Description: Republic of Liberia : Accounting and Auditing

Republic of Liberia : Accounting and Auditing

This report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Liberia. The assessment undertaken is positioned within the broader context of the country s institutional framework and capacity...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANCY FIRMS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING PRINCIPLES ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACTUARIES ADEQUATE DISCLOSURE AFFILIATES AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK LOAN BANKING RISKS BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKS BUSINESS COMMUNITY BUSINESS ETHICS BUSINESS MANAGEMENT CAPACITY CONSTRAINTS CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CASH BALANCES CENTRAL BANK CERTIFIED PUBLIC ACCOUNTANTS CIVIL SERVICE COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL CREDITORS COMPETITIVE BIDDING COMPLIANCE GAPS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CREDIT APPROVAL CREDIT HISTORIES CREDIT RATING CURRENT ASSETS DEBT DEBT REDUCTION DEBT RELIEF DEBT SERVICE DEPRECIATION DEVELOPMENT BANK DIRECT INVESTMENTS DISCLOSURE REQUIREMENTS DUE DILIGENCE EMPLOYMENT ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT PROCESS ENFORCEMENT SYSTEM EQUIPMENT EXPENDITURE FAIR MARKET VALUE FAIR VALUES FIDUCIARY RESPONSIBILITY FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL TRANSACTIONS FIXED ASSETS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GAAP GOOD PRACTICE GOVERNANCE ISSUE GROSS DOMESTIC PRODUCT HUMAN RESOURCE IMAGE INADEQUATE DISCLOSURE INFLATION INFORMATION SYSTEM INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INSTALLMENT SALES INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE INDUSTRY INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL DEVELOPMENTS INTERNATIONAL MARKET INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTMENT CLIMATE INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT INSTRUMENTS INVESTOR CONFIDENCE ISSUANCE LAND TITLE LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL OBLIGATIONS LEGAL PROVISIONS LEGISLATION LOAN LOAN APPLICATION LOCAL BANKS LONG-TERM INVESTMENT MARKET PARTICIPANTS MARKET VALUE MARKETING MICROFINANCE MICROFINANCE INSTITUTIONS MINIMUM CAPITAL REQUIREMENTS MINORITY INVESTORS MONETARY FUND NON-PERFORMING LOANS PENALTIES POLITICAL STABILITY PORTFOLIO PORTFOLIO INVESTMENT POTENTIAL INVESTORS PRIVATE INVESTMENT PROCUREMENT PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC ACCOUNTING QUALITY ASSESSMENT QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY CAPACITY REGULATORY FRAMEWORK RETURNS SALES SECURITIES SHAREHOLDERS STATE ENTERPRISES STATUTORY AUDITORS SUBSIDIARIES SUPERVISION OF BANK TAX TAX RULES TAXATION TRANSPARENCY TRANSPORT UNAUDITED FINANCIAL STATEMENTS VALUATION
Online Access:	http://documents.worldbank.org/curated/en/2011/02/16344782/liberia-report-observance-standards-codes-rosc http://hdl.handle.net/10986/12666

Description
Summary:	This report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Liberia. The assessment undertaken is positioned within the broader context of the country s institutional framework and capacity needed to enhance the quality of corporate financial reporting that is a key contributor to improving investor confidence and ultimately economic growth. Efforts are necessary for strengthening the capacity of the regulators and developing accounting and auditing standards in Liberia.

Republic of Liberia : Accounting and Auditing

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