Republic of Lebanon : Accounting and Auditing

Republic of Lebanon : Accounting and Auditing

Despite Lebanon's overall commendable progress in implementing international standards, there are still compliance gaps of varying degrees in both accounting and auditing practices. There is less gap in listed companies and banks; a greater ga...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
en_US
Published: Washington, DC 2013
Subjects:
ACCOUNTING
ACCOUNTING PRINCIPLES
ACCOUNTING STANDARDS
ACCRUAL ACCOUNTING
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITORS
AUDITS
BALANCE SHEETS
BANKING LAW
BANKING SECTOR
BANKING SUPERVISION
BANKING SYSTEM
BANKS
CAPITALIZATION
CASH FLOW STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
CORPORATE FINANCE
DEBT
EMPLOYMENT
EXTERNAL AUDITORS
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
GROSS DOMESTIC PRODUCT
INCOME STATEMENTS
INCOME TAXES
INSURANCE
INTERNATIONAL ACCOUNTING STANDARDS
INVENTORY
LAWS
LEGAL FRAMEWORK
LEGISLATION
LICENSES
MANDATES
MARKET VALUE
PENALTIES
PRIVATE SECTOR
PROVISIONS
PUBLIC
PUBLIC SECTOR
PUBLIC SECTOR PROJECTS
REAL SECTOR
REGULATORY FRAMEWORK
REGULATORY REPORTS
RETIREMENT
SECURITIES
SUBSIDIARIES
SUPERVISORY FRAMEWORK
TAX
TAX LAWS
TAXATION
Online Access:http://documents.worldbank.org/curated/en/2003/05/6569506/lebanon-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/14484
Description
Summary:Despite Lebanon's overall commendable progress in implementing international standards, there are still compliance gaps of varying degrees in both accounting and auditing practices. There is less gap in listed companies and banks; a greater gap appears in other companies with determinants based on size and who is performing the audit. These gaps stem primarily from shortcomings in professional education and training in Lebanon. When the Lebanese Association for Certified Public Accountants was established in 1994, all applicants, who sought license to practice, were certified without examination. More importantly, no enforcement mechanism exists to ensure International Accounting Standards (IAS) compliance, except in the banking sector. Although many audit firms make effort to perform audits in accordance with International Standards on Auditing (ISA), quality of audits varies significantly. The Order on Auditing, issued by the Minister of Finance, does not cover regulation or supervision of the auditing profession and does not mention enforcement regulations or the monitoring of ISA compliance. This report provides recommendations for an action plan, with particular focus on developing practical implementation guidelines; strengthening enforcement mechanisms; upgrading accounting curricula and increasing training arrangements and opportunities for practicing auditors; and establishing a system to perform quality control reviews of audit practices.

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