Bangladesh : Accounting and Auditing
This report provides an assessment of accounting and auditing practices within the broader context of the Bangladesh institutional framework and capacity needed to ensure the quality of corporate financial reporting. The accounting and auditing pra...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/05/6561790/bangladesh-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/13854 |
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okr-10986-138542021-04-23T14:03:18Z Bangladesh : Accounting and Auditing World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING PERIOD ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BALANCE SHEET BANKS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION EARNINGS PER SHARE EMPLOYMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN EXCHANGE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GROSS DOMESTIC PRODUCT HOLDING COMPANIES INSURANCE INSURANCE INDUSTRY INSURANCE POLICIES INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT BANKERS MANAGEMENT ACCOUNTING OPERATING EXPENSES OPERATING LEASES PROVISIONS PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC PUBLIC SECTOR REGULATORY REPORTS RISK MANAGEMENT SECURITIES SOUTH ASIAN SUBSIDIARIES SUBSIDIARY TAX TAX LAWS TAXATION TRANSPARENCY This report provides an assessment of accounting and auditing practices within the broader context of the Bangladesh institutional framework and capacity needed to ensure the quality of corporate financial reporting. The accounting and auditing practices in Bangladesh suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. The preparation of financial statements and conduct of audits, in many cases, are not consistent with internationally acceptable standards and practices. Better-qualified graduates generally do not join the accounting profession because it is not viewed as a stepping-stone to a rewarding and prestigious career. The out-of-date legal requirements, widespread noncompliance with accounting and auditing standards, ineffective enforcement mechanism, poor quality accounting education and training, and inadequate adherence to professional ethics have contributed to the weakness of the financial reporting regime. The policy recommendations provided in this report focus on improving statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. A major recommendation is that an independent oversight body-Financial Reporting Council-should be established. The Financial Reporting Council will be responsible for adopting, monitoring, and enforcing international accounting and auditing standards for financial reporting by the public-interest entities. In addition, arrangements will need to be made to develop a simplified financial reporting framework for small- and medium-size enterprises. 2013-06-11T22:10:27Z 2013-06-11T22:10:27Z 2003-05-16 http://documents.worldbank.org/curated/en/2003/05/6561790/bangladesh-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/13854 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work South Asia Bangladesh |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ACCOUNTING ACCOUNTING PERIOD ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BALANCE SHEET BANKS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION EARNINGS PER SHARE EMPLOYMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN EXCHANGE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GROSS DOMESTIC PRODUCT HOLDING COMPANIES INSURANCE INSURANCE INDUSTRY INSURANCE POLICIES INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT BANKERS MANAGEMENT ACCOUNTING OPERATING EXPENSES OPERATING LEASES PROVISIONS PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC PUBLIC SECTOR REGULATORY REPORTS RISK MANAGEMENT SECURITIES SOUTH ASIAN SUBSIDIARIES SUBSIDIARY TAX TAX LAWS TAXATION TRANSPARENCY |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCOUNTING PERIOD ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BALANCE SHEET BANKS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION EARNINGS PER SHARE EMPLOYMENT EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN EXCHANGE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GROSS DOMESTIC PRODUCT HOLDING COMPANIES INSURANCE INSURANCE INDUSTRY INSURANCE POLICIES INTERNATIONAL ACCOUNTING STANDARDS INVESTMENT BANKERS MANAGEMENT ACCOUNTING OPERATING EXPENSES OPERATING LEASES PROVISIONS PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC PUBLIC SECTOR REGULATORY REPORTS RISK MANAGEMENT SECURITIES SOUTH ASIAN SUBSIDIARIES SUBSIDIARY TAX TAX LAWS TAXATION TRANSPARENCY World Bank Bangladesh : Accounting and Auditing |
| geographic_facet |
South Asia Bangladesh |
| description |
This report provides an assessment of
accounting and auditing practices within the broader context
of the Bangladesh institutional framework and capacity
needed to ensure the quality of corporate financial
reporting. The accounting and auditing practices in
Bangladesh suffer from institutional weaknesses in
regulation, compliance, and enforcement of standards and
rules. The preparation of financial statements and conduct
of audits, in many cases, are not consistent with
internationally acceptable standards and practices.
Better-qualified graduates generally do not join the
accounting profession because it is not viewed as a
stepping-stone to a rewarding and prestigious career. The
out-of-date legal requirements, widespread noncompliance
with accounting and auditing standards, ineffective
enforcement mechanism, poor quality accounting education and
training, and inadequate adherence to professional ethics
have contributed to the weakness of the financial reporting
regime. The policy recommendations provided in this report
focus on improving statutory framework, strengthening
enforcement mechanisms, upgrading professional education and
training, and enhancing capacity of regulatory and
professional bodies. A major recommendation is that an
independent oversight body-Financial Reporting
Council-should be established. The Financial Reporting
Council will be responsible for adopting, monitoring, and
enforcing international accounting and auditing standards
for financial reporting by the public-interest entities. In
addition, arrangements will need to be made to develop a
simplified financial reporting framework for small- and
medium-size enterprises. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Bangladesh : Accounting and Auditing |
| title_short |
Bangladesh : Accounting and Auditing |
| title_full |
Bangladesh : Accounting and Auditing |
| title_fullStr |
Bangladesh : Accounting and Auditing |
| title_full_unstemmed |
Bangladesh : Accounting and Auditing |
| title_sort |
bangladesh : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/05/6561790/bangladesh-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/13854 |
| _version_ |
1764429130036674560 |