Republic of Uganda : Accounting and Auditing

This report provides an assessment of accounting and auditing practices within the context of the Uganda institutional framework, to ensure the quality of corporate financial reporting. The accountancy profession in Uganda is young, but growing rapidly. Accounting and auditing practices in Uganda su...

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Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTING TREATMENT ADEQUATE DISCLOSURE AFFILIATES AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SYSTEM BANKS CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEVELOPMENT BANKS ECONOMIC STABILITY EXTERNAL AUDITORS FACTORING FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL SYSTEMS GAAP GROSS DOMESTIC PRODUCT INFLATION INSIDER LENDING INSURANCE INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC ENTERPRISES PUBLIC FINANCE PUBLIC GOODS PUBLIC SECTOR REVENUE COLLECTION SALES TAXES SECURITIES STOCK EXCHANGES SUBSIDIARIES SUBSIDIARY TAX TAX COLLECTION TAX LAWS TRANSPARENCY TREASURY
Online Access:	http://documents.worldbank.org/curated/en/2005/02/6591289/uganda-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8436

id	okr-10986-8436
recordtype	oai_dc
spelling	okr-10986-84362021-04-23T14:02:39Z Republic of Uganda : Accounting and Auditing World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTING TREATMENT ADEQUATE DISCLOSURE AFFILIATES AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SYSTEM BANKS CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEVELOPMENT BANKS ECONOMIC STABILITY EXTERNAL AUDITORS FACTORING FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL SYSTEMS GAAP GROSS DOMESTIC PRODUCT INFLATION INSIDER LENDING INSURANCE INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC ENTERPRISES PUBLIC FINANCE PUBLIC GOODS PUBLIC SECTOR REVENUE COLLECTION SALES TAXES SECURITIES STOCK EXCHANGES SUBSIDIARIES SUBSIDIARY TAX TAX COLLECTION TAX LAWS TRANSPARENCY TREASURY This report provides an assessment of accounting and auditing practices within the context of the Uganda institutional framework, to ensure the quality of corporate financial reporting. The accountancy profession in Uganda is young, but growing rapidly. Accounting and auditing practices in Uganda suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Various weaknesses were identified in the laws and regulations governing financial reporting. Adopting International Accounting Standards (IAS) and International Standards on Auditing (ISA) in 1998 was a positive development. However, full compliance with IAS (and subsequently International Financial Reporting Standards) is not yet readily achieved, and there is inadequate adherence to auditing standards and professional ethics. Apart from the financial institutions and listed companies, monitoring and enforcement mechanisms are ineffective. These factors, as well as inadequate accounting education at university level, lack of learning materials on the international standards, and a lack of monitored and controlled practical training, have contributed to weaknesses in the financial reporting and auditing regime. The policy recommendations in this report focus on improving the statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. A major recommendation is the establishment of an independent oversight body. The oversight body will be responsible for adoption, monitoring, and enforcement of IFRS/IAS-based and ISA-based accounting and auditing practices of public interest entities. 2012-06-19T17:08:01Z 2012-06-19T17:08:01Z 2005-02 http://documents.worldbank.org/curated/en/2005/02/6591289/uganda-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8436 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 Africa East Africa Sub-Saharan Africa Uganda
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	ACCOUNTABILITY ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTING TREATMENT ADEQUATE DISCLOSURE AFFILIATES AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SYSTEM BANKS CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEVELOPMENT BANKS ECONOMIC STABILITY EXTERNAL AUDITORS FACTORING FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL SYSTEMS GAAP GROSS DOMESTIC PRODUCT INFLATION INSIDER LENDING INSURANCE INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC ENTERPRISES PUBLIC FINANCE PUBLIC GOODS PUBLIC SECTOR REVENUE COLLECTION SALES TAXES SECURITIES STOCK EXCHANGES SUBSIDIARIES SUBSIDIARY TAX TAX COLLECTION TAX LAWS TRANSPARENCY TREASURY
spellingShingle	ACCOUNTABILITY ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTING TREATMENT ADEQUATE DISCLOSURE AFFILIATES AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SYSTEM BANKS CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEVELOPMENT BANKS ECONOMIC STABILITY EXTERNAL AUDITORS FACTORING FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL SYSTEMS GAAP GROSS DOMESTIC PRODUCT INFLATION INSIDER LENDING INSURANCE INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC ENTERPRISES PUBLIC FINANCE PUBLIC GOODS PUBLIC SECTOR REVENUE COLLECTION SALES TAXES SECURITIES STOCK EXCHANGES SUBSIDIARIES SUBSIDIARY TAX TAX COLLECTION TAX LAWS TRANSPARENCY TREASURY World Bank Republic of Uganda : Accounting and Auditing
geographic_facet	Africa East Africa Sub-Saharan Africa Uganda
description	This report provides an assessment of accounting and auditing practices within the context of the Uganda institutional framework, to ensure the quality of corporate financial reporting. The accountancy profession in Uganda is young, but growing rapidly. Accounting and auditing practices in Uganda suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Various weaknesses were identified in the laws and regulations governing financial reporting. Adopting International Accounting Standards (IAS) and International Standards on Auditing (ISA) in 1998 was a positive development. However, full compliance with IAS (and subsequently International Financial Reporting Standards) is not yet readily achieved, and there is inadequate adherence to auditing standards and professional ethics. Apart from the financial institutions and listed companies, monitoring and enforcement mechanisms are ineffective. These factors, as well as inadequate accounting education at university level, lack of learning materials on the international standards, and a lack of monitored and controlled practical training, have contributed to weaknesses in the financial reporting and auditing regime. The policy recommendations in this report focus on improving the statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies. A major recommendation is the establishment of an independent oversight body. The oversight body will be responsible for adoption, monitoring, and enforcement of IFRS/IAS-based and ISA-based accounting and auditing practices of public interest entities.
format	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Republic of Uganda : Accounting and Auditing
title_short	Republic of Uganda : Accounting and Auditing
title_full	Republic of Uganda : Accounting and Auditing
title_fullStr	Republic of Uganda : Accounting and Auditing
title_full_unstemmed	Republic of Uganda : Accounting and Auditing
title_sort	republic of uganda : accounting and auditing
publisher	Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/02/6591289/uganda-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8436
_version_	1764405414069272576

Republic of Uganda : Accounting and Auditing

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