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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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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recordtype	oai_dc
spelling	okr-10986-144672021-04-23T14:03:18Z India : Report on Observance of Standards and Codes - Accounting and Auditing World Bank 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 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. 2013-07-23T14:45:28Z 2013-07-23T14:45:28Z 2004-12-20 http://documents.worldbank.org/curated/en/2004/12/6085242/india-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14467 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work South Asia India
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 World Bank India : Report on Observance of Standards and Codes - Accounting and Auditing
geographic_facet	South Asia India
description	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.
format	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	India : Report on Observance of Standards and Codes - Accounting and Auditing
title_short	India : Report on Observance of Standards and Codes - Accounting and Auditing
title_full	India : Report on Observance of Standards and Codes - Accounting and Auditing
title_fullStr	India : Report on Observance of Standards and Codes - Accounting and Auditing
title_full_unstemmed	India : Report on Observance of Standards and Codes - Accounting and Auditing
title_sort	india : report on observance of standards and codes - accounting and auditing
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/12/6085242/india-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14467
_version_	1764429074100387840

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

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