World Bank2012-06-182012-06-182006-05https://hdl.handle.net/10986/8239This accounting and auditing report, part of the Observance of Standards and Codes (ROSC) for the Republic of Botswana, provides an assessment of accounting and auditing practices within the corporate sector in Botswana with reference to the International Financial Reporting Standards issued by the International Accounting Standards Board, and International Standards on Auditing issued by the International Federation of Accountants. Botswana has made considerable efforts in aligning its accounting and auditing practices with internationally accepted standards and codes. Corporate accounting and disclosure practices have considerably improved over the last 5 years. Monitoring and enforcement of financial reporting requirements in the banking sector have contributed to improved transparency of the financial sector. Even with progress, there is room for further improvements. The report highlights areas that need attention for strengthening the infrastructure of accounting and auditing practices in Botswana. The report concludes with recommendations to integrate with regional and sub-regional initiatives, wherever applicable, to share resources in order to strengthen accounting and auditing practices in Botswana.en-USCC BY 3.0 IGOACCESS TO CAPITALACCESS TO FINANCINGACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANCY FIRMSACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING CURRICULUMACCOUNTING FIRMACCOUNTING PERIODACCOUNTING POLICIESACCOUNTING PRACTICESACCOUNTING STANDARDSACCOUNTSADEQUATE DISCLOSUREASSET MANAGEMENTASSET MANAGEMENT COMPANIESATTESTATIONAUDIT COMMITTEEAUDIT ENGAGEMENTSAUDIT EVIDENCEAUDIT REPORTSAUDIT RISKAUDITED FINANCIAL INFORMATIONAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROCEDURESAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSAUTONOMYBANK LOANBANK OF BOTSWANABANKING INSTITUTIONSBANKING RISKSBANKING SECTORBANKING SUPERVISIONBANKSBOOKKEEPINGCAPACITY BUILDINGCAPACITY CONSTRAINTSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITALIZATIONCENTRAL BANKCOLLECTIVE INVESTMENTCOLLECTIVE INVESTMENTSCOMMERCIAL BANKSCOMPLIANCE GAPSCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONTINGENT LIABILITIESCORPORATE GOVERNANCECREDIBILITYCREDIT LOSSESCREDITORCREDITOR RIGHTSCREDITORSDEBTDEVELOPMENT BANKDISCLOSURE REQUIREMENTSDUE DILIGENCEECONOMIC DEVELOPMENTEMPLOYMENTENABLING ENVIRONMENTENFORCEMENT MECHANISMENFORCEMENT MECHANISMSEQUIPMENTEQUITY INVESTMENTEXCHANGE COMMISSIONEXCHANGE RATEEXPENDITURESEXTERNAL AUDITORSFAIR VALUESFIDUCIARY RESPONSIBILITYFINANCIAL ASSETFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL SECTOR DEVELOPMENTFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL POLICYFIXED ASSETSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN CURRENCY EXPOSUREFOREIGN DIRECT INVESTMENTFOREIGN DIRECT INVESTMENTSFOREIGN INVESTMENTSFUTURE CASH FLOWSFUTURE CREDITGLOBAL ECONOMYGOOD PRACTICEGROSS DOMESTIC PRODUCTIMAGEINADEQUATE DISCLOSUREINCOME INEQUALITIESINCOME TAXINFORMATION TECHNOLOGYINSTITUTIONAL CAPACITYINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINTEREST RATEINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL DEVELOPMENTINTERNATIONAL DEVELOPMENTSINTERNATIONAL MARKETINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVENTORYINVESTMENT CLIMATEINVESTMENT OPPORTUNITIESINVESTOR CONFIDENCELEGAL PROVISIONSLEGAL SYSTEMLEGISLATIONLEVEL OF DEBTLIABILITYLIQUIDITYLOANMANDATESMARKET CAPITALIZATIONMARKET EFFICIENCYMARKET PARTICIPANTSMARKET REGULATORMINORITY INVESTORSMINORITY SHAREHOLDERSMONETARY FUNDOFF BALANCE SHEETOFF BALANCE SHEET ITEMSOWNERSHIP INTERESTSPENALTIESPENSIONPENSION FUNDSPORTFOLIOPRESENT VALUEPRUDENTIAL REGULATIONSPRUDENTIAL REQUIREMENTSPUBLIC ACCOUNTANTSPUBLIC ACCOUNTINGQUALITY ASSURANCEQUALITY CONTROLRECURRENT EXPENDITURESREGULATORY FRAMEWORKRETURNRETURNSSAVINGSSAVINGS BANKSECURITIESSECURITIES MARKETSECURITIES REGULATIONSHAREHOLDERSSOLVENCYSTATUTORY AUDITORSSTATUTORY REQUIREMENTSSTOCK EXCHANGESTOCK EXCHANGE LISTINGSTOCK MARKETSTOCKSSUBSIDIARIESTAX ADMINISTRATIONTAX LAWSTAXATIONTERRORISMTRADINGTRANSACTIONTRANSPARENCYTURNOVERVALUATIONWorld Bank10.1596/8239