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

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):

Implementation of the Statutory Audit Regulation in the European Union: The Experience of Slovenia

Three webinars were held between 8 June and 10 June 2021 under STAREP regional program and these were attended by about 40 participants each day.

The overall aim of the experience exchange webinars was to learn from Slovenian experience related to the establishment of an independent public oversight function, entry requirements and registration of auditors and audit firms; monitoring of continuing professional development; quality assurance inspections and enforcement procedures, as well as cooperation with foreign audit regulators.

Improving Audit Quality through Audit Oversight and Quality Assurance Systems

The Association of Southeast Asian Nations’ (ASEAN’s) Audit Regulatory Group (AARG) has partnered with the World Bank to build on and support existing efforts to share knowledge and promote good practices of audit oversight within the countries that make up the ASEAN Community. This collaborative workshop in Bangkok continued the establishment of the Audit Oversight Community of Practice for the prospective AARG members (AOCoP) i.e. the Philippines, Brunei, Cambodia, Laos, Myanmar, and Vietnam.

Peer Learning in Action: Georgia Sharing its Audit Reform Experience with Peers

During 8-10 October 2018, the World Bank Georgia Country Office hosted two delegations from the Ministry of Finance of the Republic of Belarus and from the Service for Regulation and Supervision of Financial Markets of the Kyrgyz Republic (SRSFM). The delegations had a unique opportunity to learn about implementation of audit reform in Georgia from their colleagues from the Service of Accounting, Reporting and Audit Supervision (SARAS) in an interactive workshop format.