Kenya : Accounting and Auditing
This report assesses accounting and auditing practices in Kenya in relation to the requirements of the International Accounting Standards (IASs) issued by the International Accounting Standards Board (IASB), and the International Standards on Audit...
| Main Author: | |
|---|---|
| Format: | Economic & Sector Work |
| Language: | English en_US |
| Published: |
Washington, DC
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2001/11/6569833/kenya-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14502 |
| id |
okr-10986-14502 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-145022021-04-23T14:03:16Z Kenya : Accounting and Auditing World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING STANDARDS AUDITING AUDITORS BALANCE SHEET BANK FAILURES BANKING SUPERVISION BANKS BORROWING CAPITAL MARKETS CENTRAL BANK CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORPORATE SECTOR ECONOMIC GROWTH EMPLOYMENT FINANCIAL ACCOUNTING FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL RISK GUIDELINES IMPAIRED ASSETS INADEQUATE DISCLOSURE INCOME STATEMENTS INTEREST INCOME INTEREST RATES INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INVENTORY LAWS LEGAL FRAMEWORK LIQUIDITY OPERATING LEASE PEER REVIEW PENALTIES REGULATORY FRAMEWORK RISK MANAGEMENT SECURITIES SUBSIDIARIES TAXATION TRADING TRANSPARENCY This report assesses accounting and auditing practices in Kenya in relation to the requirements of the International Accounting Standards (IASs) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC). The report addresses the institutional capacity needed to ensure compliance with the international standards and to improve the quality of financial reporting in the country. It highlights strengths and weaknesses of the institutional framework and presents an action plan for institutional capacity building. Kenya has recently made progress in closing the gap between national accounting and auditing practices and international standards, notably by adopting the IASs and ISAs as national requirements. However, its compliance with these requirements is partial, due to enforcement mechanisms that continue to evolve and inadequate resources. In spite of these difficulties, institutional investors in Kenya perceive that the quality of financial reporting has significantly improved over the past 12 months. However, the legal framework governing accounting and financial reporting, the professional education and training arrangements, the professional body, and the enforcement mechanism need improving. Stakeholders in the country believe that successful completion of appropriate capacity-building initiatives, through implementation of an action plan, would help develop accounting and auditing practices and improve compliance with international standards within a period of three to five years. 2013-07-23T21:45:04Z 2013-07-23T21:45:04Z 2001-11-09 http://documents.worldbank.org/curated/en/2001/11/6569833/kenya-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14502 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Africa Kenya |
| 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 |
ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING STANDARDS AUDITING AUDITORS BALANCE SHEET BANK FAILURES BANKING SUPERVISION BANKS BORROWING CAPITAL MARKETS CENTRAL BANK CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORPORATE SECTOR ECONOMIC GROWTH EMPLOYMENT FINANCIAL ACCOUNTING FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL RISK GUIDELINES IMPAIRED ASSETS INADEQUATE DISCLOSURE INCOME STATEMENTS INTEREST INCOME INTEREST RATES INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INVENTORY LAWS LEGAL FRAMEWORK LIQUIDITY OPERATING LEASE PEER REVIEW PENALTIES REGULATORY FRAMEWORK RISK MANAGEMENT SECURITIES SUBSIDIARIES TAXATION TRADING TRANSPARENCY |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING STANDARDS AUDITING AUDITORS BALANCE SHEET BANK FAILURES BANKING SUPERVISION BANKS BORROWING CAPITAL MARKETS CENTRAL BANK CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORPORATE SECTOR ECONOMIC GROWTH EMPLOYMENT FINANCIAL ACCOUNTING FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL RISK GUIDELINES IMPAIRED ASSETS INADEQUATE DISCLOSURE INCOME STATEMENTS INTEREST INCOME INTEREST RATES INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INVENTORY LAWS LEGAL FRAMEWORK LIQUIDITY OPERATING LEASE PEER REVIEW PENALTIES REGULATORY FRAMEWORK RISK MANAGEMENT SECURITIES SUBSIDIARIES TAXATION TRADING TRANSPARENCY World Bank Kenya : Accounting and Auditing |
| geographic_facet |
Africa Kenya |
| description |
This report assesses accounting and
auditing practices in Kenya in relation to the requirements
of the International Accounting Standards (IASs) issued by
the International Accounting Standards Board (IASB), and the
International Standards on Auditing (ISAs) issued by the
International Federation of Accountants (IFAC). The report
addresses the institutional capacity needed to ensure
compliance with the international standards and to improve
the quality of financial reporting in the country. It
highlights strengths and weaknesses of the institutional
framework and presents an action plan for institutional
capacity building. Kenya has recently made progress in
closing the gap between national accounting and auditing
practices and international standards, notably by adopting
the IASs and ISAs as national requirements. However, its
compliance with these requirements is partial, due to
enforcement mechanisms that continue to evolve and
inadequate resources. In spite of these difficulties,
institutional investors in Kenya perceive that the quality
of financial reporting has significantly improved over the
past 12 months. However, the legal framework governing
accounting and financial reporting, the professional
education and training arrangements, the professional body,
and the enforcement mechanism need improving. Stakeholders
in the country believe that successful completion of
appropriate capacity-building initiatives, through
implementation of an action plan, would help develop
accounting and auditing practices and improve compliance
with international standards within a period of three to
five years. |
| format |
Economic & Sector Work |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Kenya : Accounting and Auditing |
| title_short |
Kenya : Accounting and Auditing |
| title_full |
Kenya : Accounting and Auditing |
| title_fullStr |
Kenya : Accounting and Auditing |
| title_full_unstemmed |
Kenya : Accounting and Auditing |
| title_sort |
kenya : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2001/11/6569833/kenya-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14502 |
| _version_ |
1764427538240634880 |