analyzes such aspects and provides a roadmap for policymakers and tax officials on how to incorporate and manage disruptive technologies into the process of building the tax and customs administrations of tomorrow.
  • Publication
    Cambodia - Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing
    (World Bank, Washington, DC, 2021-11) World Bank
    Cambodia has achieved remarkable economic development and political stabilization in recent years. Continuous high growth has heightened demand for high quality financial reporting and auditing in the corporate sector and in the government sector. This report on the observance of standards and codes accounting and auditing (ROSC A and A) report assesses the significant progress in the institutional framework for A and A since the previous ROSC A and A report in 2007. It analyses the accounting frameworks of listed companies, the banking and insurance sectors, state-owned enterprises (SOEs), and micro, small, and medium enterprise (MSMEs). The current report seeks to support the ongoing development of the financial reporting institutional framework in line with Cambodia’s national strategic development plan (NSDP) 2019-2023, which features good governance as a cross cutting theme. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice. Unless otherwise specified, data and statistics quoted in this report relate to the 2019 calendar year. This reflects the data that was available and or applicable at the time the analysis was done.
  • Publication
    Reporting by Audit Oversight Bodies
    (World Bank, Vienna, 2018) World Bank Group
    A wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by their clients and could not be trusted to regulate themselves. Beginning with the Sarbanes-Oxley Act of 2002 in the U.S., there has been a global movement away from self-regulation of the auditing profession and towards independent oversight. Perhaps the most important milestone in this movement was the 2006 Audit Directive of the European Union, which required all EU members and accession candidates to implement independent oversight. A key goal of independent oversight is to provide relevant and reliable information to investors, lenders, audit committees, regulators, other stakeholders, and the general public about auditors and the audit market, among other matters. This paper aims to provide a brief synopsis on the topic of reporting by audit oversight bodies (AOBs) through their annual and inspection reports. It outlines international principles and legislative requirements, highlights certain good practices and shares results from a focused survey across EU-REPARIS and STAREP countries.
  • Publication
    Key Accounting and Auditing Reforms
    (World Bank, Vienna, 2017-12-01) World Bank Group
    The purpose of this knowledge paper focusing on key accounting and auditing reforms is to assist the government to make informed decisions for future reform actions following the publication of the Macedonian Report on the Observance of Standards and Codes (ROSC) on Accounting and Auditing (A and A). The paper should be used as a tool to assist the Ministry of Finance when discussing and further analyzing some possible implications of various reform actions that the government and key stakeholders may choose to conduct, as well as provide possible application examples when possible. The government has remained committed to continue its reform efforts in corporate financial reporting frameworks and actual practices and implement the recommendations of the ROSC A and A update. This paper is divided into four thematic areas including: (i) Definition and special Considerations for Public Interest Entities (PIEs); (ii) Reducing regulatory burdens related to compliance with accounting, financial reporting and auditing requirements for Micro and Small and Medium Sized Enterprises (SMEs); (iii) public oversight of statutory auditors and quality assurance over external audit function; and (iv) professional accountancy education and training.
  • Publication
    Zambia Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2017-10) World Bank Group
    The government of Zambia is implementing the seventh National Development Plan (NDP) focused on building a diversified and resilient economy for sustained growth and social economic development (2017 – 2021). This second Zambia report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A and A) is aimed at determining reforms that will further strengthen the accountancy profession to accelerate its contribution towards economic and social development. The report is set out as follows. Section I describes the objective, approach, country and economic context, and link between corporate and financial reporting and the seventh NDP, World Bank country partnership strategy, and different sectors; section II provides an assessment of the framework supporting the accountancy profession; section III discusses the status of implementation of 2007 policy recommendation; and section IV lists policy recommendations.
  • Publication
    Report on the Observance of Standards and Codes on Accounting and Auditing: Republic of the Philippines
    (World Bank, Washington, DC, 2017-09-28) World Bank Group
    Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assess financial reporting and auditing standards, institutions and practices in participating countries. These reports form part of a joint initiative implemented by the World Bank and the International Monetary Fund to review the quality of implementation of internationally recognized standards and principles in 12 key areas (‘the ROSC program’) with a view to promoting financial and economic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector2 in the Philippines and sets forth areas for consideration for improving the institutional environment for A&A. The ROSC A&A used international benchmarks of good practice governing financial reporting and auditing in the assessment, including International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). This report updates an earlier assessment which was published in 2006 and was undertaken following a formal request from the Government of the Philippines.
  • Publication
    Myanmar Report on Observance of Standards and Codes: Accounting and Auditing Module
    (Washington, DC, 2017-06) World Bank
    Since launching fundamental political and economic reforms in 2011, Myanmar has been undergoing a major transformation aimed at increasing openness, empowerment and inclusion. The economic transition has witnessed an acceleration in growth, buoyed by improved macroeconomic management, increased gas production and exports, and stronger performance in the non-gas sectors as the economy opened up. Medium-term economic growth is projected to average 7.1 percent per year. The new Government’s economic objectives envisage Myanmar’s economy becoming more competitive and with the ability to attract increased foreign direct investment. The objectives include the development of an integrated capital market and a modern financial sector. A fundamental foundation for any market-based economy is high quality financial reporting and auditing practices. This plays a vital role in promoting improved transparency and accountability thereby ensuring a level playing field and promoting investor confidence. The Reports on the Observance of Standards and Codes (ROSC) are a joint World Bank and International Monetary Fund (IMF) initiative that helps member countries strengthen their financial systems by improving compliance with internationally recognized standards and codes. The ROSC was developed in the wake of the financial crisis of the late 1990s as part of a series of measures to strengthen the international financial architecture. The global financial community believed the implementation of internationally recognized standards and codes will provide a framework to strengthen domestic institutions, identify potential vulnerabilities, and improve transparency.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.7 Audit Regulation, Quality Assurance, and Public Oversight
    (World Bank, Washington, DC, 2017) World Bank
    The purpose of this report is to gain an understanding of the regulatory environment for auditors in a jurisdiction and the extent of quality assurance and oversight that takes place. In the Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) diagnostic assessment, quality assurance (QA) refers to the system in place in a jurisdiction to monitor compliance of the work performed by independent auditors with applicable auditing, ethical, and other professional standards via on-site inspections and other activities. QA inspections and other activities may be carried out by a separate audit firm (a peer review system), a professional accountancy organization (which in some circumstances has been delegated this responsibility by a government body or regulator), or by an audit regulator independent of the accountancy profession. Questions are based on the core principles for independent audit regulators issued by the International Forum of International Audit Regulators (IFIAR) and statement of membership obligations, QA as issued by the International Federation of Accountants (IFAC). The report is structured as follows: regulatory environment for auditors; QA and audit oversight system; QA review procedures, approach, and communication of findings; QA inspectors; and investigations and sanctions.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.4 Financial Sector - Insurance
    (World Bank, Washington, DC, 2017-01) World Bank
    The purpose of this report is to gain an understanding of the financial reporting requirements for insurance companies in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. Unless otherwise stated, the term insurance company refers to both insurance and reinsurance companies. There are also questions in relation to the monitoring and enforcement capacity of the local insurance supervisor in respect of financial reporting of insurance companies specifically. Questions are based on the internationally recognized insurance core principles issued by the International Association of Insurance Supervisors. The report is structured as follows: overview of the insurance sector; financial reporting requirements for insurance companies; statutory audit and other forms of independent assurance; audit committees; filing and publication of financial statements; monitoring and enforcement: financial reporting; and corporate governance.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.5 Accountancy Profession
    (World Bank, Washington, DC, 2017-01) World Bank
    The purpose of this report is to gain an understanding of the accountancy profession in the jurisdiction; from pathways for aspiring accounting professionals and auditors to enter the profession, through to maintaining professional competence, and the roles and responsibilities of professional accountancy organizations (PAOs). Questions are based on international good practice in respect of the expected professional skills, education, and competences for the accountancy profession such as the International Education Standards (IES) issued by the International Accounting Education Standards Board (IAESB). The report is structured as follows: entry requirements to the accountancy profession; continuing professional development; and professional accountancy organizations.