World Bank2012-06-222012-06-222005-06https://hdl.handle.net/10986/8749This report provides an assessment of accounting and auditing practices within El Salvador's corporate sector. It used International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drew on international experience and good practices in those fields. Both statutory requirements and actual practices were analyzed as part of this review. The purpose of this ROSC is to assist the Government of El Salvador in strengthening the private sector's accounting and auditing practices and financial transparency. The development objectives these efforts address are (a) fostering the growth and accountability of the private sector, (b) ensuring adequate market regulation with respect to the provision of essential services, and (c) making the business environment more attractive for foreign direct investment (FDI). The recommendations of this ROSC are intended to serve as the basis for a country action plan to be developed by the Government of El Salvador in collaboration with in-country stakeholders and with the assistance of the World Bank and other donors.en-USCC BY 3.0 IGOACCESS TO FINANCINGACCOUNTACCOUNTANCYACCOUNTANTACCOUNTINGACCOUNTING CURRICULAACCOUNTING CURRICULUMACCOUNTING FIRMACCOUNTING FIRMSACCOUNTING METHODSACCOUNTING POLICIESACCOUNTING PRACTICESACCOUNTING PRINCIPLESACCOUNTING RECORDSACCOUNTING SERVICESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING TREATMENTACCOUNTSACQUISITIONAUDIT COMMITTEESAUDIT ENGAGEMENTSAUDIT EVIDENCEAUDIT REPORTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING STANDARDSAUDITORSBALANCE SHEETBANKING LAWBANKING SECTORBENEFICIARIESBORROWINGBORROWING COSTSBORROWINGSBROKERAGEBROKERAGE FIRMSBUDGET CONSTRAINTSBUSINESS COMBINATIONSBUSINESS COMMUNITYBUSINESS SECRETSCAPACITY CONSTRAINTSCAPITAL MARKETCAPITAL MARKETSCAPITALIZATIONCASH FLOWSCENTRAL BANKCERTIFIED PUBLIC ACCOUNTANTSCHARTS OF ACCOUNTSCOLLATERALCOLLATERAL REQUIREMENTSCOLLEGE DEGREECOMMERCIAL BANKINGCOMMERCIAL BANKSCOMMERCIAL REGISTRYCOMPANY LAWCONFIRMATIONSCONSUMERSCORPORATE GOVERNANCECREDIBILITYCREDIT RISKCREDITORSCURRENCYDEBT ISSUANCEDEBTORSDEPOSITDEVELOPMENT BANKDUE DILIGENCEEDUCATION STANDARDSEMERGING ECONOMIESEQUITY INSTRUMENTSEQUITY SECURITIESEQUITY VALUEEXTERNAL DEBTEXTERNAL INVESTORSEXTERNAL SHOCKSFAIR VALUEFINANCIAL ACCOUNTINGFINANCIAL ACCOUNTING STANDARDSFINANCIAL COMPANIESFINANCIAL CRISESFINANCIAL HEALTHFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIARIESFINANCIAL PERFORMANCEFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL SECTORFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL YEARSFIXED ASSETSFIXED INCOMEFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN INVESTORSFOREIGN LENDERSFUND MANAGEMENTFUND MANAGERSGAAPGOOD PRACTICEGOOD PRACTICESGOODWILLGOVERNMENT ACCOUNTINGGOVERNMENT ACCOUNTING STANDARDSGROSS DOMESTIC PRODUCTHOLDINGHUMAN RESOURCESIMPLICIT TAXINCOME INSTRUMENTSINCOME TAXINCOME TAXESINDEBTEDNESSINFLATIONINFORMATION TECHNOLOGYINITIAL PUBLIC OFFERINGSINSTITUTIONAL CAPACITYINSTITUTIONAL DEVELOPMENTINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINTEREST RATESINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL INVESTORSINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVENTORIESINVENTORYINVESTINGINVESTMENT CLIMATEINVESTMENT CLIMATE ASSESSMENTINVESTMENT DECISIONINVESTMENT FUNDINVESTMENT OPPORTUNITIESINVESTMENT POLICIESJOINT STOCK COMPANIESJOINT STOCK COMPANYJOINT-STOCK COMPANYLEGAL FRAMEWORKLEGAL RECOURSELENDERLEVEL OF RISKLIMITED LIABILITYLOANLOAN PORTFOLIOLOCAL SECURITIESLONG-TERM ASSETLONG-TERM SAVINGSMARKET CONCENTRATIONMARKET PARTICIPANTSMARKET VALUEMEDIUM ENTERPRISESMINIMUM WAGEMINIMUM WAGESMONETARY FUNDOIL PRICESPENSIONPENSION FUNDPENSION FUND ADMINISTRATORPENSION FUND ADMINISTRATORSPENSION FUNDSPENSION SYSTEMPENSIONSPRIVATE PENSIONPRIVATE PENSION FUNDSPROCUREMENTPROFESSIONAL ASSOCIATIONSPRUDENTIAL STANDARDSPUBLIC ACCOUNTANTSPUBLIC ACCOUNTINGPUBLIC DISCLOSUREPUBLIC REGISTERQUALITY ASSURANCEQUALITY AUDITSQUALITY CONTROLREAL ESTATEREGISTRATION PROCESSREGULATORY PRACTICESREMITTANCESRESPONSIBILITIESRETURNRETURNSSALESALESSECONDARY MARKETSECURITIES MARKETSECURITIES MARKET LAWSHAREHOLDERSSMALL BUSINESSSMALL BUSINESSESSOLVENCYSTAKEHOLDERSSTATUTORY REQUIREMENTSSTOCK EXCHANGESTOCK MARKETTAXTAX LAWTAX OBLIGATIONSTELECOMMUNICATIONSTRADINGTRAINING COURSESTRANSPARENCYTREASURYTREASURY BONDSUNAUDITED FINANCIAL STATEMENTSVALUATIONVALUATION OF SECURITIESWORLD MARKETSWorld Bank10.1596/8749