Publication:
Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program

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dc.contributor.authorHegarty, John
dc.contributor.authorGielen, Frédéric
dc.contributor.authorHirata Baros, Ana Cristina
dc.date.accessioned2013-07-02T20:06:36Z
dc.date.available2013-07-02T20:06:36Z
dc.date.issued2004-09
dc.description.abstractThis paper addresses challenges to the successful implementation of international accounting and auditing standards which have been observed by the World Bank when carrying out the Report on the Observance of Standards and Codes (ROSC) accounting and auditing assessments. It describes the ROSC program, outlines the methodological approach followed, identifies problems common across several jurisdictions, and makes suggestions for initiatives that could enhance the implementation of international standards. The ROSC results show that governments have primarily concentrated on adopting legislation mandating or allowing the use of international standards, and the private sector has sought to increase the competence of individuals and firms to apply international standards. This paper provides an overview of the main program of Bank diagnostic work in the field of private sector financial reporting: (ROSC) It summarizes some of the main findings of the 38 assessments that have been carried out to date, with specific reference to the challenges to the successful implementation of international accounting and auditing standards. Attention is drawn to the need for international consensus on a comprehensive framework of principles for the regulation of accounting and auditing that also addresses issues of implementation, which is not covered by existing international accounting and auditing standards. The paper concludes by raising a number of other issues to be discussed and resolved going forward, if countries are to receive the support they need to successfully implement international standards and reap their full benefits.en
dc.identifierhttp://documents.worldbank.org/curated/en/2004/09/8954226/report-observance-standards-codes-rosc-accounting-auditing
dc.identifier.doi10.1596/14354
dc.identifier.urihttps://hdl.handle.net/10986/14354
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNT
dc.subjectACCOUNTANCY
dc.subjectACCOUNTANTS
dc.subjectACCOUNTING
dc.subjectACCOUNTING & AUDITING STANDARDS
dc.subjectACCOUNTING POLICIES
dc.subjectACCOUNTING PRACTICES
dc.subjectACCOUNTING PRINCIPLES
dc.subjectACCOUNTING RULES
dc.subjectAUDIT ENGAGEMENTS
dc.subjectAUDIT EVIDENCE
dc.subjectAUDIT REPORTS
dc.subjectAUDITED FINANCIAL STATEMENTS
dc.subjectAUDITING
dc.subjectAUDITING PROFESSION
dc.subjectAUDITING STANDARDS
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBANK REGULATIONS
dc.subjectBANKING SECTOR
dc.subjectBANKING SUPERVISION
dc.subjectBANKS
dc.subjectBORROWER
dc.subjectBORROWING COSTS
dc.subjectCAPACITY BUILDING
dc.subjectCAPITAL MARKETS
dc.subjectCOLLATERAL
dc.subjectCOLLECTIVE ACTION
dc.subjectCOMPANY LAW
dc.subjectCOMPLIANCE GAPS
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONSOLIDATED FINANCIAL STATEMENTS
dc.subjectCORPORATE BORROWERS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORRESPONDENT BANKS
dc.subjectCOST OF CAPITAL
dc.subjectCREDIT INSTITUTIONS
dc.subjectCREDIT LOSSES
dc.subjectCREDIT-RATING AGENCIES
dc.subjectCREDITOR
dc.subjectCREDITOR RIGHTS
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDOMESTIC MARKET
dc.subjectDUE DILIGENCE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC STABILITY
dc.subjectENFORCEMENT MECHANISMS
dc.subjectFINANCIAL ACCOUNTING
dc.subjectFINANCIAL ASSET
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTABILITY
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENT
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL POLICIES
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL REPORTING STANDARDS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN PORTFOLIO INVESTMENT
dc.subjectFRAUD
dc.subjectFUTURE CASH FLOWS
dc.subjectFUTURE CREDIT
dc.subjectGAAP
dc.subjectGLOBAL FINANCIAL STABILITY
dc.subjectINCOME RECOGNITION
dc.subjectINCOME TAX
dc.subjectINCREMENTAL COSTS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
dc.subjectINTERNATIONAL DEVELOPMENTS
dc.subjectINTERNATIONAL FINANCIAL CRISIS
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL FINANCIAL SYSTEM
dc.subjectINTERNATIONAL STANDARD
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTMENT FLOWS
dc.subjectJUDICIAL SYSTEM
dc.subjectLAWS
dc.subjectLEGAL AUTHORITY
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGISLATION
dc.subjectLEGISLATIVE FRAMEWORK
dc.subjectLENDER
dc.subjectLENDING DECISIONS
dc.subjectLIABILITY
dc.subjectLOAN
dc.subjectLOAN COVENANTS
dc.subjectMANDATES
dc.subjectMARKET ECONOMIES
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET REGULATOR
dc.subjectMARKET STRUCTURES
dc.subjectMIDDLE EAST
dc.subjectMONETARY FUND
dc.subjectNATIONAL BANK
dc.subjectNORTH AFRICA
dc.subjectPARENT COMPANIES
dc.subjectPENSION
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPORTFOLIOS
dc.subjectPRESENT VALUE
dc.subjectPRIVATIZATION
dc.subjectPRUDENTIAL SUPERVISION
dc.subjectPUBLIC POLICY
dc.subjectQUALITY ASSURANCE
dc.subjectQUALITY CONTROL
dc.subjectREGULATORY CAPACITY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREGULATORY OVERSIGHT
dc.subjectREGULATORY STANDARDS
dc.subjectREGULATORY SYSTEMS
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSECURITIES LAW
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES MARKETS
dc.subjectSECURITIES REGULATION
dc.subjectSELF-REGULATION
dc.subjectSHAREHOLDERS
dc.subjectSTATUTORY AUDITORS
dc.subjectSUBSIDIARIES
dc.subjectTAX
dc.subjectTAX RULES
dc.subjectTAXATION
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTERRORISM
dc.subjectTRANSITION COUNTRIES
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectUNDERWRITERS
dc.subjectVALUE OF COLLATERAL
dc.titleLessons Learned from the World Bank’s Accounting and Auditing ROSC Programen
dspace.entity.typePublication
okr.crosscuttingsolutionareaPublic-Private Partnerships
okr.date.doiregistration2025-05-07T09:40:20.042566Z
okr.doctypeEconomic & Sector Work::Accounting and Auditing Assessment (ROSC)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2004/09/8954226/report-observance-standards-codes-rosc-accounting-auditing
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid137971468315281018
okr.identifier.externaldocumentum000333037_20080122014815
okr.identifier.internaldocumentum8954226
okr.identifier.report41953
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/01/22/000333037_20080122014815/Rendered/PDF/419530WP0Lesso1ned1ROSC1AA01PUBLIC1.pdfen
okr.topicPrivate Sector Development::Business Environment
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Competitiveness and Competition Policy
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Business in Development
okr.volume1 of 1
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