Description: South Africa : Report on the Observance of Standards and Codes--Accounting and Auditing

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South Africa : Report on the Observance of Standards and Codes--Accounting and Auditing

The main purpose of the South Africa Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) is to determine reforms that will continue to improve the quality of financial reporting in South Africa. The review, reque...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING PERIOD ACCOUNTING PRACTICES ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AGREEMENTS ASSETS AUDIT AUDIT COMMITTEES AUDIT ENGAGEMENTS AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITOR AUDITORS AUDITS BANK BANKS BEST PRACTICE BOOKKEEPING BUSINESS BUSINESS ETHICS BUSINESS MANAGEMENT CAPITAL MARKETS CAPITALIZATION CERTIFIED PUBLIC ACCOUNTANTS CHIEF FINANCIAL OFFICERS CONFIDENCE COST DISTRIBUTION ENTERPRISES EXPENDITURE FINANCE FINANCE MANAGEMENT FINANCIAL AUDITS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL YEARS GAAP GOOD PRACTICE GOOD PRACTICES GOVERNANCE GROSS REVENUE IMPLEMENTATION INCOME DISTRIBUTION INDUSTRY INFRASTRUCTURE INITIATIVE INITIATIVES INSURANCE INTEREST INTERNAL AUDIT INTERNAL AUDITORS INTERNATIONAL ACCOUNTING STANDARDS INVESTIGATION INVESTIGATIONS LABOR LAW LEADERSHIP LEGISLATION LIABILITY LOCAL GOVERNMENT MAINTENANCE MANDATES MEDIUM MINISTER MUNICIPALITIES ORGANIZATION ORGANIZATIONS OWNERSHIP PENALTY POLICIES POLICY PROJECTS PROPERTY PUBLIC ACCOUNTANTS PUBLIC FINANCE QUALITY QUALITY CONTROL REGULATORY FRAMEWORK REPORTING REPORTING SYSTEMS RESOURCES REVENUE RISK RISK MANAGEMENT SANCTIONS SERVICE SERVICE DELIVERY STRATEGY SUBSIDIARIES SYSTEMIC RISK TRANSPARENCY VALUE
Online Access:	http://documents.worldbank.org/curated/en/2013/06/18485558/south-africa-reports-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/16682

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Summary:	The main purpose of the South Africa Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) is to determine reforms that will continue to improve the quality of financial reporting in South Africa. The review, requested by the Minister of Finance, was conducted to assess the status of implementation of policy recommendations in the prior 2003 ROSC A&A report, assess the institutional framework underpinning accounting and auditing practices in comparison with international standards and good practices in order to identify any emerging issues that require strengthening, share good practices adopted in the country, and propose policy recommendations addressing areas that require improvements. Implementation of the policy recommendations will further enhance the quality of financial reporting in the country, a key pillar that contributes to enhancing the business environment and advancement of governance and financial accountability in both the private and public sector entities. The review focuses on private sector. Financial reporting in public sector is assessed under public expenditure and financial accountability framework.