Colombia : Accounting and Auditing
This report is based on the findings of a review of accounting and auditing standards and practices in Colombia. The review exercise focused mainly on the strengths and weaknesses of the institutional framework that supports a corporate financial r...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/07/6561430/colombia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14470 |
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okr-10986-144702021-04-23T14:03:18Z Colombia : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITS BAD DEBT BANKS CAPITAL MARKETS CONTINGENT LIABILITIES CREDIT RISK DEBT ECONOMIC REFORMS EXCHANGE RATES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN EXCHANGE FRAUD GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GUIDELINES INFLATION INSURANCE INTERNATIONAL ACCOUNTING STANDARDS LEGAL FRAMEWORK LICENSES LIQUIDITY MACROECONOMIC STABILITY MERGERS PRICING POLICIES PROVISIONS PRUDENTIAL REGULATION PUBLIC RATING AGENCIES RECESSION REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS TAX TAXATION TRADING TRANSPARENCY This report is based on the findings of a review of accounting and auditing standards and practices in Colombia. The review exercise focused mainly on the strengths and weaknesses of the institutional framework that supports a corporate financial reporting system in the country. The current legal and regulatory requirements on accounting have led to issuance of conflicting accounting standards from multiple sources. Legal arrangements that gave various regulatory bodies the right to determine the accounting requirements for entities within their jurisdiction have led to the predominance of special-purpose financial reporting. This report provides policy recommendations to improve accounting and auditing practices, including strengthening enforcement mechanisms to ensure compliance with accounting and auditing requirements, and a professional code of ethics for auditors. In this context, it is recommended that a statutory regulatory body be established. Other policy recommendations include the creation of a Higher Council that would be responsible for issuing international accounting and auditing standards as local mandatory requirements for public interest entities; establishing a new professional organization for auditors of financial statements; reforming accounting curriculum and improving significantly the teaching capacity of accounting instructors at universities; and organizing training programs on practical aspects of international auditing standards for accountants, auditors, and others. 2013-07-23T15:54:53Z 2013-07-23T15:54:53Z 2003-07-25 http://documents.worldbank.org/curated/en/2003/07/6561430/colombia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14470 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 Latin America & Caribbean Colombia |
| 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 |
ACCOUNTING ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITS BAD DEBT BANKS CAPITAL MARKETS CONTINGENT LIABILITIES CREDIT RISK DEBT ECONOMIC REFORMS EXCHANGE RATES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN EXCHANGE FRAUD GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GUIDELINES INFLATION INSURANCE INTERNATIONAL ACCOUNTING STANDARDS LEGAL FRAMEWORK LICENSES LIQUIDITY MACROECONOMIC STABILITY MERGERS PRICING POLICIES PROVISIONS PRUDENTIAL REGULATION PUBLIC RATING AGENCIES RECESSION REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS TAX TAXATION TRADING TRANSPARENCY |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS AUDITED FINANCIAL STATEMENTS AUDITS BAD DEBT BANKS CAPITAL MARKETS CONTINGENT LIABILITIES CREDIT RISK DEBT ECONOMIC REFORMS EXCHANGE RATES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN EXCHANGE FRAUD GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GUIDELINES INFLATION INSURANCE INTERNATIONAL ACCOUNTING STANDARDS LEGAL FRAMEWORK LICENSES LIQUIDITY MACROECONOMIC STABILITY MERGERS PRICING POLICIES PROVISIONS PRUDENTIAL REGULATION PUBLIC RATING AGENCIES RECESSION REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS TAX TAXATION TRADING TRANSPARENCY World Bank Colombia : Accounting and Auditing |
| geographic_facet |
Latin America & Caribbean Colombia |
| description |
This report is based on the findings of
a review of accounting and auditing standards and practices
in Colombia. The review exercise focused mainly on the
strengths and weaknesses of the institutional framework that
supports a corporate financial reporting system in the
country. The current legal and regulatory requirements on
accounting have led to issuance of conflicting accounting
standards from multiple sources. Legal arrangements that
gave various regulatory bodies the right to determine the
accounting requirements for entities within their
jurisdiction have led to the predominance of special-purpose
financial reporting. This report provides policy
recommendations to improve accounting and auditing
practices, including strengthening enforcement mechanisms to
ensure compliance with accounting and auditing requirements,
and a professional code of ethics for auditors. In this
context, it is recommended that a statutory regulatory body
be established. Other policy recommendations include the
creation of a Higher Council that would be responsible for
issuing international accounting and auditing standards as
local mandatory requirements for public interest entities;
establishing a new professional organization for auditors of
financial statements; reforming accounting curriculum and
improving significantly the teaching capacity of accounting
instructors at universities; and organizing training
programs on practical aspects of international auditing
standards for accountants, auditors, and others. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Colombia : Accounting and Auditing |
| title_short |
Colombia : Accounting and Auditing |
| title_full |
Colombia : Accounting and Auditing |
| title_fullStr |
Colombia : Accounting and Auditing |
| title_full_unstemmed |
Colombia : Accounting and Auditing |
| title_sort |
colombia : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/07/6561430/colombia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14470 |
| _version_ |
1764429156433526784 |