Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program cover

This paper addresses challenges to the successful implementation of international accounting and auditing standards which have been observed by the World Bank when carrying out the Report on the Observance of Standards and Codes (ROSC) accounting and auditing assessments.

Three of eight lessons learned (from the executive summary):

  • A full and balanced combination of capacity and institutionalized incentives for the rigorous application of international accounting and auditing standards incentives (both positive and deterrent) is the key to successful implementation of these standards.
  • Effective accounting and auditing regulation is required to underpin such institutionalized incentives, but international accounting and auditing standards themselves do not set out requirements as to how such effective regulation should be exercised.
  • Effective accounting and auditing regulation is required to underpin such institutionalized incentives, but international accounting and auditing standards themselves do not set out requirements as to how such effective regulation should be exercised.
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Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program
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