Publication: Republic of Rwanda : Accounting and Auditing
Loading...
Published
2008-06-19
ISSN
Date
2012-06-14
Author(s)
Editor(s)
Abstract
This report is an assessment of the corporate sector accounting, financial reporting, and auditing practices within Rwanda. This Report on the Observance of Standards and Codes (ROSC) is benchmarked to International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and draws on international experience and good practices to assess the strengths and weaknesses of the institutional underpinnings of corporate financial reporting and make policy recommendations. This assessment is mainly aimed at preparing a road map for institutional capacity building including development of the accountancy profession for bolstering the corporate sector accounting, financial reporting, and auditing in Rwanda. Rwanda is making considerable effort to align its accounting and auditing practices with internationally accepted standards and codes. Along with its growing economy, Rwanda must take effective steps for strengthening all the pillars of the infrastructure of accounting and auditing in line with the international good practices. The ROSC review findings reveal that there are varying compliance gaps in both accounting and auditing practices in Rwanda. These gaps stem from lack of clearer understanding among practicing accountants and auditors about the requirements of internationally accepted standards, inadequate technical capacities of the regulators, absence of implementation guidance, lack of independent oversight of the auditing profession, and shortcomings in professional education and training. The Institute of Certified Public Accountants of Rwanda (ICPAR) will assume the role of the self-regulatory professional accountancy body in the country.
Link to Data Set
Citation
“World Bank. 2008. Republic of Rwanda : Accounting and Auditing. © World Bank. http://hdl.handle.net/10986/7975 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Sierra Leone : Accounting and Auditing(Washington, DC, 2006-05)This report provides an assessment of accounting and auditing practices in Sierra Leone with reference to the International Financial Reporting Standards (IFRS) requirements issued by the International Accounting Standards Board, and International Standards on Auditing (ISA) issued by the International Federation of Accountants. This assessment is positioned within the broader context of the country's institutional framework and capacity needed to ensure the quality of corporate financial reporting. Efforts are necessary for strengthening the capacity of the regulators and ensuring compliance with applicable standards and codes. The accounting and auditing practices in Sierra Leone need to develop in line with a growing economy, as well as with international best practice. With the exception of banks and similar financial institutions, there is no legal mandate for other corporate entities to follow IFRS in preparation of financial statements and ISA in conducting audits. There are varying compliance gaps in both accounting and auditing practices. These gaps are likely to stem from lack of clearer understanding of professional accountants, inadequate technical capacities of the regulators, absence of implementation guidance, lack of independent oversight of the auditing profession, and shortcomings in professional education and training. Sierra Leone's accounting profession is dominated by members of the Association of Chartered Certified Accountants of the United Kingdom.Publication Ghana : Accounting and Auditing(Washington, DC, 2004-06-19)This report provides an assessment of accounting and auditing practices within the context of the Ghana institutional framework to ensure the quality of corporate financial reporting. The accounting and auditing practices in Ghana suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Various weaknesses were identified in the laws and regulations governing financial reporting. Although Ghana Accounting and Auditing Standards have been based on International Accounting Standards and International Standards on Auditing, respectively, they are outdated and gaps exist in comparison with the international equivalents. Furthermore, national ethical requirements for auditors are not in line with international requirements. Full compliance with Ghana National Accounting Standards is not readily achieved; some listed companies inappropriately claim compliance with International Accounting Standards. There is inadequate adherence to auditing standards and professional ethics. Apart from the banking sector practice, monitoring and enforcement mechanisms are ineffective. These factors, as well as poor quality accounting education and training, have contributed to weaknesses of the financial reporting and auditing regime. The policy recommendations provided in this report focus on improving statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies.Publication Sudan Report on the Observance of Standards and Codes(World Bank, Washington, DC, 2010-06-29)The assessment of accounting and auditing (A&A) practices in Sudan is part of the joint initiative of the World Bank and the International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The ROSC A&A assessment focuses on strengths and weaknesses of the corporate accounting and auditing environment that influence the quality of corporate financial reporting and involves a review of both mandatory requirements and actual practices. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on recent global experiences and good practice in the field of corporate financial reporting and auditing. This assessment used a diagnostic template developed by the World Bank to facilitate collection of information, which was complemented by findings of a due diligence exercise based on meetings with key stakeholders conducted by World Bank staff. The assessment was carried out ensuring participation from the in-country major stakeholders such as regulators of corporate entities, banks and similar financial institutions, professional accountants, bankers and investment analysts, preparers of financial statements, auditors, academics, and representatives from the leading trade bodies. The main purpose of this ROSC A&A assessment is to assist the Government of Sudan in strengthening the private sector's accounting and auditing practices, along with enhancing financial transparency in the corporate sector.Publication Organization of Eastern Carribbean States : Report on the Observance of Standards and Codes(Washington, DC, 2008-06-21)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 Republic of Tunisia : Accounting and Auditing(Washington, DC, 2006-10)This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Tunisia. The analysis of practices is based among others on the review of a sample of 16 financial statements prepared in accordance with Tunisian accounting standards, including 6 listed enterprise sector companies, 3 listed credit institutions and 3 insurance undertakings (of which 2 are listed). The assessment uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law (also known as the acquis communautaire) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. As Tunisia deepens its partnership with the EU and becomes more integrated in the world market, the country monitors the development of the acquis communautaire and enacts legislation that draws upon it. This report recommends changes to law and regulations to align the statutory framework with evolving internationally accepted practices. As the new regulations come into force, priorities will then turn toward building the monitoring, supervisory, and disciplinary regimes necessary to ensure effective compliance.
Users also downloaded
Showing related downloaded files
Publication Digital Progress and Trends Report 2023(Washington, DC: World Bank, 2024-03-05)Digitalization is the transformational opportunity of our time. The digital sector has become a powerhouse of innovation, economic growth, and job creation. Value added in the IT services sector grew at 8 percent annually during 2000–22, nearly twice as fast as the global economy. Employment growth in IT services reached 7 percent annually, six times higher than total employment growth. The diffusion and adoption of digital technologies are just as critical as their invention. Digital uptake has accelerated since the COVID-19 pandemic, with 1.5 billion new internet users added from 2018 to 2022. The share of firms investing in digital solutions around the world has more than doubled from 2020 to 2022. Low-income countries, vulnerable populations, and small firms, however, have been falling behind, while transformative digital innovations such as artificial intelligence (AI) have been accelerating in higher-income countries. Although more than 90 percent of the population in high-income countries was online in 2022, only one in four people in low-income countries used the internet, and the speed of their connection was typically only a small fraction of that in wealthier countries. As businesses in technologically advanced countries integrate generative AI into their products and services, less than half of the businesses in many low- and middle-income countries have an internet connection. The growing digital divide is exacerbating the poverty and productivity gaps between richer and poorer economies. The Digital Progress and Trends Report series will track global digitalization progress and highlight policy trends, debates, and implications for low- and middle-income countries. The series adds to the global efforts to study the progress and trends of digitalization in two main ways: · By compiling, curating, and analyzing data from diverse sources to present a comprehensive picture of digitalization in low- and middle-income countries, including in-depth analyses on understudied topics. · By developing insights on policy opportunities, challenges, and debates and reflecting the perspectives of various stakeholders and the World Bank’s operational experiences. This report, the first in the series, aims to inform evidence-based policy making and motivate action among internal and external audiences and stakeholders. The report will bring global attention to high-performing countries that have valuable experience to share as well as to areas where efforts will need to be redoubled.Publication Business Ready 2024(Washington, DC: World Bank, 2024-10-03)Business Ready (B-READY) is a new World Bank Group corporate flagship report that evaluates the business and investment climate worldwide. It replaces and improves upon the Doing Business project. B-READY provides a comprehensive data set and description of the factors that strengthen the private sector, not only by advancing the interests of individual firms but also by elevating the interests of workers, consumers, potential new enterprises, and the natural environment. This 2024 report introduces a new analytical framework that benchmarks economies based on three pillars: Regulatory Framework, Public Services, and Operational Efficiency. The analysis centers on 10 topics essential for private sector development that correspond to various stages of the life cycle of a firm. The report also offers insights into three cross-cutting themes that are relevant for modern economies: digital adoption, environmental sustainability, and gender. B-READY draws on a robust data collection process that includes specially tailored expert questionnaires and firm-level surveys. The 2024 report, which covers 50 economies, serves as the first in a series that will expand in geographical coverage and refine its methodology over time, supporting reform advocacy, policy guidance, and further analysis and research.Publication Global Economic Prospects, June 2025(Washington, DC: World Bank, 2025-06-10)The global economy is facing another substantial headwind, emanating largely from an increase in trade tensions and heightened global policy uncertainty. For emerging market and developing economies (EMDEs), the ability to boost job creation and reduce extreme poverty has declined. Key downside risks include a further escalation of trade barriers and continued policy uncertainty. These challenges are exacerbated by subdued foreign direct investment into EMDEs. Global cooperation is needed to restore a more stable international trade environment and scale up support for vulnerable countries grappling with conflict, debt burdens, and climate change. Domestic policy action is also critical to contain inflation risks and strengthen fiscal resilience. To accelerate job creation and long-term growth, structural reforms must focus on raising institutional quality, attracting private investment, and strengthening human capital and labor markets. Countries in fragile and conflict situations face daunting development challenges that will require tailored domestic policy reforms and well-coordinated multilateral support.Publication The Container Port Performance Index 2023(Washington, DC: World Bank, 2024-07-18)The Container Port Performance Index (CPPI) measures the time container ships spend in port, making it an important point of reference for stakeholders in the global economy. These stakeholders include port authorities and operators, national governments, supranational organizations, development agencies, and other public and private players in trade and logistics. The index highlights where vessel time in container ports could be improved. Streamlining these processes would benefit all parties involved, including shipping lines, national governments, and consumers. This fourth edition of the CPPI relies on data from 405 container ports with at least 24 container ship port calls in the calendar year 2023. As in earlier editions of the CPPI, the ranking employs two different methodological approaches: an administrative (technical) approach and a statistical approach (using matrix factorization). Combining these two approaches ensures that the overall ranking of container ports reflects actual port performance as closely as possible while also being statistically robust. The CPPI methodology assesses the sequential steps of a container ship port call. ‘Total port hours’ refers to the total time elapsed from the moment a ship arrives at the port until the vessel leaves the berth after completing its cargo operations. The CPPI uses time as an indicator because time is very important to shipping lines, ports, and the entire logistics chain. However, time, as captured by the CPPI, is not the only way to measure port efficiency, so it does not tell the entire story of a port’s performance. Factors that can influence the time vessels spend in ports can be location-specific and under the port’s control (endogenous) or external and beyond the control of the port (exogenous). The CPPI measures time spent in container ports, strictly based on quantitative data only, which do not reveal the underlying factors or root causes of extended port times. A detailed port-specific diagnostic would be required to assess the contribution of underlying factors to the time a vessel spends in port. A very low ranking or a significant change in ranking may warrant special attention, for which the World Bank generally recommends a detailed diagnostic.Publication Global Economic Prospects, January 2025(Washington, DC: World Bank, 2025-01-16)Global growth is expected to hold steady at 2.7 percent in 2025-26. However, the global economy appears to be settling at a low growth rate that will be insufficient to foster sustained economic development—with the possibility of further headwinds from heightened policy uncertainty and adverse trade policy shifts, geopolitical tensions, persistent inflation, and climate-related natural disasters. Against this backdrop, emerging market and developing economies are set to enter the second quarter of the twenty-first century with per capita incomes on a trajectory that implies substantially slower catch-up toward advanced-economy living standards than they previously experienced. Without course corrections, most low-income countries are unlikely to graduate to middle-income status by the middle of the century. Policy action at both global and national levels is needed to foster a more favorable external environment, enhance macroeconomic stability, reduce structural constraints, address the effects of climate change, and thus accelerate long-term growth and development.