Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update
The Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC AA) in Sri Lanka aims to assess the progress made on implementation of the policy recommendations of the first ROSC AA in 2004 and supports the Government of Sri Lan...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/05/24572175/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/22468 |
| Summary: | The Report on the Observance of
Standards and Codes, Accounting and Auditing (ROSC AA) in
Sri Lanka aims to assess the progress made on implementation
of the policy recommendations of the first ROSC AA in 2004
and supports the Government of Sri Lanka in preparing a
country action plan. This will further enhance the quality
of corporate financial reporting, and thereby contribute
toward the country’s goal of improving the investment
climate, attracting foreign direct investment (FDI), and
fostering business development. The ROSC review, requested
by the Minister of Finance and Planning, entailed an
evaluation exercise that assesses the strengths and
weaknesses of existing institutional frameworks that
underpin financial accounting and auditing practices;
determines the comparability of national accounting and
auditing standards; and evaluates the effectiveness of
enforcement mechanisms for ensuring compliance with existing
national standards, rules, and regulations. The review was
conducted from December 2013 to September 2014 using the
World Bank’s multi-layered review methodology. All findings
reflect this time period of the review; some stated future
events may have been achieved by publication date. The data
and information used for the review was gathered from a
diagnostic questionnaire completed by stakeholders; by
reviewing accountancy profession-related documents; and
through interviews with many stakeholders from government,
regulatory and accountancy bodies, accounting and auditing
firms, banks, insurance companies, state-owned enterprises
(SOEs), small and medium-size enterprises (SMEs), and
academia. The review focused on assessing the institutional
framework underpinning accounting and auditing practices in
the private sector and in SOEs of the country in comparison
with international standards and good practice. |
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