Sri Lanka Report on the Observance of Standards and Codes : Accounting and Auditing Update

The Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC AA) in Sri Lanka aims to assess the progress made on implementation of the policy recommendations of the first ROSC AA in 2004 and supports the Government of Sri Lanka in preparing a country action plan. This will further enhance the quality of corporate financial reporting, and thereby contribute toward the country’s goal of improving the investment climate, attracting foreign direct investment (FDI), and fostering business development. The ROSC review, requested by the Minister of Finance and Planning, entailed an evaluation exercise that assesses the strengths and weaknesses of existing institutional frameworks that underpin financial accounting and auditing practices; determines the comparability of national accounting and auditing standards; and evaluates the effectiveness of enforcement mechanisms for ensuring compliance with existing national standards, rules, and regulations. The review was conducted from December 2013 to September 2014 using the World Bank’s multi-layered review methodology. All findings reflect this time period of the review; some stated future events may have been achieved by publication date. The data and information used for the review was gathered from a diagnostic questionnaire completed by stakeholders; by reviewing accountancy profession-related documents; and through interviews with many stakeholders from government, regulatory and accountancy bodies, accounting and auditing firms, banks, insurance companies, state-owned enterprises (SOEs), small and medium-size enterprises (SMEs), and academia. The review focused on assessing the institutional framework underpinning accounting and auditing practices in the private sector and in SOEs of the country in comparison with international standards and good practice.

Bibliographic Details

Main Author:	World Bank Group
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2015-06
Subjects:	INTERNATIONAL ACCOUNTING STANDARDS, EXTERNAL AUDITORS, GOOD PRACTICE, EMPLOYMENT, CAPITAL MARKETS, FINANCIAL SERVICES, REGULATORY FRAMEWORK, BUSINESS ETHICS, ACCOUNTING, FINANCIAL MANAGEMENT, MATURITY GAP, PUBLIC DISCLOSURE, INTEREST, DEPRECIATION, LAWS, INDUSTRY, BUSINESS SCHOOLS, SERVICES, SELLING, BOARDS OF DIRECTORS, CHIEF FINANCIAL OFFICERS, FINANCIAL STATEMENTS, CAPITAL ADEQUACY, HUMAN RESOURCE MANAGEMENT, IMPACTS, PRICING, PROJECTS, PLANNING, QUALITY, REPORTING, INTERNATIONAL BANK, CASH FLOWS, AUDITS, FINANCIAL OFFICERS, TECHNICAL ASSISTANCE, CURRENCY, CREDIT UNIONS, ACCOUNTING POLICIES, PUBLIC ACCOUNTANTS, CURRENT ASSETS, CRITERIA, FINANCIAL INSTITUTIONS, MARKETS, MARKETING, DEBT, FINANCIAL REPORTING, LEGISLATION, PUBLIC FINANCE, ACCOUNTING FIRMS, FINANCIAL YEARS, LABOR, LOANS, ENTERPRISES, FINANCIAL REPORTING PERIOD, LOTTERIES, CHIEF EXECUTIVE OFFICERS, FINANCIAL SYSTEM, ACCOUNT, FINANCE, GRANTS, INFRASTRUCTURE, TAXES, BANKS, EXPENDITURE, RESOURCES, INVESTMENT BANKS, EQUITY, AUDITED FINANCIAL STATEMENTS, ACCOUNTABILITY, ACCOUNTING FIRM, ACCOUNTANTS, INTERNAL AUDITORS, AUDITORS, AUDITED ACCOUNTS, SUBSIDIARIES, VALUE, BANK, CREDIT, PUBLIC ENTERPRISES, ACCOUNTANCY, CAPITALIZATION, MAINTENANCE, FINANCIAL PERFORMANCE, PROPERTY, COST, BALANCE SHEET, ACTUARIES, AUDIT REPORTS, FINANCIAL REPORTING STANDARDS, QUALITY CONTROL, ACCOUNTING PERIOD, CONSOLIDATED FINANCIAL STATEMENTS, SUBSIDIARY, BANK ACCOUNTS, ADMINISTRATION, PROFITABILITY, GOVERNANCE, INSURANCE, INTERNAL AUDITING, TAXATION, CENTRAL BANK OF SRI LANKA, PRUDENTIAL REQUIREMENTS, ACCOUNTING STANDARDS, BUSINESS, RISK, COMMERCIAL BANKS, AFFILIATE, INTERNAL AUDIT, URBAN ECONOMY, AUDIT EVIDENCE, FINANCIAL MARKETS, BANKING, CIT, REVENUE, RISK MANAGEMENT, ACCOUNTS, QUALITY ASSURANCE, BANKING SUPERVISION, AUDIT, AUDITING STANDARDS, FINANCIAL ACCOUNTING, AUDITING PROFESSION, GOVERNMENTS, CBA, IMPLEMENTATION, GUARANTEE, AUDITING, FINANCIAL REPORTS, SPECIALIZED BANKS,
Online Access:	http://documents.worldbank.org/curated/en/2015/05/24572175/sri-lanka-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/22468
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