Accounting and Auditing Assessment

145 items available

Permanent URI for this collection

Items in this collection

Now showing 1 - 10 of 15
  • Publication
    Jamaica Report on the Observance of Standards and Codes: Accounting and Auditing
    (World Bank, Washington, DC, 2014-06-13) World Bank
    This Report on Observance and Codes-Accounting and Auditing (ROSC-A&A) assesses the corporate sector accounting, financial reporting, and auditing practices in Jamaica. It builds on its predecessor, a 2003 ROSC-A&A, and its aims to assist the Government of Jamaica's efforts to strengthen accounting and auditing practices and to enhance financial transparency in the corporate sector, so as to support the Government's economic reform program and provide greater confidence to current and potential investors with respect to the financial reporting environment. Jamaica has embarked on an economic reform program whose main objectives are to contain the country's growing economic and external vulnerabilities and address economic imbalances, while putting the country on a path to sustainable growth. Important reforms include: (a) strengthening public finances, including through comprehensive tax reform, expenditure rationalization, and improved public debt management and public financial management; (b) enhancing the resilience of the financial sector through strengthened supervisory, regulatory, and crisis-management frameworks; and (c) improving growth generating efficiency through enhancements to the business environment and strengthened institutional capacity and governance.
  • Publication
    Brazil : Report on the Observance of Standards and Codes--Accounting and Auditing
    (Washington, DC, 2013-06-11) World Bank
    This 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
    Republic of Trinidad and Tobago : Report on the Observance of Standard and Codes - Accounting and Auditing
    (Washington, DC, 2013-03-28) World Bank
    The 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 Bank
    This 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
    Nicaragua : A Review of Accounting and Auditing Practices
    (World Bank, 2011-03-01) World Bank
    This ROSC analyzes accounting, financial reporting and auditing practices within the corporate sector in Nicaragua, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drawing on international experience and good practice in those fields. Nicaragua remains among the poorest countries of the Western Hemisphere, with 46 percent of its five million people living below the poverty line. The 2008 Gross Domestic Product (GDP) of US$6.4 billion translates into a per-capita GDP of approximately US$1,000. After average GDP growth of about 3.6 percent during 2005-08, the global financial and economic crisis lead to a contraction in real GDP of 1.5 percent in 2009. Going forward, if the private sector is to serve as an engine of growth for the Nicaraguan economy, the country needs to follow high-level accounting and auditing practices and the highest standards of corporate governance. This ROSC supports three main development objectives: (a) improving Nicaragua's investment climate; (b) ensuring the stability and fostering the development of the local financial sector and (c) advancing governance and financial accountability in both the private and public sectors. The report seeks to help the authorities address these issues by: (i) improving the technical skills of accounting and audit practitioners, (ii) strengthening the regulatory framework governing accounting and audit practices in Nicaragua, and (iii) developing the institutional capacity of the country's accounting professional bodies.
  • Publication
    Organization of Eastern Carribbean States : Report on the Observance of Standards and Codes
    (Washington, DC, 2008-06-21) World Bank
    This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in the Organization of Eastern Caribbean States (OECS). The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. High-quality financial information supports relevant strategic objectives for the OECS, including: (1) an investor-friendly business climate; (2) sub-regional and regional harmonization; (3) better management and increased transparency of public-interest enterprises; and (4) improved Small and Medium Enterprise (SME) access to credit as an outgrowth of a shift toward lending based on the borrower's financial performance and cash flow. Due to their small size (total population about 560,000) and their tropical island geography, OECS countries face special development challenges, including limited human and institutional capacity, high per capita costs of basic social and infrastructure services, and vulnerability to natural disasters and other external shocks. High levels of indebtedness and fiscal imbalance are additional factors affecting growth and crowding out private investment. These constraints significantly affect the strategic planning and decision-making processes in both the public and private sectors and make capacity issues more significant than in larger countries. The OECS accounting and auditing practices need to be strengthened and modernized to serve adequately the emerging needs of the market and support sustainable economic development.
  • Publication
    Haiti : A Review of Accounting and Audit Practices
    (Washington, DC, 2007-11) World Bank
    This report analyzes corporate financial reporting and auditing practices in Haiti. It supports the Government's efforts to: (a) improve financial sector stability and development; (b) encourage a business climate conducive to private investment and local companies' access to credit and long-term finance; and (c) enhance the governance and accountability of public enterprises. For the purpose of this study, the benchmarks that have been used include the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA). The report also draws on international experience and good practice in accounting and auditing, particularly in Latin America and the Caribbean. The main focus of the review is the institutional framework and professional environment that underpin private sector accounting and audit practices.
  • Publication
    Honduras : Accounting and Auditing
    (Washington, DC, 2007-05) World Bank
    This report analyzes corporate financial reporting and auditing practices in Honduras in support of the Government's efforts to : (a) improve the business environment and make it more attractive for domestic and foreign direct investment; (b) enhance financial transparency and governance in the corporate sector; and (c) foster economic integration within the Latin America and Caribbean Region (LCR). For the purpose of this study, relevant benchmarks have been used, including the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA). The report also draws on international experience and good practice in those fields, particularly in LCR. Accounting and auditing (A&A) standards and practices in Honduras have been improving; however, continued efforts to align these with international ones are still needed. The review focuses on the strengths and weaknesses of the accounting and auditing environment in the corporate sector (which includes private companies and state-owned enterprises) and how they influence the quality of corporate financial reporting.
  • Publication
    El Salvador : Accounting and Auditing
    (Washington, DC, 2005-06) World Bank
    This report provides an assessment of accounting and auditing practices within El Salvador's corporate sector. It used International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drew on international experience and good practices in those fields. Both statutory requirements and actual practices were analyzed as part of this review. The purpose of this ROSC is to assist the Government of El Salvador in strengthening the private sector's accounting and auditing practices and financial transparency. The development objectives these efforts address are (a) fostering the growth and accountability of the private sector, (b) ensuring adequate market regulation with respect to the provision of essential services, and (c) making the business environment more attractive for foreign direct investment (FDI). The recommendations of this ROSC are intended to serve as the basis for a country action plan to be developed by the Government of El Salvador in collaboration with in-country stakeholders and with the assistance of the World Bank and other donors.
  • Publication
    Dominican Republic : Accounting and Auditing
    (Washington, DC, 2004-12-30) World Bank
    This report provides an assessment of accounting, financial reporting and auditing practices within the corporate sector in the Dominican Republic (DR), using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drawing on international experience and good practices in those fields. The principal objective of this ROSC assessment is to assist the Government in strengthening private sector accounting and auditing practices, and in enhancing financial transparency in the DR's corporate sector. The development objectives these efforts address are improving the investment climate, fostering competitiveness and furthering regional and international economic integration. Moreover, the recommendations arising from the assessment support the Government's efforts to ensure the stability of the financial sector and mitigate the risk of crises.