Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries

World Bank Group

World Bank, Washington, DC

关键词: INTERNATIONAL ACCOUNTING STANDARDS;    ACCOUNTING PRINCIPLES;    GOOD PRACTICE;    EMPLOYMENT;    CAPITAL MARKETS;   

RP-ID  :  97841

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The main objectives of this report areto: (a) provide a synthesized analysis of financialreporting and auditing standards and practices across thecountries in which the Institute of Chartered Accountants ofthe Caribbean (ICAC) is activeand (b) provide a basis forrecommendations to ICAC and respective national institutesfor a regional strategy to enhance the accounting professionand the accounting and auditing practices in the public andprivate sectors. This report’s focus on reforms andidentification of areas and means to strengthen theaccounting profession have at their root the conviction thatsystemic enhancements to the standards and practices of theprofession can materially improve the lives of the region’spopulace, particularly its less prosperous citizens, throughgreater transparency, strengthened economic growth and itsattendant employment and tax revenue prospects, and greateraccess to financing for and formalization of the region’sdominant sector-micro, small, and medium-sized enterprises(MSMEs). The report finds that a constraint limiting bothinvestment across the region, particularly to MSMEs thatcharacterize the respective national economies, and theefficient use of public resources is the accounting andauditing practices and the financial reporting regimes thatprevail in both the public and private sectors. This findingemerges from: (i) a review of Reports on the Observance ofStandards and Codes for Accounting and Auditing (ROSC AA)conducted by the World Bank for Jamaica, Trinidad andTobago, Suriname, and the countries of the Organisation ofEastern Caribbean States, and (ii) Bank missions to thosecountries updating the ROSC findings as well as missions tocountries that have not yet had ROSC AA reviews (duringwhich the Bank team met the national accountancy body,regulators of entities that fall within the financialreporting chain, supreme audit institutions, central banks,and so forth so as to secure information that wouldtypically be found in formal ROSC AA reports).