Accounting and Auditing Assessment
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Publication Republic of Uganda Report on the Observance of Standards and Codes : Accounting and Auditing(Washington, DC, 2014) World BankThis 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 Brazil : Report on the Observance of Standards and Codes--Accounting and Auditing(Washington, DC, 2013-06-11) World BankThis Report on the Observance of Standards and Codes: Accounting and Auditing (ROSC A&A) has been prepared under the Financial Sector Assessment Program in Brazil. The report assesses the status of implementation of 2005 ROSC A&A policy recommendations, highlights recent improvements in Brazil's corporate financial reporting framework, and sheds light on emerging issues regarding the institutional underpinnings of accounting and auditing practices that require further upgrading in line with international good practices. In addition to maintaining appropriate macroeconomic policies, there is an extensive agenda to implement wide ranging structural reforms to promote growth, increase productivity, and raise living standards. Brazil's low domestic savings and limited domestic long-term financing markets remain a major impediment to the investment in infrastructure that is required to sustain high economic growth. Given the increased role played by the financial system, especially as more families and businesses have access to banking credit and capital markets, it will also be necessary to further develop and strengthen Brazil's financial markets and institutions, to help to ensure macroeconomic stability and sustainable growth. In this context, one of the strategic objectives of the ROSC A&A is to help consolidate the institutional framework for accounting and auditing in Brazil in order to support improvements in business conditions in general, and facilitate access to more abundant and cheaper domestic and foreign financial resources.Publication Moldova : Reports on the Observance of Standards and Codes on Accounting and Auditing, Update(Washington, DC, 2013-06-01) World BankThis assessment of accounting and auditing practices in Moldova is part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. It uses International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices, as well as the European Union's acquis communautaire given Moldova's strategy of further integration with the European Union. In the medium term, improvement in Moldova's business environment is essential to put the country on a sustainable growth path. The strategic objective of this task is to support the Government in its efforts to improving the business environment in Moldova by contributing to an elevated level of competitiveness and productivity across the economy through business enterprises providing timely and reliable financial information, formulated according to internationally accepted standards, while also observing standards of governance that create confidence among local and foreign investors. These will enable companies to have greater access to finance, invest and increase their productivity. This assessment was drawn up at the request of the Government of Moldova and builds on the previous Accounting and Auditing ROSC that was prepared in 2004. The 2004 ROSC had the following objectives: (i) to spell out the ingredients of a good set of national accounting and auditing practices; (ii) to assess how Moldovan practices and its accounting profession perform relative to those practices; and (iii) to lay out the reforms needed to bring those practices and the profession into compliance with the generic model of good practices.Publication South Africa : Report on the Observance of Standards and Codes--Accounting and Auditing(Washington, DC, 2013-06) World BankThe 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 Republic of Trinidad and Tobago : Report on the Observance of Standard and Codes - Accounting and Auditing(Washington, DC, 2013-03-28) World BankThe Report on the Observance of Standard and Codes (ROSC) Accounting and Auditing (A&A) focuses on the institutional framework underpinning national accounting and auditing practices, and their conformity with international standards and good practices. It evaluates the: a) adequacy of reporting requirements, b) capacity to implement applicable standards and codes, and c) the effectiveness of enforcement mechanisms for ensuring compliance with applicable standards and codes. This report provides an assessment of corporate sector accounting, financial reporting, and auditing practices in Trinidad and Tobago. It aims to assist the Government of Trinidad and Tobago's efforts to strengthen accounting and auditing practices and enhance financial transparency in the corporate sector, so as to support the Government's objective of private sector-led growth and deepened integration with the international economy. Trinidad and Tobago is a relatively small, open economy with a high per capita income and abundant natural resources. Key areas for strengthening Trinidad and Tobago's corporate financial reporting practices are: 1) establishing a culture of compliance; 2) improving monitoring and enforcement capabilities of various regulators; 3) establishing institutional mechanisms for regulating the accounting profession, including independent oversight; 4) enhancing technical capacities of Institute of Chartered Accountants of Trinidad and Tobago (ICATT); 5) improving professional accountancy education and training; and 6) improving the statutory framework for corporate financial reporting. The recommendations in this report are presented for the consideration of authorities in Trinidad and Tobago as suggested inputs for the development of a country action plan, geared toward strengthening the corporate financial reporting regime.Publication Suriname : Report on the Observance of Standards and Codes - Accounting and Auditing(Washington, DC, 2012-05-31) World BankThis report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Suriname, with the aim of assisting the Government of Suriname's efforts to strengthen private sector accounting and auditing practices and enhance financial transparency in the corporate sector, so as to support the Government's objective of private sector-led growth and deepened integration with the international economy. This ROSC A&A aims to support the government's objectives of improving the investment climate and fostering private sector growth, in particular through: (a) designing a solid legal and regulatory framework governing the accounting and audit profession in Suriname, (b) improving the technical skills of accounting and audit practitioners, and (c) enhancing the institutional capacity of the country's accounting professional body and educational institutions. The ROSC A&A focuses on the institutional framework regulating accounting and auditing practices, and the comparability of national accounting and auditing practices with international standards and best practice, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks. It evaluates the effectiveness of enforcement mechanisms for ensuring compliance with applicable standards and codes.Publication Nigeria : Accounting and Auditing(Washington, DC, 2011-06-06) World BankThis 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 BankThe 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 Indonesia : Accounting and Auditing(Washington, DC, 2011-04) World BankThis report is part of a joint initiative of the World Bank and IMF to prepare Reports on the Observance of Standards and Codes (ROSC). The ROSC Accounting and Auditing review for Indonesia mainly focuses on the strengths and weaknesses of the accounting and auditing environment that influences the quality of corporate financial reporting. It involves both a review of mandatory requirements and actual practices. The reference points of international standards used in this report are International Financial Reporting Standards (IFRS) International Standards on Auditing (ISA) and international experience and good practice in the field of accounting and auditing regulation. The methodology used to conduct the analytical work for preparing this report includes application of the ROSC Accounting and Auditing diagnostic review. Developed by the World Bank, the diagnostic template was complemented by a comprehensive due diligence exercise. The World Bank ROSC team met with key stakeholders involved in accounting and auditing and corporate reporting in Indonesia. Also, several discussion forums were held with groups of preparers and auditors of financial statements, investors, and financial analysts.Publication Republic of Liberia : Accounting and Auditing(Washington, DC, 2011-02-14) World BankThis report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Liberia. The assessment undertaken is positioned within the broader context of the country s institutional framework and capacity needed to enhance the quality of corporate financial reporting that is a key contributor to improving investor confidence and ultimately economic growth. Efforts are necessary for strengthening the capacity of the regulators and developing accounting and auditing standards in Liberia.