South Africa : Accounting and Auditing
This report provides an assessment of accounting and auditing practices in South Africa, within the broader context of institutional capacity available for ensuring high-quality financial reporting. National accounting and auditing standards in Sou...
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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/2003/04/6595876/south-africa-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14475 |
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okr-10986-144752021-04-23T14:03:18Z South Africa : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS ATTEST FUNCTION AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS BANK SUPERVISION BANKING SUPERVISION BANKS BORROWING BUDGET SURPLUS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK DEBT EFFECTIVE GOVERNANCE EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL SERVICES GAAP INSURANCE INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION LEGISLATIVE FRAMEWORK LEVIES LITIGATION OPERATING LEASES PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC OFFERING QUALIFIED AUDIT REPORT REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS STOCK EXCHANGES STOCK MARKETS SUBSIDIARIES SUBSIDIARY SYSTEMIC RISK THE SOUTH AFRICAN RESERVE BANK TRANSPARENCY TREASURY This report provides an assessment of accounting and auditing practices in South Africa, within the broader context of institutional capacity available for ensuring high-quality financial reporting. National accounting and auditing standards in South Africa are developed on the basis of international standards; but lack of legal backing for accounting standards give rise to problems. South African accountancy professionals play an important role in international standard-setting bodies. However, the existing mechanisms for enforcing compliance with accounting and auditing standards seem to be weak. Opportunities exist for undetected accounting manipulation, financial statements misrepresentation and departures from established accounting and auditing requirements. Ten years of discussions on the revision of the legislative framework for accounting and auditing, have contributed to uncertainties in the profession. Immediate steps are needed for enactment of the Financial Reporting Bill, amendments to the Companies Act, and the Accountancy Professions' Bill; and, to ensure proper enforcement of established statutory requirements. Recognizing the need for reform, the Government is currently in the process of implementing significant changes. The report provides policy recommendations specifically focusing on strengthening the enforcement mechanisms for ensuring compliance with established accounting and auditing requirements. Moreover, suggestions have been made about some important elements of a regulatory framework for the auditing profession, namely establishing an independent oversight body, consisting of eminent persons, and, restructuring the statutory regulator of the auditing profession under an effective governance structure, with a broader mandate for efficiently regulating the profession. 2013-07-23T16:01:01Z 2013-07-23T16:01:01Z 2003-04-15 http://documents.worldbank.org/curated/en/2003/04/6595876/south-africa-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14475 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 Africa South Africa |
| 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 POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS ATTEST FUNCTION AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS BANK SUPERVISION BANKING SUPERVISION BANKS BORROWING BUDGET SURPLUS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK DEBT EFFECTIVE GOVERNANCE EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL SERVICES GAAP INSURANCE INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION LEGISLATIVE FRAMEWORK LEVIES LITIGATION OPERATING LEASES PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC OFFERING QUALIFIED AUDIT REPORT REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS STOCK EXCHANGES STOCK MARKETS SUBSIDIARIES SUBSIDIARY SYSTEMIC RISK THE SOUTH AFRICAN RESERVE BANK TRANSPARENCY TREASURY |
| spellingShingle |
ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING RECORDS ACCOUNTING STANDARDS ATTEST FUNCTION AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS BANK SUPERVISION BANKING SUPERVISION BANKS BORROWING BUDGET SURPLUS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CREDIT RISK DEBT EFFECTIVE GOVERNANCE EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL SERVICES GAAP INSURANCE INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION LEGISLATIVE FRAMEWORK LEVIES LITIGATION OPERATING LEASES PENALTIES PROVISIONS PUBLIC PUBLIC COMPANIES PUBLIC OFFERING QUALIFIED AUDIT REPORT REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS STOCK EXCHANGES STOCK MARKETS SUBSIDIARIES SUBSIDIARY SYSTEMIC RISK THE SOUTH AFRICAN RESERVE BANK TRANSPARENCY TREASURY World Bank South Africa : Accounting and Auditing |
| geographic_facet |
Africa South Africa |
| description |
This report provides an assessment of
accounting and auditing practices in South Africa, within
the broader context of institutional capacity available for
ensuring high-quality financial reporting. National
accounting and auditing standards in South Africa are
developed on the basis of international standards; but lack
of legal backing for accounting standards give rise to
problems. South African accountancy professionals play an
important role in international standard-setting bodies.
However, the existing mechanisms for enforcing compliance
with accounting and auditing standards seem to be weak.
Opportunities exist for undetected accounting manipulation,
financial statements misrepresentation and departures from
established accounting and auditing requirements. Ten years
of discussions on the revision of the legislative framework
for accounting and auditing, have contributed to
uncertainties in the profession. Immediate steps are needed
for enactment of the Financial Reporting Bill, amendments to
the Companies Act, and the Accountancy Professions'
Bill; and, to ensure proper enforcement of established
statutory requirements. Recognizing the need for reform, the
Government is currently in the process of implementing
significant changes. The report provides policy
recommendations specifically focusing on strengthening the
enforcement mechanisms for ensuring compliance with
established accounting and auditing requirements. Moreover,
suggestions have been made about some important elements of
a regulatory framework for the auditing profession, namely
establishing an independent oversight body, consisting of
eminent persons, and, restructuring the statutory regulator
of the auditing profession under an effective governance
structure, with a broader mandate for efficiently regulating
the profession. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
South Africa : Accounting and Auditing |
| title_short |
South Africa : Accounting and Auditing |
| title_full |
South Africa : Accounting and Auditing |
| title_fullStr |
South Africa : Accounting and Auditing |
| title_full_unstemmed |
South Africa : Accounting and Auditing |
| title_sort |
south africa : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/04/6595876/south-africa-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14475 |
| _version_ |
1764429238930243584 |