Republic of Mauritius : Accounting and Auditing

Republic of Mauritius : Accounting and Auditing

This report is part of the Bank and International Monetary Fund joint initiative on Reports on the Observance of Standards and Codes (ROSC). The ROSC- Accounting & Auditing review process involved an assessment of local accounting and auditing...

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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 POLICIES
ACCOUNTING PRINCIPLES
ACCOUNTING RECORDS
ACCOUNTING STANDARDS
ACCOUNTING TREATMENT
AFFILIATE
AFFILIATES
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITORS
AUDITS
BANK OF MAURITIUS
BANKING SUPERVISION
BORROWING
BORROWING COSTS
CAPITALIZATION
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
CORPORATE GOVERNANCE
DEBENTURES
DEBT
EXTERNAL AUDITORS
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL PERFORMANCE
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL SERVICES
FOREIGN BANKS
GROSS DOMESTIC PRODUCT
INSURANCE
INTANGIBLE ASSETS
INTERNATIONAL ACCOUNTING STANDARDS
LAWS
LEGISLATION
LEGISLATIVE FRAMEWORK
LITIGATION
PENALTIES
PENSIONS
PROFITABILITY
PROVISIONING
PROVISIONS
PRUDENTIAL REGULATIONS
PUBLIC
PUBLIC COMPANIES
REGULATORY FRAMEWORK
RETIREMENT
SECURITIES
SUBSIDIARIES
TAX
TAX ADMINISTRATION
TAX LAW
TRANSPARENCY
Online Access:http://documents.worldbank.org/curated/en/2003/04/6572784/report-observance-standards-codes-rosc-mauritius-accounting-auditing
http://hdl.handle.net/10986/14551
Description
Summary:This report is part of the Bank and International Monetary Fund joint initiative on Reports on the Observance of Standards and Codes (ROSC). The ROSC- Accounting & Auditing review process involved an assessment of local accounting and auditing standards, and actual practices and analysis of effectiveness of the mechanisms for ensuring compliance with the formal standards. The review used a diagnostic template developed by the Bank to facilitate a self-assessment by a National Steering Committee established by the Minister of Economic Development, Financial Services, and Corporate Affairs. The self-assessment results, complemented by the findings of a due diligence exercise conducted by Bank staff, were used in preparing this report. The policy recommendations of this report specifically focus on strengthening the monitoring and enforcement arrangements through a proposed Financial Reporting Council. This body will develop, and disseminate guidelines on international accounting and auditing standards, monitor compliance with financial reporting requirements, conduct practice review of the auditors and audit firms, and enforce actions against infractions. For expediting the implementation of IAS and ISA, there is a need for bolstering professional education and training arrangements.

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