India : Report on Observance of Standards and Codes - Accounting and Auditing

This report provides an assessment of accounting and auditing practices in India, within the broader context of institutional capacity available for ensuring high-quality financial reporting. India's accounting profession was among the earliest to develop historically, when the Indian Companies Act was enacted in the mid-l800s, giving the accounting profession its start. Since then, considerable efforts have been made to align India's accounting and auditing standards and practices, with the internationally accepted standards and codes. In order to further improve the quality of corporate financial reporting in India, there is a need to improve the institutional framework, and take steps for enhancing compliance with the applicable standards and rules. Enhanced by significant inputs from stakeholders, this report provides some principles-based policy recommendations aimed at strengthening the corporate financial reporting regime in India. These recommendations specifically focus on strengthening the monitoring and enforcement arrangements. Moreover, suggestions have been made on some important elements for an independent oversight body for the auditing profession, from a public interest perspective. The objectives of the recommendations are to build on the existing system, and promote a gradual process of improvement.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2004-12-20
Subjects:	ACCOUNT, ACCOUNTABILITY, ACCOUNTANCY, ACCOUNTANCY FIRMS, ACCOUNTANTS, ACCOUNTING, ACCOUNTING POLICIES, ACCOUNTING STANDARDS, ACCOUNTS, ACQUISITIONS, ADVERTISING, AFFILIATES, AUDIT REPORTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING PROFESSION, AUDITING STANDARDS, AUDITORS, AUDITS, AUTHORITY, BALANCE SHEET, BANKING REGULATION, BANKING SECTOR, BANKING SERVICES, BANKING SUPERVISION, BANKS, CAPITAL MARKETS, CAPITALIZATION, CENTRAL GOVERNMENT, CHIEF EXECUTIVE OFFICERS, CHIEF FINANCIAL OFFICERS, CONFEDERATION, CONSOLIDATED FINANCIAL STATEMENTS, CONSOLIDATION, CONSTITUENCIES, COOPERATIVE BANKS, CORPORATE GOVERNANCE, DEMOCRACY, DEPOSITS, DISCIPLINARY COMMITTEE, DISCLOSURE, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC STABILITY, ENACTMENT, EXTERNAL AUDITORS, FINANCIAL INFORMATION, FINANCIAL MANAGEMENT, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL RESULTS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL SYSTEM, FISCAL, FISCAL TRANSPARENCY, FISCAL YEAR, FOREIGN BANKS, FOREIGN EXCHANGE, FOREIGN OWNERSHIP, GOVERNMENT DEPARTMENTS, GROSS DOMESTIC PRODUCT, INSOLVENCY, INSTITUTIONAL CAPACITY, INSTITUTIONAL FRAMEWORK, INSURANCE, INTERNAL AUDIT, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INVESTMENT BANKING, INVESTMENT CLIMATE, LEGAL REQUIREMENTS, LEGISLATION, LEGISLATIVE ENVIRONMENT, LEGISLATIVE FRAMEWORK, LOCAL GOVERNMENT, MACROECONOMIC STABILITY, MANDATES, MERGERS, MINISTRY OF FINANCE, NATIONALIZED BANKS, NET PROFIT, PENALTIES, PRIVATE BANKS, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRODUCTIVITY, PROVISIONS, PUBLIC COMPANIES, PUBLIC SECTOR, REGULATORY FRAMEWORK, REGULATORY REGIME, REPRESENTATIVES, RESERVE BANK OF INDIA, SALES, STATE-OWNED ENTERPRISES, STATUTORY AUDITORS, SUBSIDIARIES, SYSTEMIC RISK, TAX, TAX AUTHORITIES, TAX LAWS, TAX PLANNING, TAXATION, VOTING,
Online Access:	http://documents.worldbank.org/curated/en/2004/12/6085242/india-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14467
Tags:	Add Tag No Tags, Be the first to tag this record!