Publication: Republic of Ghana Report on the Observance of Standards and Codes: Accounting and Auditing
Loading...
Date
2014-12
ISSN
Published
2014-12
Author(s)
Editor(s)
Abstract
This 2014 Report on the Observance of Standards and Codes in Accounting and Auditing (ROSC A&A) is the second review for Ghana. Its main objectives are to: assess the degree to which the policy recommendations of the 2004 review have been implemented, identify any emerging issues since the last review and develop policy recommendations that, once implemented, would further enhance the quality of financial reporting in the country. While growth has been spurred by favorable commodity prices for gold and cocoa, the start of commercial production of oil and a booming services sector, there is still room for improvement in the business environment, business confidence and financing of the economy. The implementation of the policy recommendations contained in this report will contribute to improved business environment and investor confidence, an essential factor for economic growth.
Link to Data Set
Citation
“World Bank. 2014. Republic of Ghana Report on the Observance of Standards and Codes: Accounting and Auditing. © World Bank. http://hdl.handle.net/10986/25726 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 Argentina - Report on the Observance of Standards and Codes (ROSC) : Accounting and Auditing(Washington, DC, 2007-07)Strengthening corporate financial reporting is important for Argentina, as the country seeks to foster confidence in the local business community in order to stimulate investments, both local and foreign. In addition, strong corporate accounting practices enable local banks and financial institutions to monitor adequately their businesses risks, credit and otherwise, which is essential at a time when the Argentine banking sector emerges from the crisis triggered by the events of December 2001. Sound accounting and auditing is therefore essential to the stability of Argentina's banking sector. This report analyzes Argentina's corporate financial reporting and auditing practices with a view to supporting the Government's strategy to: (a) improve the investment climate for Argentine companies; (b) foster trade competitiveness by aligning the standards of reporting and governance with practices that are prevalent among the country's main trading partners; and (c) ensure greater transparency in both the private and public sectors. International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA) and good international practice, particularly among the other large countries in Latin America, have been used as benchmarks for this exercise. A study of corporate governance practices was conducted in parallel, which findings complement those of the Report on the Observance of Standards and Codes (ROSC) accounting and auditing.Publication Malawi : Accounting and Auditing(Washington, DC, 2007-06)This report is based on the findings of a review of accounting and auditing standards and practices in Malawi's corporate sector. The review exercise focused mainly on the strengths and weaknesses of the institutional framework that supports the corporate financial reporting system in the country; a review of Government accounting and auditing practices is outside the scope of this report. This report provides policy recommendations to improve accounting and auditing practices, including strengthening enforcement mechanisms to ensure compliance with accounting and auditing requirements. The key policy recommendations include: 1) Reviewing the Companies Act to provide for up-to-date requirements for financial reporting, and to ensure that there is room/flexibility to incorporate updates as they arise; 2) Reviewing the Public Accountants and Auditors Act to strengthen the regulatory functions of the Malawi Accountants Board (MAB), and reorganizing MAB into an effective independent oversight institution; 3) Putting in place arrangements to require public interest entities to apply IFRS for financial reporting, and to adopt simplified financial reporting requirements for SMEs in Malawi; 4) Enhancing the technical capacity of the professional accountancy body so that it can better support practitioners and institute the required international standards; and 5) Supporting the leading education and training institutions-Department of Accountancy in the University of Malawi and Malawi College of Accountancy-with teaching materials and faculty development, so that they can feed the market with quality graduates and can conduct research for developing the profession in line with up-to-date international practice.Publication Papua New Guinea Report on the Observance of Standards and Codes(Washington, DC, 2015-02)The main purpose of the Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review exercise, conducted at the request of the Government of Papua New Guinea, is to propose policy recommendations that will strengthen the institutional framework that underpins accounting and auditing practices in the country. Implementation of the policy recommendations will enhance the quality of financial reporting for corporations a key pillar that directly contributes to enhancing the business environment and the advancement of governance and financial accountability in both private and public sector entities. The ROSC A&A review for Papua New Guinea focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and involves both a review of mandatory requirements and actual practices. The international standards that have been used as reference points for the preparation of this report are International Financial Reporting Standards (IFRS), clarified International Standards on Auditing (ISA), and international good practice in the field of accounting and auditing regulation. It is critical at this stage of development that PNG manage its resources well. The PNGLNG project shipped its first cargo in June 2014 and it is expected the LNG project to expand GDP by as much as one-quarter in 2014 and 2015, and national income by about 8 per cent. This requires significantly stepping up the quality, compliance, and enforcement of benchmark financial reporting and auditing practices. This is a key development challenge for PNG to channel this windfall revenue into investments that positively impact peoples lives.Publication West Bank and Gaza : Report on the Observance of Standards and Codes - Accounting and Auditing(World Bank, 2010-07-01)This Report on the Observance of Standards and Codes for Accounting and Auditing (ROSC A&A) is a part of the World Bank (WB) and International Monetary Fund (IMF) joint initiative to review countries use of 12 internationally recognized standards/codes related to economic stability and private and financial sector development, including evaluating the country's accounting and auditing practices based on internationally recognized benchmarks and, based on that review, to make policy recommendations to help it bridge the gaps between current practices and those considered adequate. ROSC policy recommendations are intended to help strengthen a country's financial architecture, attract more foreign direct investment and foreign portfolio investment, and mobilize domestic savings, which, in turn, would allow for pension savings. In addition, improved financial reporting allows investors to better evaluate corporate prospects and make informed investment and voting decisions, which results in a lower cost of capital and a better allocation of capital and resources. Financial reporting is also the bedrock of corporate governance, allowing shareholders and the public at large to monitor management's performance. The formal financial sector in World Bank and Group (WB&G) emerged after the signing of the Oslo accord in 1993 and the Paris protocol in 1994. The Paris protocol provided Palestinians the authority to administer monetary and financial affairs in order to support expected economic growth. Those expectations were never fully realized because of ongoing tension among stakeholders, political instability and restrictions on the mobility of persons and goods.Publication Republic of Liberia : Accounting and Auditing(Washington, DC, 2011-02-14)This report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Liberia. The assessment undertaken is positioned within the broader context of the country s institutional framework and capacity needed to enhance the quality of corporate financial reporting that is a key contributor to improving investor confidence and ultimately economic growth. Efforts are necessary for strengthening the capacity of the regulators and developing accounting and auditing standards in Liberia.
Users also downloaded
Showing related downloaded files
Publication Ten Steps to a Results-Based Monitoring and Evaluation System : A Handbook for Development Practitioners(Washington, DC: World Bank, 2004)An effective state is essential to achieving socio-economic and sustainable development. With the advent of globalization, there are growing pressures on governments and organizations around the world to be more responsive to the demands of internal and external stakeholders for good governance, accountability and transparency, greater development effectiveness, and delivery of tangible results. Governments, parliaments, citizens, the private sector, Non-governmental Organizations (NGOs), civil society, international organizations, and donors are among the stakeholders interested in better performance. As demands for greater accountability and real results have increased, there is an attendant need for enhanced results-based monitoring and evaluation of policies, programs, and projects. This handbook provides a comprehensive ten-step model that will help guide development practitioners through the process of designing and building a results-based monitoring and evaluation system. These steps begin with a 'readiness assessment' and take the practitioner through the design, management, and importantly, the sustainability of such systems. The handbook describes each step in detail, the tasks needed to complete each one, and the tools available to help along the way.Publication World Development Report 2019(Washington, DC: World Bank, 2019)Work is constantly reshaped by technological progress. New ways of production are adopted, markets expand, and societies evolve. But some changes provoke more attention than others, in part due to the vast uncertainty involved in making predictions about the future. The 2019 World Development Report will study how the nature of work is changing as a result of advances in technology today. Technological progress disrupts existing systems. A new social contract is needed to smooth the transition and guard against rising inequality. Significant investments in human capital throughout a person’s lifecycle are vital to this effort. If workers are to stay competitive against machines they need to train or retool existing skills. A social protection system that includes a minimum basic level of protection for workers and citizens can complement new forms of employment. Improved private sector policies to encourage startup activity and competition can help countries compete in the digital age. Governments also need to ensure that firms pay their fair share of taxes, in part to fund this new social contract. The 2019 World Development Report presents an analysis of these issues based upon the available evidence.Publication World Development Report 2004(World Bank, 2003)Too often, services fail poor people in access, in quality, and in affordability. But the fact that there are striking examples where basic services such as water, sanitation, health, education, and electricity do work for poor people means that governments and citizens can do a better job of providing them. Learning from success and understanding the sources of failure, this year’s World Development Report, argues that services can be improved by putting poor people at the center of service provision. How? By enabling the poor to monitor and discipline service providers, by amplifying their voice in policymaking, and by strengthening the incentives for providers to serve the poor. Freedom from illness and freedom from illiteracy are two of the most important ways poor people can escape from poverty. To achieve these goals, economic growth and financial resources are of course necessary, but they are not enough. The World Development Report provides a practical framework for making the services that contribute to human development work for poor people. With this framework, citizens, governments, and donors can take action and accelerate progress toward the common objective of poverty reduction, as specified in the Millennium Development Goals.Publication Zimbabwe(World Bank, Washington, DC, 2019-03-01)This report presents an assessment of Zimbabwe’s agriculture sector disaster risk and management capacity. The findings indicate that Zimbabwe is highly exposed to agricultural risks and has limited capacity to manage risk at various levels. The report shows that disaster-related shocks along Zimbabwe’s agricultural supply chains directly translate to volatility in agricultural GDP. Such shocks have a substantial impact on economic growth, food security, and fiscal balance. When catastrophic disasters occur, the economy absorbs the shocks, without benefiting from any instruments that transfer the risk to markets and coping ability. The increasing prevalence of ‘shock recovery-shock’ cycles impairs Zimbabwe’s ability to plan and pursue a sustainable development path. The findings presented here confirm that it is highly pertinent for Zimbabwe to strengthen the capacity to manage risk at various levels, from the smallholder farmer, to other participants along the supply chain, to consumers (who require a reliable, safe food supply), and ultimately to the government to manage natural disasters. The assessment provides the following evidence on sources of risks and plausible risk management solutions. It is our hope that the report contributes to action by the Government of Zimbabwe to adopt a proactive and integrated risk management strategy appropriate to the current structure of the agricultural sector.Publication Unlocking the Power of Healthy Longevity(Washington, DC: World Bank, 2024-09-12)Noncommunicable diseases (NCDs) are among the major health and development challenges of our time. Every year, about 41 million people die due to NCDs. This makes up about 74 percent of all deaths globally, the majority of which are in low- and middle-income countries (LMICs). Countless more people live with NCDs every day. Yet, NCDs are largely treatable and preventable. The risk of developing NCDs and deaths from them can both be lowered with appropriate attention to prevention and treatment. However, weak health systems and limited access to affordable care and information, especially in LMICs, contribute to lapses in seeking and receiving appropriate and timely care. This compendium is a compilation of 18 chapters, each exploring a different but related topic in the nexus of NCDs, human capital, and productivity. It is based on a series of analytical work taken up by the World Bank to support the Healthy Longevity Initiative (HLI) - a collaborative effort between the World Bank, the University of Toronto, and key academic and development partners including the Harvard University and the University of Washington. The HLI presents one of a growing set of efforts to increase the urgency of policy response to NCDs across the world.