Accounting and Auditing Assessment

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  • Publication
    Report on the Observance of Standards and Codes on Accounting and Auditing: Albania Update
    (World Bank, Vienna, 2019-07) World Bank
    Albania's remarkable economic transformation has been affected by the global financial crisis. The country's main challenges include maintaining macro-fiscal and financial sector sustainability, improving the investment climate and unleashing private sector growth, removing barriers to employment for job creation, and improving governance and public service delivery. Improving the business climate and addressing gaps in infrastructure and labor force skills are necessary to reap the early benefits of European Union (EU) accession and make Albania attractive for foreign direct investments. This report on the observance of standards and codes in accounting and auditing (ROSCA and A) seeks to assist with the further development of the financial reporting institutional framework in Albania. The report summarizes key findings, identifies gaps, and makes recommendations for consideration by the authorities to improve alignment with international standards and good practice.
  • Publication
    Indonesia: Report on the Observance of Standards and Codes on Accounting and Auditing
    (World Bank, Washington, DC, 2018-05) World Bank
    Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assessfinancial 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 InternationalMonetary Fund to review the quality of implementation of internationally recognized standardsand principles in 12 key areas (‘the ROSC program’) with a view to promoting financial andeconomic stability. This report provides an assessment of financial reporting and auditing requirements and practices within the corporate sector in Indonesia 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, includingInternational Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).This report updates an earlier assessment which was published in 2011 and was undertakenfollowing a formal request from the Government of Indonesia.
  • 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.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.1 Commercial Enterprises (including SMEs)
    (World Bank, Washington, DC, 2017) World Bank
    The purpose of this report is to gain an understanding of the general financial reporting and audit requirements for commercial enterprises in a jurisdiction as established by law or other regulation (for example, companies’ act). Commercial enterprises are defined as companies established with a profit-making objective that do not issue equity and debt on a public exchange, are not financial institutions (such as banks or insurance companies), and are not owned and controlled by the state. The definition of commercial enterprises also includes small and medium sized enterprises (SMEs). The focus of this report is commercial enterprises with limitations of liability, such as limited liability companies (LLCs) and joint stock companies. The report is structured as follows: statutory framework; financial reporting requirements for commercial enterprises; 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.3 Financial Sector - Banking
    (World Bank, Washington, DC, 2017) World Bank
    The purpose of this report is to gain an understanding of the financial reporting requirements for the banks in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. The term bank in this assessment is used to refer to institutions authorized to receive deposits and to lend money as defined by the legal framework in the jurisdiction. There are also questions in relation to the monitoring and enforcement capacity of the local banking supervisor in respect of financial reporting of banks specifically. Questions are based on the internationally-recognized core principles for effective banking supervision issued by the Basel Committee on banking supervision, in particular Principle 27 Financial reporting and external audit. The questionnaire is structured as follows: overview of the banking sector; financial reporting requirements for Banks; 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.6 Accountancy Education
    (Washington, DC: World Bank, 2017) World Bank
    The purpose of this report is to gain an understanding of the institutional environment underpinning accountancy education at the tertiary level as well as the practices followed by leading universities in the teaching of accountancy. Questions are based on examples of international good practice for the education of aspiring accounting professionals and auditors such as the International Education Standards (IESs) issued by the International Accounting Education Standards Board (IAESB). The report is structured as follows: institutional environment for accountancy education; admission criteria; accountancy curriculum; and post-university career.
  • Publication
    Report on the Observance of Standards and Codes, Accounting and Auditing: Module B - Institutional Framework for Corporate Financial Reporting, B.2 Listed Companies
    (World Bank, Washington, DC, 2017) World Bank
    The purpose of this report is to gain an understanding of the financial reporting requirements for companies whose equity or debt securities are listed for trading on a regulated market in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. There are also questions in relation to the monitoring and enforcement capacity of the local securities market regulator in respect of financial reporting of listed companies specifically. Questions are based on international good practice for listed companies such as the objectives and principles of securities regulation (2010) issued by the International Organization of Securities Commissions (IOSCO). The report is structured as follows: overview of the securities exchange and market; securities market regulation; financial reporting requirements for listed 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.