World Bank2012-06-152012-06-152006-05https://hdl.handle.net/10986/8147This 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.en-USCC BY 3.0 IGOACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANCY FIRMSACCOUNTANTSACCOUNTINGACCOUNTING CURRICULAACCOUNTING FIRMACCOUNTING FIRMSACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING STANDARDSACCOUNTING TREATMENTACCOUNTSADMINISTRATIVE SUPPORTAFFILIATESANNUAL RETURNSAUDIT ENGAGEMENTSAUDIT EVIDENCEAUDIT REPORTSAUDIT RISKAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROCEDURESAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSAVERAGE GROWTHBANK LOANBANKING SECTORBANKING SUPERVISIONBANKSBENEFICIARYBEST PRACTICEBEST PRACTICESBUSINESS ETHICSBUSINESS MANAGEMENTCALCULATIONCAPITAL MARKETCASH FLOWCOMMERCIAL BANKSCOMMUNITY BANKCOMMUNITY BANKSCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONTINGENCIESCONTRIBUTIONSCREDIT RISKCURRICULUMDEPOSITSDEVELOPMENT BANKDIRECT INVESTMENTDISCLOSURE REQUIREMENTSECONOMIC DEVELOPMENTEMPLOYEE BENEFITSEMPLOYMENTEXTERNAL AUDITORSFIDUCIARY RESPONSIBILITYFINANCE COMPANIESFINANCE COMPANYFINANCIAL CRISESFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIATIONFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL PERFORMANCEFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL RESOURCESFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL STATEMENTSFINANCIAL SYSTEMFOREIGN CURRENCYFOREIGN EXCHANGEFORMAL EDUCATIONFUTURE CASH FLOWSGOOD PRACTICESHOME FINANCEHOUSINGINADEQUATE DISCLOSUREINCOMEINCOME TAXESINFORMATION TECHNOLOGYINSURANCEINSURANCE COMPANIESINTEREST RATEINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINVESTMENT CLIMATEINVESTMENT DECISIONKNOWLEDGE GAPLACK OF KNOWLEDGELARGE ENTERPRISELARGE ENTERPRISESLAWSLEGAL PROVISIONSLEGAL RECOURSELEGISLATIONLIABILITYLOANMANDATESMARKET ECONOMYMEDIUM ENTERPRISEMEDIUM ENTERPRISESNONBANK FINANCIAL INSTITUTIONSNONPERFORMING LOANSOFF BALANCE SHEETOFF BALANCE SHEET ITEMSOFFSITE SUPERVISIONPENALTIESPRESENT VALUEPRIVATIZATIONPRUDENTIAL REGULATIONSQUALITY ASSURANCEQUALITY CONTROLREGULATORY FRAMEWORKRESPONSIBILITIESRISK EVALUATIONSALESSAVINGSSTAKEHOLDERSSTATUTORY AUDITORSSTOCK EXCHANGESUBSIDIARIESSUBSIDIARYTAXABLE INCOMETAXATIONTERMINATIONTRAINING PROGRAMTRAINING PROGRAMSVALUABLEWorld Bank10.1596/8147