India : Report on Observance of Standards and Codes - Accounting and Auditing

India : Report on Observance of Standards and Codes - Accounting and Auditing

This report provides an assessment of accounting and auditing practices in India, within the broader context of institutional capacity available for ensuring high-quality financial reporting. India's accounting profession was among the earlies...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANCY FIRMS ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTS ACQUISITIONS ADVERTISING AFFILIATES AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTHORITY BALANCE SHEET BANKING REGULATION BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKS CAPITAL MARKETS CAPITALIZATION CENTRAL GOVERNMENT CHIEF EXECUTIVE OFFICERS CHIEF FINANCIAL OFFICERS CONFEDERATION CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONSTITUENCIES COOPERATIVE BANKS CORPORATE GOVERNANCE DEMOCRACY DEPOSITS DISCIPLINARY COMMITTEE DISCLOSURE ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC STABILITY ENACTMENT EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RESULTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FISCAL FISCAL TRANSPARENCY FISCAL YEAR FOREIGN BANKS FOREIGN EXCHANGE FOREIGN OWNERSHIP GOVERNMENT DEPARTMENTS GROSS DOMESTIC PRODUCT INSOLVENCY INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INSURANCE INTERNAL AUDIT INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTMENT BANKING INVESTMENT CLIMATE LEGAL REQUIREMENTS LEGISLATION LEGISLATIVE ENVIRONMENT LEGISLATIVE FRAMEWORK LOCAL GOVERNMENT MACROECONOMIC STABILITY MANDATES MERGERS MINISTRY OF FINANCE NATIONALIZED BANKS NET PROFIT PENALTIES PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR PARTICIPATION PRODUCTIVITY PROVISIONS PUBLIC COMPANIES PUBLIC SECTOR REGULATORY FRAMEWORK REGULATORY REGIME REPRESENTATIVES RESERVE BANK OF INDIA SALES STATE-OWNED ENTERPRISES STATUTORY AUDITORS SUBSIDIARIES SYSTEMIC RISK TAX TAX AUTHORITIES TAX LAWS TAX PLANNING TAXATION VOTING
Online Access:	http://documents.worldbank.org/curated/en/2004/12/6085242/india-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14467

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Summary:	This report provides an assessment of accounting and auditing practices in India, within the broader context of institutional capacity available for ensuring high-quality financial reporting. India's accounting profession was among the earliest to develop historically, when the Indian Companies Act was enacted in the mid-l800s, giving the accounting profession its start. Since then, considerable efforts have been made to align India's accounting and auditing standards and practices, with the internationally accepted standards and codes. In order to further improve the quality of corporate financial reporting in India, there is a need to improve the institutional framework, and take steps for enhancing compliance with the applicable standards and rules. Enhanced by significant inputs from stakeholders, this report provides some principles-based policy recommendations aimed at strengthening the corporate financial reporting regime in India. These recommendations specifically focus on strengthening the monitoring and enforcement arrangements. Moreover, suggestions have been made on some important elements for an independent oversight body for the auditing profession, from a public interest perspective. The objectives of the recommendations are to build on the existing system, and promote a gradual process of improvement.