As part of the Accounting and Auditing Reports on the Observance of Standards and Codes (A&A ROSC) initiative, the World Bank has established a program to assist its member countries in implementing international accounting and auditing standards for strengthening the financial reporting regime.
The objectives of the A&A ROSC program are two-fold:
Analyze comparability of national accounting and auditing standards with international standards, determine the degree with which applicable accounting and auditing standards are complied, and assess strengths and weaknesses of the institutional framework in supporting high-quality financial reporting.
Assist the country in developing and implementing a country action plan for improving institutional capacity with a view to strengthening the country’s corporate financial reporting regime.
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. The ROSC team works closely with stakeholders and makes recommendations that can lead to a country action plan. The World Bank publishes the ROSC report on the ROSC website with permission of the country authorities.