Pakistan : Accounting and Auditing

This report is based on an assessment of accounting and auditing practices in the Islamic Republic of Pakistan. It forms part of a joint initiative between the World Bank and the International Monetary Fund on Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the str...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
en_US
Published: Washington, DC 2012
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2005/03/6530611/pakistan-report-observance-standards-codes-rosc
http://hdl.handle.net/10986/8433
id okr-10986-8433
recordtype oai_dc
spelling okr-10986-84332021-04-23T14:02:39Z Pakistan : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCUMULATED DEPRECIATION ADEQUATE DISCLOSURE AFFILIATES AUDITING AUDITORS AUDITS BANKING SECTOR BANKING SUPERVISION BANKS CAPITAL MARKETS CAPITALIZATION CHARTERED ACCOUNTANTS COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE ACCOUNTING CORPORATE GOVERNANCE CORPORATE MANAGEMENT DISCLOSURE OF INFORMATION EARNINGS PER SHARE ECONOMIC GROWTH EMPLOYMENT EXTERNAL AUDITORS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL STABILITY FIRMS FISCAL POLICY FOREIGN EXCHANGE HOUSING INCOME STATEMENTS INSURANCE INTANGIBLE ASSETS INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY INVENTORY INVESTMENT BANKS LAWS LEASING LICENSING LISTED COMPANIES MARKET VALUE OPERATING LEASE PENALTIES PRESENT VALUE PRIVATE COMPANIES PRUDENTIAL REGULATIONS SECURITIES SHAREHOLDERS SME STATE BANK OF PAKISTAN STOCK EXCHANGES STOCK MARKETS SUBSIDIARIES TAXATION TRANSPARENCY VENTURE CAPITAL VENTURE CAPITAL COMPANIES This report is based on an assessment of accounting and auditing practices in the Islamic Republic of Pakistan. It forms part of a joint initiative between the World Bank and the International Monetary Fund on Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of corporate accounting and auditing practices in Pakistan and involves a review of both mandatory requirements and actual practice. The report consists of policy recommendations to be used as inputs in developing a Country Action Plan. The objectives of these recommendations are to consolidate the prior achievements, improve knowledge base among auditors and the preparers of financial statements, and strengthen the monitoring and enforcement mechanisms for ensuring compliance with applicable standards and codes. The recommendations include improving the capacity of regulators and professional bodies, upgrading accountancy education and training with focus on practical application of International Financial Reporting Standards and International Standards of Auditing, issuing and disseminating implementation guidance on applicable standards, instituting a system for independent oversight of auditing profession, developing simplified reporting requirements for small- and medium-sized enterprises, upgrading the licensing procedure of professional accountants and auditors, and enhancing the delivery of continuing professional education. 2012-06-19T16:56:54Z 2012-06-19T16:56:54Z 2005-03 http://documents.worldbank.org/curated/en/2005/03/6530611/pakistan-report-observance-standards-codes-rosc http://hdl.handle.net/10986/8433 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work South Asia Asia South Asia Pakistan
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 ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING STANDARDS
ACCOUNTING TREATMENT
ACCUMULATED DEPRECIATION
ADEQUATE DISCLOSURE
AFFILIATES
AUDITING
AUDITORS
AUDITS
BANKING SECTOR
BANKING SUPERVISION
BANKS
CAPITAL MARKETS
CAPITALIZATION
CHARTERED ACCOUNTANTS
COMPANY
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
CORPORATE ACCOUNTING
CORPORATE GOVERNANCE
CORPORATE MANAGEMENT
DISCLOSURE OF INFORMATION
EARNINGS PER SHARE
ECONOMIC GROWTH
EMPLOYMENT
EXTERNAL AUDITORS
FINANCIAL CRISES
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL STABILITY
FIRMS
FISCAL POLICY
FOREIGN EXCHANGE
HOUSING
INCOME STATEMENTS
INSURANCE
INTANGIBLE ASSETS
INTEREST RATES
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL FINANCIAL STABILITY
INVENTORY
INVESTMENT BANKS
LAWS
LEASING
LICENSING
LISTED COMPANIES
MARKET VALUE
OPERATING LEASE
PENALTIES
PRESENT VALUE
PRIVATE COMPANIES
PRUDENTIAL REGULATIONS
SECURITIES
SHAREHOLDERS
SME
STATE BANK OF PAKISTAN
STOCK EXCHANGES
STOCK MARKETS
SUBSIDIARIES
TAXATION
TRANSPARENCY
VENTURE CAPITAL
VENTURE CAPITAL COMPANIES
spellingShingle ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING STANDARDS
ACCOUNTING TREATMENT
ACCUMULATED DEPRECIATION
ADEQUATE DISCLOSURE
AFFILIATES
AUDITING
AUDITORS
AUDITS
BANKING SECTOR
BANKING SUPERVISION
BANKS
CAPITAL MARKETS
CAPITALIZATION
CHARTERED ACCOUNTANTS
COMPANY
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
CORPORATE ACCOUNTING
CORPORATE GOVERNANCE
CORPORATE MANAGEMENT
DISCLOSURE OF INFORMATION
EARNINGS PER SHARE
ECONOMIC GROWTH
EMPLOYMENT
EXTERNAL AUDITORS
FINANCIAL CRISES
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL STABILITY
FIRMS
FISCAL POLICY
FOREIGN EXCHANGE
HOUSING
INCOME STATEMENTS
INSURANCE
INTANGIBLE ASSETS
INTEREST RATES
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL FINANCIAL STABILITY
INVENTORY
INVESTMENT BANKS
LAWS
LEASING
LICENSING
LISTED COMPANIES
MARKET VALUE
OPERATING LEASE
PENALTIES
PRESENT VALUE
PRIVATE COMPANIES
PRUDENTIAL REGULATIONS
SECURITIES
SHAREHOLDERS
SME
STATE BANK OF PAKISTAN
STOCK EXCHANGES
STOCK MARKETS
SUBSIDIARIES
TAXATION
TRANSPARENCY
VENTURE CAPITAL
VENTURE CAPITAL COMPANIES
World Bank
Pakistan : Accounting and Auditing
geographic_facet South Asia
Asia
South Asia
Pakistan
description This report is based on an assessment of accounting and auditing practices in the Islamic Republic of Pakistan. It forms part of a joint initiative between the World Bank and the International Monetary Fund on Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of corporate accounting and auditing practices in Pakistan and involves a review of both mandatory requirements and actual practice. The report consists of policy recommendations to be used as inputs in developing a Country Action Plan. The objectives of these recommendations are to consolidate the prior achievements, improve knowledge base among auditors and the preparers of financial statements, and strengthen the monitoring and enforcement mechanisms for ensuring compliance with applicable standards and codes. The recommendations include improving the capacity of regulators and professional bodies, upgrading accountancy education and training with focus on practical application of International Financial Reporting Standards and International Standards of Auditing, issuing and disseminating implementation guidance on applicable standards, instituting a system for independent oversight of auditing profession, developing simplified reporting requirements for small- and medium-sized enterprises, upgrading the licensing procedure of professional accountants and auditors, and enhancing the delivery of continuing professional education.
format Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author World Bank
author_facet World Bank
author_sort World Bank
title Pakistan : Accounting and Auditing
title_short Pakistan : Accounting and Auditing
title_full Pakistan : Accounting and Auditing
title_fullStr Pakistan : Accounting and Auditing
title_full_unstemmed Pakistan : Accounting and Auditing
title_sort pakistan : accounting and auditing
publisher Washington, DC
publishDate 2012
url http://documents.worldbank.org/curated/en/2005/03/6530611/pakistan-report-observance-standards-codes-rosc
http://hdl.handle.net/10986/8433
_version_ 1764405387052711936