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A&A - ROSC Reports

Accounting and Auditing Reports on the Observance of Standards and Codes in European and Central Asian Countries

The World Bank conducts reviews of accounting and auditing within the ROSC initiative at the invitation of a country. The World Bank utilizes a diagnostic tool that it developed to gather pertinent information for preparing the Accounting and Auditing ROSC.

Here are the full versions of the ROSC for download:

Overview of the ROSC Accounting and Auditing Program

From the introduction

1. In the wake of the international financial crisis of the 1990s, initiatives worldwide were set in place to strengthen the international financial architecture in crisis prevention, mitigation, and resolution. The agenda focuses on weaknesses in the international financial systems that potentially contribute to the propensity for and magnitude of global financial instability, hence requiring collective action at the international level. In this regard, the international community emphasized the role of minimum standards and codes in strengthening the international financial architecture.

2. There is widespread recognition that global financial stability rests on robust national systems and, hence, requires enhanced measures at the country level. In a world of integrated capital markets, financial crises in individual countries can imperil international financial stability. This provides a basic “public goods” rationale for minimum standards, which benefit international and individual national systems.

3. This overview of the Reports on Observance of Standards and Codes (ROSC) looks at the objectives and applied methodology of the ROSC Accounting and Auditing (ROSC A&A) program, and in particular at its role in the broader context of the international financial architecture exercise.

Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program

Two of eight lessons learned (from the executive summary)

This paper addresses challenges to the successful implementation of international accounting and auditing standards which have been observed by the World Bank when carrying out the Report on the Observance of Standards and Codes (ROSC) accounting and auditing assessments.

A full and balanced combination of capacity and institutionalized incentives for the rigorous application of international accounting and auditing standards incentives (both positive and deterrent) is the key to successful implementation of these standards.

Effective accounting and auditing regulation is required to underpin such institutionalized incentives, but international accounting and auditing standards themselves do not set out requirements as to how such effective regulation should be exercised.

For more information an the A&A ROSC reports visit the ROSC section of this website and the ROSC website.

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