Publication:
Cape Verde Report on the Observance of Standards and Codes: Accounting and Auditing

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dc.contributor.authorWorld Bank
dc.date.accessioned2016-12-13T16:15:08Z
dc.date.available2016-12-13T16:15:08Z
dc.date.issued2012-03
dc.description.abstractThis Report on the Observance of Standards and Codes (ROSC) provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Cape Verde. The assessment focuses on six pillars of financial reporting infrastructure: statutory framework, professional education and training, accountancy profession, accounting standards, auditing standards, and monitoring and enforcement of the applicable standards. The main purpose of this assessment is to assist the development and implementation of a country action plan for strengthening institutional capacity with attendant effects on enhancing corporate financial reporting in Cape Verde. The findings reveal that Cape Verde has recognized the importance of a strong corporate financial reporting architecture. In terms of accounting and auditing standards, Cape Verde adapted International Financial Reporting Standards (IFRS) for the private companies and fully adopted IFRS for banking and insurance institutions sector. However, there is no tradition of financial analysis in the country (except within the financial institutions when issuing credit) and no credit-rating agencies. The banks do not rely on corporate financial statements; generally, the lenders manage credit risks using collaterals. The Bank of Cape Verde mandated IFRS for banks and insurance companies in 2008. In addition, the capacity of regulators would be built to cope with the demands of IFRS-compliant financial reporting. The central bank would include in its scope the regulation of micro-finance institutions, which are currently unregulated. In order to improve the legal framework of corporate financial reporting, there is need to enact a Financial Reporting Act with focus on all regulatory aspects of accounting and auditing.en
dc.identifierhttp://documents.worldbank.org/curated/en/713631479708926350/Cape-Verde-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing
dc.identifier.doi10.1596/25734
dc.identifier.urihttps://hdl.handle.net/10986/25734
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.subjectACCOUNTABILITY
dc.subjectACCOUNTANCY
dc.subjectACCOUNTANT
dc.subjectACCOUNTANTS
dc.subjectACCOUNTING
dc.subjectACCOUNTING CURRICULUM
dc.subjectACCOUNTING FIRM
dc.subjectACCOUNTING FIRMS
dc.subjectACCOUNTING PRACTICES
dc.subjectACCOUNTING PRINCIPLES
dc.subjectACCOUNTING RECORDS
dc.subjectACCOUNTING REFORM
dc.subjectACCOUNTING REPORTS
dc.subjectACCOUNTING RULES
dc.subjectACCOUNTING STANDARD
dc.subjectACCOUNTING STANDARDS
dc.subjectACCOUNTS
dc.subjectACCRUAL ACCOUNTING
dc.subjectADVERTISING
dc.subjectAMORTIZATION
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGEMENT COMPANIES
dc.subjectAUDIT COMMITTEE
dc.subjectAUDIT ENGAGEMENTS
dc.subjectAUDITED FINANCIAL STATEMENTS
dc.subjectAUDITING
dc.subjectAUDITING PROFESSION
dc.subjectAUDITING STANDARDS
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBALANCE SHEET
dc.subjectBANKING REGULATION
dc.subjectBANKING SECTOR
dc.subjectBANKING SUPERVISION
dc.subjectBONDS
dc.subjectBOOKKEEPING
dc.subjectBORROWER
dc.subjectBORROWING COSTS
dc.subjectBUSINESS COMMUNITY
dc.subjectBUSINESS INDICATORS
dc.subjectBUSINESS MANAGEMENT
dc.subjectCAPITAL MARKET
dc.subjectCASH FLOWS
dc.subjectCENTRAL BANK
dc.subjectCERTIFIED PUBLIC ACCOUNTANTS
dc.subjectCOLLATERAL
dc.subjectCOLLATERALS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL CODE
dc.subjectCOMMERCIAL ENTERPRISES
dc.subjectCOMMERCIAL LAW
dc.subjectCOMPLIANCE GAPS
dc.subjectCONSOLIDATED FINANCIAL STATEMENTS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCREDIT RISKS
dc.subjectCREDIT-RATING AGENCIES
dc.subjectCREDITOR
dc.subjectCREDITOR RIGHTS
dc.subjectCREDITORS
dc.subjectDEPOSITS
dc.subjectDEPRECIATION
dc.subjectDIRECT INVESTMENT
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCOUNT RATE
dc.subjectDOMESTIC MARKET
dc.subjectDUE DILIGENCE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMPLOYMENT
dc.subjectENFORCEMENT MECHANISMS
dc.subjectENFORCEMENT SYSTEM
dc.subjectEQUIPMENTS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTERNAL AUDITORS
dc.subjectFAIR VALUE
dc.subjectFINANCES
dc.subjectFINANCIAL ACCOUNTING
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL REPORTING STANDARDS
dc.subjectFINANCIAL REPORTS
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFISCAL DISCIPLINE
dc.subjectFIXED ASSETS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectGLOBAL ECONOMY
dc.subjectGOOD PRACTICE
dc.subjectGOOD PRACTICES
dc.subjectGOODWILL
dc.subjectGOVERNMENT ACCOUNTING
dc.subjectGOVERNMENT ACCOUNTING SYSTEM
dc.subjectGOVERNMENT FINANCES
dc.subjectHUMAN RESOURCE
dc.subjectHUMAN RESOURCE MANAGEMENT
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINFORMATION SYSTEM
dc.subjectINFORMATION SYSTEMS
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTANGIBLE
dc.subjectINTANGIBLE ASSETS
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINTERNATIONAL DEVELOPMENTS
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL STANDARD
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVENTORIES
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT DECISIONS
dc.subjectISSUANCE
dc.subjectLAWS
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL OBLIGATIONS
dc.subjectLEGISLATION
dc.subjectLENDERS
dc.subjectLENDING DECISIONS
dc.subjectLIMITED LIABILITY
dc.subjectLIQUIDATION
dc.subjectLOAN
dc.subjectLOCAL CAPACITY
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMICS
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKETING
dc.subjectMICRO-FINANCE
dc.subjectMICRO-FINANCE INSTITUTIONS
dc.subjectMUNICIPALITIES
dc.subjectOFFSHORE BANKS
dc.subjectPAYMENT SYSTEMS
dc.subjectPENALTIES
dc.subjectPENSION
dc.subjectPOLITICAL STABILITY
dc.subjectPRODUCTIVITY
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPRUDENTIAL SUPERVISION
dc.subjectPUBLIC ACCOUNTING
dc.subjectPUBLIC ENTERPRISES
dc.subjectPUBLIC FUNDS
dc.subjectQUALITY ASSURANCE
dc.subjectQUALITY CONTROL
dc.subjectQUALITY OF WORK
dc.subjectQUANTITATIVE METHODS
dc.subjectREMITTANCES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK EXPOSURES
dc.subjectSALES
dc.subjectSALES OF ASSETS
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSECURITIES EXCHANGE
dc.subjectSHAREHOLDERS
dc.subjectSMALL BUSINESSES
dc.subjectSTATUTORY AUDITORS
dc.subjectSTATUTORY REQUIREMENTS
dc.subjectSTOCK EXCHANGE
dc.subjectTAX
dc.subjectTAX FRAMEWORK
dc.subjectTAX RULES
dc.subjectTAXATION
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTERRORISM
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTRANSPORT
dc.subjectTREASURY
dc.subjectTURNOVER
dc.subjectUNDERLYING ASSETS
dc.subjectVALUATION
dc.titleCape Verde Report on the Observance of Standards and Codesen
dc.title.subtitleAccounting and Auditingen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleCape Verde Report on the Observance of Standards and Codes
okr.date.disclosure2016-11-21
okr.date.doiregistration2025-05-07T09:09:13.946555Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Accounting and Auditing Assessment
okr.docurlhttp://documents.worldbank.org/curated/en/713631479708926350/Cape-Verde-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing
okr.guid713631479708926350
okr.identifier.externaldocumentum000356161_20130709121326
okr.identifier.internaldocumentum17977773
okr.identifier.report79302
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/713631479708926350/pdf/793020ESW0P12600OUO0900Box0377368B.pdfen
okr.region.administrativeAfrica
okr.region.countryCape Verde
okr.sectorFinance
okr.themeFinancial and private sector development :: International financial standards and systems
okr.topicPrivate Sector Development::Corporate Data and Reporting
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicGovernance::Governance and the Financial Sector
okr.unitGovernance - GP (GGODR)
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