Colombia : Accounting and Auditing

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collection.link.10
https://openknowledge.worldbank.org/handle/10986/2111
collection.name.10
Accounting and Auditing Assessment
dc.contributor.author
World Bank
dc.date.accessioned
2013-07-23T15:54:53Z
dc.date.available
2013-07-23T15:54:53Z
dc.date.issued
2003-07-25
dc.date.lastModified
2017-12-13T12:34:07Z
dc.description.abstract
This report is based on the findings of a review of accounting and auditing standards and practices in Colombia. The review exercise focused mainly on the strengths and weaknesses of the institutional framework that supports a corporate financial reporting system in the country. The current legal and regulatory requirements on accounting have led to issuance of conflicting accounting standards from multiple sources. Legal arrangements that gave various regulatory bodies the right to determine the accounting requirements for entities within their jurisdiction have led to the predominance of special-purpose financial reporting. This report provides policy recommendations to improve accounting and auditing practices, including strengthening enforcement mechanisms to ensure compliance with accounting and auditing requirements, and a professional code of ethics for auditors. In this context, it is recommended that a statutory regulatory body be established. Other policy recommendations include the creation of a Higher Council that would be responsible for issuing international accounting and auditing standards as local mandatory requirements for public interest entities; establishing a new professional organization for auditors of financial statements; reforming accounting curriculum and improving significantly the teaching capacity of accounting instructors at universities; and organizing training programs on practical aspects of international auditing standards for accountants, auditors, and others.
en
dc.identifier
http://documents.worldbank.org/curated/en/2003/07/6561430/colombia-report-observance-standards-codes-rosc-accounting-auditing
dc.identifier.uri
http://hdl.handle.net/10986/14470
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTING
dc.subject
ACCOUNTING STANDARDS
dc.subject
AUDITED FINANCIAL STATEMENTS
dc.subject
AUDITS
dc.subject
BAD DEBT
dc.subject
BANKS
dc.subject
CAPITAL MARKETS
dc.subject
CONTINGENT LIABILITIES
dc.subject
CREDIT RISK
dc.subject
DEBT
dc.subject
ECONOMIC REFORMS
dc.subject
EXCHANGE RATES
dc.subject
FINANCIAL INFORMATION
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL REPORTING
dc.subject
FINANCIAL REPORTING STANDARDS
dc.subject
FOREIGN EXCHANGE
dc.subject
FRAUD
dc.subject
GAAP
dc.subject
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
dc.subject
GUIDELINES
dc.subject
INFLATION
dc.subject
INSURANCE
dc.subject
INTERNATIONAL ACCOUNTING STANDARDS
dc.subject
LEGAL FRAMEWORK
dc.subject
LICENSES
dc.subject
LIQUIDITY
dc.subject
MACROECONOMIC STABILITY
dc.subject
MERGERS
dc.subject
PRICING POLICIES
dc.subject
PROVISIONS
dc.subject
PRUDENTIAL REGULATION
dc.subject
PUBLIC
dc.subject
RATING AGENCIES
dc.subject
RECESSION
dc.subject
REGULATORY FRAMEWORK
dc.subject
SECURITIES
dc.subject
SHAREHOLDERS
dc.subject
TAX
dc.subject
TAXATION
dc.subject
TRADING
dc.subject
TRANSPARENCY
dc.title
Colombia : Accounting and Auditing
en
okr.crosscuttingsolutionarea
Public-Private Partnerships
okr.date.disclosure
2006-01-27
okr.doctype
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/en/2003/07/6561430/colombia-report-observance-standards-codes-rosc-accounting-auditing
okr.globalpractice
Finance and Markets
okr.globalpractice
Governance
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000160016_20060127115733
okr.identifier.internaldocumentum
6561430
okr.identifier.report
35020
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/01/27/000160016_20060127115733/Rendered/PDF/350200CO0Accounting0rosc1aa1col.pdf
en
okr.region.administrative
Latin America & Caribbean
okr.region.country
Colombia
okr.sector
Finance :: General finance sector
okr.topic
Private Sector Development :: Business Environment
okr.topic
Finance and Financial Sector Development :: Financial Intermediation
okr.topic
Financial Crisis Management and Restructuring
okr.topic
Private Sector Development :: Business in Development
okr.topic
Public Sector Economics and Finance
okr.topic
Public Sector Development
okr.unit
Financial Management (LCSFM)
okr.volume
1 of 1

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