Republic of Mauritius : Accounting and Auditing

Republic of Mauritius : Accounting and Auditing

This report is part of the Bank and International Monetary Fund joint initiative on Reports on the Observance of Standards and Codes (ROSC). The ROSC- Accounting & Auditing review process involved an assessment of local accounting and auditing standards, and actual practices and analysis of effectiveness of the mechanisms for ensuring compliance with the formal standards. The review used a diagnostic template developed by the Bank to facilitate a self-assessment by a National Steering Committee established by the Minister of Economic Development, Financial Services, and Corporate Affairs. The self-assessment results, complemented by the findings of a due diligence exercise conducted by Bank staff, were used in preparing this report. The policy recommendations of this report specifically focus on strengthening the monitoring and enforcement arrangements through a proposed Financial Reporting Council. This body will develop, and disseminate guidelines on international accounting and auditing standards, monitor compliance with financial reporting requirements, conduct practice review of the auditors and audit firms, and enforce actions against infractions. For expediting the implementation of IAS and ISA, there is a need for bolstering professional education and training arrangements.

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Bibliographic Details
Main Author: World Bank
Language:English
en_US
Published: Washington DC 2003-04-02
Subjects:ACCOUNTING, ACCOUNTING POLICIES, ACCOUNTING PRINCIPLES, ACCOUNTING RECORDS, ACCOUNTING STANDARDS, ACCOUNTING TREATMENT, AFFILIATE, AFFILIATES, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITORS, AUDITS, BANK OF MAURITIUS, BANKING SUPERVISION, BORROWING, BORROWING COSTS, CAPITALIZATION, COMMERCIAL BANKS, CONSOLIDATED FINANCIAL STATEMENTS, CORPORATE GOVERNANCE, DEBENTURES, DEBT, EXTERNAL AUDITORS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL PERFORMANCE, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL SERVICES, FOREIGN BANKS, GROSS DOMESTIC PRODUCT, INSURANCE, INTANGIBLE ASSETS, INTERNATIONAL ACCOUNTING STANDARDS, LAWS, LEGISLATION, LEGISLATIVE FRAMEWORK, LITIGATION, PENALTIES, PENSIONS, PROFITABILITY, PROVISIONING, PROVISIONS, PRUDENTIAL REGULATIONS, PUBLIC, PUBLIC COMPANIES, REGULATORY FRAMEWORK, RETIREMENT, SECURITIES, SUBSIDIARIES, TAX, TAX ADMINISTRATION, TAX LAW, TRANSPARENCY,
Online Access:http://documents.worldbank.org/curated/en/2003/04/6572784/report-observance-standards-codes-rosc-mauritius-accounting-auditing
https://hdl.handle.net/10986/14551
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Summary:This report is part of the Bank and International Monetary Fund joint initiative on Reports on the Observance of Standards and Codes (ROSC). The ROSC- Accounting & Auditing review process involved an assessment of local accounting and auditing standards, and actual practices and analysis of effectiveness of the mechanisms for ensuring compliance with the formal standards. The review used a diagnostic template developed by the Bank to facilitate a self-assessment by a National Steering Committee established by the Minister of Economic Development, Financial Services, and Corporate Affairs. The self-assessment results, complemented by the findings of a due diligence exercise conducted by Bank staff, were used in preparing this report. The policy recommendations of this report specifically focus on strengthening the monitoring and enforcement arrangements through a proposed Financial Reporting Council. This body will develop, and disseminate guidelines on international accounting and auditing standards, monitor compliance with financial reporting requirements, conduct practice review of the auditors and audit firms, and enforce actions against infractions. For expediting the implementation of IAS and ISA, there is a need for bolstering professional education and training arrangements.

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