Tanzania : Accounting and Auditing

This report provides an assessment of accounting and auditing practices within the context of the Tanzania institutional framework, to ensure the quality of corporate financial reporting. Various weaknesses and encouraging advancements were identified in the course of the review. Company legislation...

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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 POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK OF TANZANIA BANK SUPERVISION BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS CAPITAL MARKETS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEBT ECONOMIC GROWTH ECONOMIC STABILITY EMPLOYMENT EXTERNAL AUDITORS EXTRAORDINARY ITEMS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RISK FINANCIAL STABILITY FINANCIAL SYSTEMS GLOBALIZATION GROSS DOMESTIC PRODUCT INFLATION INSURANCE INSURANCE INDUSTRY INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION MANDATES PENALTIES PRIVATE SECTOR PROVISIONING PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC FUNDS PUBLIC GOODS PUBLIC OFFERING PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE RURAL BANKS SECURITIES SUBSIDIARY TAX TAXATION TREASURY
Online Access:	http://documents.worldbank.org/curated/en/2005/04/6590866/tanzania-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8442

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recordtype	oai_dc
spelling	okr-10986-84422021-04-23T14:02:39Z Tanzania : Accounting and Auditing World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK OF TANZANIA BANK SUPERVISION BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS CAPITAL MARKETS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEBT ECONOMIC GROWTH ECONOMIC STABILITY EMPLOYMENT EXTERNAL AUDITORS EXTRAORDINARY ITEMS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RISK FINANCIAL STABILITY FINANCIAL SYSTEMS GLOBALIZATION GROSS DOMESTIC PRODUCT INFLATION INSURANCE INSURANCE INDUSTRY INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION MANDATES PENALTIES PRIVATE SECTOR PROVISIONING PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC FUNDS PUBLIC GOODS PUBLIC OFFERING PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE RURAL BANKS SECURITIES SUBSIDIARY TAX TAXATION TREASURY This report provides an assessment of accounting and auditing practices within the context of the Tanzania institutional framework, to ensure the quality of corporate financial reporting. Various weaknesses and encouraging advancements were identified in the course of the review. Company legislation is outdated. A revised Act provides for modernized requirements but has shortcomings and is still not effective. Some laws specify particular accounting requirements that do not align with International Financial Reporting Standards/International Accounting Standards (IFRS/IAS). Parastatals lack a single statutory financial reporting act and there is no law, or regulatory body monitoring financial reporting by pension funds. On a positive side, the Auditors and Accountants Act has facilitated the development of an enabling environment for strong accounting practices, and the mandatory appointment of professional accountants for entities meeting thresholds. Another positive development was the adoption of IFRS/IAS and International Standards on Auditing (ISA) in 2004. However, full compliance is not yet readily achieved and national ethical requirements for auditors have not kept up to date with international developments. While the National Board of Accountants and Auditors (NBAA) has made a significant contribution to accountancy development over the past decade, the professional education however, is not yet in line with International Educational Standards, and neither is the NBAA able to function effectively either as a regulator, or, a professional accountancy body. The policy recommendations provided 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. Establishing an independent oversight body is a major recommendation. The oversight body would be responsible for adoption, monitoring, and enforcement of IFRS/IAS - based and ISA-based accounting and auditing practices of public interest entities. In addition, stakeholders should agree on criteria to clarify which entities should be eligible to use the standards of the International Accounting Standards Board for small- and medium-size enterprises, when available. 2012-06-19T17:35:32Z 2012-06-19T17:35:32Z 2005-04 http://documents.worldbank.org/curated/en/2005/04/6590866/tanzania-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8442 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 Tanzania
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 POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK OF TANZANIA BANK SUPERVISION BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS CAPITAL MARKETS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEBT ECONOMIC GROWTH ECONOMIC STABILITY EMPLOYMENT EXTERNAL AUDITORS EXTRAORDINARY ITEMS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RISK FINANCIAL STABILITY FINANCIAL SYSTEMS GLOBALIZATION GROSS DOMESTIC PRODUCT INFLATION INSURANCE INSURANCE INDUSTRY INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION MANDATES PENALTIES PRIVATE SECTOR PROVISIONING PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC FUNDS PUBLIC GOODS PUBLIC OFFERING PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE RURAL BANKS SECURITIES SUBSIDIARY TAX TAXATION TREASURY
spellingShingle	ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK OF TANZANIA BANK SUPERVISION BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS CAPITAL MARKETS CAPITALIZATION CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEBT ECONOMIC GROWTH ECONOMIC STABILITY EMPLOYMENT EXTERNAL AUDITORS EXTRAORDINARY ITEMS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RISK FINANCIAL STABILITY FINANCIAL SYSTEMS GLOBALIZATION GROSS DOMESTIC PRODUCT INFLATION INSURANCE INSURANCE INDUSTRY INSURANCE PREMIUMS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL STABILITY LAWS LEGAL FRAMEWORK LEGISLATION LITIGATION MANDATES PENALTIES PRIVATE SECTOR PROVISIONING PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC FUNDS PUBLIC GOODS PUBLIC OFFERING PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE RURAL BANKS SECURITIES SUBSIDIARY TAX TAXATION TREASURY World Bank Tanzania : Accounting and Auditing
geographic_facet	Africa East Africa Sub-Saharan Africa Tanzania
description	This report provides an assessment of accounting and auditing practices within the context of the Tanzania institutional framework, to ensure the quality of corporate financial reporting. Various weaknesses and encouraging advancements were identified in the course of the review. Company legislation is outdated. A revised Act provides for modernized requirements but has shortcomings and is still not effective. Some laws specify particular accounting requirements that do not align with International Financial Reporting Standards/International Accounting Standards (IFRS/IAS). Parastatals lack a single statutory financial reporting act and there is no law, or regulatory body monitoring financial reporting by pension funds. On a positive side, the Auditors and Accountants Act has facilitated the development of an enabling environment for strong accounting practices, and the mandatory appointment of professional accountants for entities meeting thresholds. Another positive development was the adoption of IFRS/IAS and International Standards on Auditing (ISA) in 2004. However, full compliance is not yet readily achieved and national ethical requirements for auditors have not kept up to date with international developments. While the National Board of Accountants and Auditors (NBAA) has made a significant contribution to accountancy development over the past decade, the professional education however, is not yet in line with International Educational Standards, and neither is the NBAA able to function effectively either as a regulator, or, a professional accountancy body. The policy recommendations provided 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. Establishing an independent oversight body is a major recommendation. The oversight body would be responsible for adoption, monitoring, and enforcement of IFRS/IAS - based and ISA-based accounting and auditing practices of public interest entities. In addition, stakeholders should agree on criteria to clarify which entities should be eligible to use the standards of the International Accounting Standards Board for small- and medium-size enterprises, when available.
format	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Tanzania : Accounting and Auditing
title_short	Tanzania : Accounting and Auditing
title_full	Tanzania : Accounting and Auditing
title_fullStr	Tanzania : Accounting and Auditing
title_full_unstemmed	Tanzania : Accounting and Auditing
title_sort	tanzania : accounting and auditing
publisher	Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/04/6590866/tanzania-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8442
_version_	1764405425338318848

Tanzania : Accounting and Auditing

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