Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program

This paper addresses challenges to the successful implementation of international accounting and auditing standards which have been observed by the World Bank when carrying out the Report on the Observance of Standards and Codes (ROSC) accounting a...

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Bibliographic Details
Main Authors:	Hegarty, John, Gielen, Frédéric, Hirata Baros, Ana Cristina
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING &AMP; AUDITING STANDARDS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING RULES AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANK REGULATIONS BANKING SECTOR BANKING SUPERVISION BANKS BORROWER BORROWING COSTS CAPACITY BUILDING CAPITAL MARKETS COLLATERAL COLLECTIVE ACTION COMPANY LAW COMPLIANCE GAPS CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATE BORROWERS CORPORATE GOVERNANCE CORRESPONDENT BANKS COST OF CAPITAL CREDIT INSTITUTIONS CREDIT LOSSES CREDIT-RATING AGENCIES CREDITOR CREDITOR RIGHTS DISCLOSURE REQUIREMENTS DOMESTIC MARKET DUE DILIGENCE ECONOMIC DEVELOPMENT ECONOMIC STABILITY ENFORCEMENT MECHANISMS FINANCIAL ACCOUNTING FINANCIAL ASSET FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL POLICIES FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL SECTOR DEVELOPMENT FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN DIRECT INVESTMENT FOREIGN PORTFOLIO INVESTMENT FRAUD FUTURE CASH FLOWS FUTURE CREDIT GAAP GLOBAL FINANCIAL STABILITY INCOME RECOGNITION INCOME TAX INCREMENTAL COSTS INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTEREST RATE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENTS INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTMENT FLOWS JUDICIAL SYSTEM LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGISLATION LEGISLATIVE FRAMEWORK LENDER LENDING DECISIONS LIABILITY LOAN LOAN COVENANTS MANDATES MARKET ECONOMIES MARKET EFFICIENCY MARKET PARTICIPANTS MARKET REGULATOR MARKET STRUCTURES MIDDLE EAST MONETARY FUND NATIONAL BANK NORTH AFRICA PARENT COMPANIES PENSION POLITICAL ECONOMY PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIOS PRESENT VALUE PRIVATIZATION PRUDENTIAL SUPERVISION PUBLIC POLICY QUALITY ASSURANCE QUALITY CONTROL REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY OVERSIGHT REGULATORY STANDARDS REGULATORY SYSTEMS SAVINGS SECURITIES SECURITIES LAW SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SELF-REGULATION SHAREHOLDERS STATUTORY AUDITORS SUBSIDIARIES TAX TAX RULES TAXATION TECHNICAL ASSISTANCE TERRORISM TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY UNDERWRITERS VALUE OF COLLATERAL
Online Access:	http://documents.worldbank.org/curated/en/2004/09/8954226/report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14354

Description
Summary:	This paper addresses challenges to the successful implementation of international accounting and auditing standards which have been observed by the World Bank when carrying out the Report on the Observance of Standards and Codes (ROSC) accounting and auditing assessments. It describes the ROSC program, outlines the methodological approach followed, identifies problems common across several jurisdictions, and makes suggestions for initiatives that could enhance the implementation of international standards. The ROSC results show that governments have primarily concentrated on adopting legislation mandating or allowing the use of international standards, and the private sector has sought to increase the competence of individuals and firms to apply international standards. This paper provides an overview of the main program of Bank diagnostic work in the field of private sector financial reporting: (ROSC) It summarizes some of the main findings of the 38 assessments that have been carried out to date, with specific reference to the challenges to the successful implementation of international accounting and auditing standards. Attention is drawn to the need for international consensus on a comprehensive framework of principles for the regulation of accounting and auditing that also addresses issues of implementation, which is not covered by existing international accounting and auditing standards. The paper concludes by raising a number of other issues to be discussed and resolved going forward, if countries are to receive the support they need to successfully implement international standards and reap their full benefits.

Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program

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