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 |
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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 |
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okr-10986-22468 |
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| recordtype |
oai_dc |
| 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 |
INTERNATIONAL ACCOUNTING STANDARDS EXTERNAL AUDITORS GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK BUSINESS ETHICS ACCOUNTING FINANCIAL MANAGEMENT MATURITY GAP PUBLIC DISCLOSURE INTEREST DEPRECIATION LAWS INDUSTRY BUSINESS SCHOOLS SERVICES SELLING BOARDS OF DIRECTORS CHIEF FINANCIAL OFFICERS FINANCIAL STATEMENTS CAPITAL ADEQUACY HUMAN RESOURCE MANAGEMENT IMPACTS PRICING PROJECTS PLANNING QUALITY REPORTING INTERNATIONAL BANK CASH FLOWS AUDITS FINANCIAL OFFICERS TECHNICAL ASSISTANCE CURRENCY CREDIT UNIONS ACCOUNTING POLICIES PUBLIC ACCOUNTANTS CURRENT ASSETS CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION PUBLIC FINANCE ACCOUNTING FIRMS FINANCIAL YEARS LABOR LOANS ENTERPRISES FINANCIAL REPORTING PERIOD LOTTERIES CHIEF EXECUTIVE OFFICERS FINANCIAL SYSTEM ACCOUNT FINANCE GRANTS INFRASTRUCTURE TAXES BANKS EXPENDITURE RESOURCES INVESTMENT BANKS EQUITY AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY ACCOUNTING FIRM ACCOUNTANTS INTERNAL AUDITORS AUDITORS AUDITED ACCOUNTS SUBSIDIARIES VALUE BANK CREDIT PUBLIC ENTERPRISES ACCOUNTANCY CAPITALIZATION MAINTENANCE FINANCIAL PERFORMANCE PROPERTY COST BALANCE SHEET ACTUARIES AUDIT REPORTS FINANCIAL REPORTING STANDARDS QUALITY CONTROL ACCOUNTING PERIOD CONSOLIDATED FINANCIAL STATEMENTS SUBSIDIARY BANK ACCOUNTS ADMINISTRATION PROFITABILITY GOVERNANCE INSURANCE INTERNAL AUDITING TAXATION CENTRAL BANK OF SRI LANKA PRUDENTIAL REQUIREMENTS ACCOUNTING STANDARDS BUSINESS RISK COMMERCIAL BANKS AFFILIATE INTERNAL AUDIT URBAN ECONOMY AUDIT EVIDENCE FINANCIAL MARKETS BANKING CIT REVENUE RISK MANAGEMENT ACCOUNTS QUALITY ASSURANCE BANKING SUPERVISION AUDIT AUDITING STANDARDS FINANCIAL ACCOUNTING AUDITING PROFESSION GOVERNMENTS CBA IMPLEMENTATION GUARANTEE AUDITING FINANCIAL REPORTS SPECIALIZED BANKS |
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INTERNATIONAL ACCOUNTING STANDARDS EXTERNAL AUDITORS GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK BUSINESS ETHICS ACCOUNTING FINANCIAL MANAGEMENT MATURITY GAP PUBLIC DISCLOSURE INTEREST DEPRECIATION LAWS INDUSTRY BUSINESS SCHOOLS SERVICES SELLING BOARDS OF DIRECTORS CHIEF FINANCIAL OFFICERS FINANCIAL STATEMENTS CAPITAL ADEQUACY HUMAN RESOURCE MANAGEMENT IMPACTS PRICING PROJECTS PLANNING QUALITY REPORTING INTERNATIONAL BANK CASH FLOWS AUDITS FINANCIAL OFFICERS TECHNICAL ASSISTANCE CURRENCY CREDIT UNIONS ACCOUNTING POLICIES PUBLIC ACCOUNTANTS CURRENT ASSETS CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION PUBLIC FINANCE ACCOUNTING FIRMS FINANCIAL YEARS LABOR LOANS ENTERPRISES FINANCIAL REPORTING PERIOD LOTTERIES CHIEF EXECUTIVE OFFICERS FINANCIAL SYSTEM ACCOUNT FINANCE GRANTS INFRASTRUCTURE TAXES BANKS EXPENDITURE RESOURCES INVESTMENT BANKS EQUITY AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY ACCOUNTING FIRM ACCOUNTANTS INTERNAL AUDITORS AUDITORS AUDITED ACCOUNTS SUBSIDIARIES VALUE BANK CREDIT PUBLIC ENTERPRISES ACCOUNTANCY CAPITALIZATION MAINTENANCE FINANCIAL PERFORMANCE PROPERTY COST BALANCE SHEET ACTUARIES AUDIT REPORTS FINANCIAL REPORTING STANDARDS QUALITY CONTROL ACCOUNTING PERIOD CONSOLIDATED FINANCIAL STATEMENTS SUBSIDIARY BANK ACCOUNTS ADMINISTRATION PROFITABILITY GOVERNANCE INSURANCE INTERNAL AUDITING TAXATION CENTRAL BANK OF SRI LANKA PRUDENTIAL REQUIREMENTS ACCOUNTING STANDARDS BUSINESS RISK COMMERCIAL BANKS AFFILIATE INTERNAL AUDIT URBAN ECONOMY AUDIT EVIDENCE FINANCIAL MARKETS BANKING CIT REVENUE RISK MANAGEMENT ACCOUNTS QUALITY ASSURANCE BANKING SUPERVISION AUDIT AUDITING STANDARDS FINANCIAL ACCOUNTING AUDITING PROFESSION GOVERNMENTS CBA IMPLEMENTATION GUARANTEE AUDITING FINANCIAL REPORTS SPECIALIZED BANKS World Bank Group Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update |
| geographic_facet |
South Asia Sri Lanka |
| description |
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. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update |
| title_short |
Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update |
| title_full |
Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update |
| title_fullStr |
Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update |
| title_full_unstemmed |
Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update |
| title_sort |
sri lanka report on the observance of standards and codes : accounting and auditing update |
| publisher |
World Bank, Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/05/24572175/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/22468 |
| _version_ |
1764451159359094784 |
| spelling |
okr-10986-224682021-04-23T14:04:09Z Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update World Bank Group INTERNATIONAL ACCOUNTING STANDARDS EXTERNAL AUDITORS GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK BUSINESS ETHICS ACCOUNTING FINANCIAL MANAGEMENT MATURITY GAP PUBLIC DISCLOSURE INTEREST DEPRECIATION LAWS INDUSTRY BUSINESS SCHOOLS SERVICES SELLING BOARDS OF DIRECTORS CHIEF FINANCIAL OFFICERS FINANCIAL STATEMENTS CAPITAL ADEQUACY HUMAN RESOURCE MANAGEMENT IMPACTS PRICING PROJECTS PLANNING QUALITY REPORTING INTERNATIONAL BANK CASH FLOWS AUDITS FINANCIAL OFFICERS TECHNICAL ASSISTANCE CURRENCY CREDIT UNIONS ACCOUNTING POLICIES PUBLIC ACCOUNTANTS CURRENT ASSETS CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION PUBLIC FINANCE ACCOUNTING FIRMS FINANCIAL YEARS LABOR LOANS ENTERPRISES FINANCIAL REPORTING PERIOD LOTTERIES CHIEF EXECUTIVE OFFICERS FINANCIAL SYSTEM ACCOUNT FINANCE GRANTS INFRASTRUCTURE TAXES BANKS EXPENDITURE RESOURCES INVESTMENT BANKS EQUITY AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY ACCOUNTING FIRM ACCOUNTANTS INTERNAL AUDITORS AUDITORS AUDITED ACCOUNTS SUBSIDIARIES VALUE BANK CREDIT PUBLIC ENTERPRISES ACCOUNTANCY CAPITALIZATION MAINTENANCE FINANCIAL PERFORMANCE PROPERTY COST BALANCE SHEET ACTUARIES AUDIT REPORTS FINANCIAL REPORTING STANDARDS QUALITY CONTROL ACCOUNTING PERIOD CONSOLIDATED FINANCIAL STATEMENTS SUBSIDIARY BANK ACCOUNTS ADMINISTRATION PROFITABILITY GOVERNANCE INSURANCE INTERNAL AUDITING TAXATION CENTRAL BANK OF SRI LANKA PRUDENTIAL REQUIREMENTS ACCOUNTING STANDARDS BUSINESS RISK COMMERCIAL BANKS AFFILIATE INTERNAL AUDIT URBAN ECONOMY AUDIT EVIDENCE FINANCIAL MARKETS BANKING CIT REVENUE RISK MANAGEMENT ACCOUNTS QUALITY ASSURANCE BANKING SUPERVISION AUDIT AUDITING STANDARDS FINANCIAL ACCOUNTING AUDITING PROFESSION GOVERNMENTS CBA IMPLEMENTATION GUARANTEE AUDITING FINANCIAL REPORTS SPECIALIZED BANKS 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. 2015-08-18T14:53:24Z 2015-08-18T14:53:24Z 2015-06 Report http://documents.worldbank.org/curated/en/2015/05/24572175/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/22468 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) South Asia Sri Lanka |