Publication: Republic of Lebanon : Accounting and Auditing
Date
2003-05-07
ISSN
Published
2003-05-07
Author(s)
World Bank
Abstract
Despite Lebanon's overall
commendable progress in implementing international
standards, there are still compliance gaps of varying
degrees in both accounting and auditing practices. There is
less gap in listed companies and banks; a greater gap
appears in other companies with determinants based on size
and who is performing the audit. These gaps stem primarily
from shortcomings in professional education and training in
Lebanon. When the Lebanese Association for Certified Public
Accountants was established in 1994, all applicants, who
sought license to practice, were certified without
examination. More importantly, no enforcement mechanism
exists to ensure International Accounting Standards (IAS)
compliance, except in the banking sector. Although many
audit firms make effort to perform audits in accordance with
International Standards on Auditing (ISA), quality of audits
varies significantly. The Order on Auditing, issued by the
Minister of Finance, does not cover regulation or
supervision of the auditing profession and does not mention
enforcement regulations or the monitoring of ISA compliance.
This report provides recommendations for an action plan,
with particular focus on developing practical implementation
guidelines; strengthening enforcement mechanisms; upgrading
accounting curricula and increasing training arrangements
and opportunities for practicing auditors; and establishing
a system to perform quality control reviews of audit practices.
Link to Data Set
Citation
“World Bank. 2003. Republic of Lebanon : Accounting and Auditing. © Washington, DC. http://hdl.handle.net/10986/14484 License: CC BY 3.0 IGO.”