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Kenya : Accounting and Auditing

This report assesses accounting and auditing practices in Kenya in relation to the requirements of the International Accounting Standards (IASs) issued by the International Accounting Standards Board (IASB), and the International Standards on Audit...

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Bibliographic Details
Main Author: World Bank
Language:English
en_US
Published: Washington, DC 2013
Subjects:
ACCOUNTABILITY
ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING PRACTICES
ACCOUNTING STANDARDS
AUDITING
AUDITORS
BALANCE SHEET
BANK FAILURES
BANKING SUPERVISION
BANKS
BORROWING
CAPITAL MARKETS
CENTRAL BANK
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
CORPORATE GOVERNANCE
CORPORATE SECTOR
ECONOMIC GROWTH
EMPLOYMENT
FINANCIAL ACCOUNTING
FINANCIAL INSTITUTIONS
FINANCIAL REPORTING
FINANCIAL RISK
GUIDELINES
IMPAIRED ASSETS
INADEQUATE DISCLOSURE
INCOME STATEMENTS
INTEREST INCOME
INTEREST RATES
INTERNAL CONTROLS
INTERNATIONAL ACCOUNTING STANDARDS
INVENTORY
LAWS
LEGAL FRAMEWORK
LIQUIDITY
OPERATING LEASE
PEER REVIEW
PENALTIES
REGULATORY FRAMEWORK
RISK MANAGEMENT
SECURITIES
SUBSIDIARIES
TAXATION
TRADING
TRANSPARENCY
Online Access:http://documents.worldbank.org/curated/en/2001/11/6569833/kenya-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/14502
Description
Summary:This report assesses accounting and auditing practices in Kenya in relation to the requirements of the International Accounting Standards (IASs) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC). The report addresses the institutional capacity needed to ensure compliance with the international standards and to improve the quality of financial reporting in the country. It highlights strengths and weaknesses of the institutional framework and presents an action plan for institutional capacity building. Kenya has recently made progress in closing the gap between national accounting and auditing practices and international standards, notably by adopting the IASs and ISAs as national requirements. However, its compliance with these requirements is partial, due to enforcement mechanisms that continue to evolve and inadequate resources. In spite of these difficulties, institutional investors in Kenya perceive that the quality of financial reporting has significantly improved over the past 12 months. However, the legal framework governing accounting and financial reporting, the professional education and training arrangements, the professional body, and the enforcement mechanism need improving. Stakeholders in the country believe that successful completion of appropriate capacity-building initiatives, through implementation of an action plan, would help develop accounting and auditing practices and improve compliance with international standards within a period of three to five years.

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