Peru : Accounting and Auditing
The report provides an assessment of accounting, financial reporting, and auditing practices within the corporate sector in Peru, using International Financial Reporting Standards (IFRS), and International Standards on Auditing (ISA) as benchmarks,...
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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/2004/06/6581670/peru-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14526 |
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okr-10986-145262021-04-23T14:03:18Z Peru : Accounting and Auditing World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS AFFILIATES AIC AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SECTOR BANKING SUPERVISION BANKS BONDS BROKERS CAPITAL MARKETS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEFERRED INCOME ECONOMIC GROWTH ECONOMIC INTEGRATION EMPLOYMENT EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FISCAL DEFICITS FISCAL REFORM FISCAL RESPONSIBILITY GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GROSS DOMESTIC PRODUCT INFLATION INSURANCE INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGAL FRAMEWORK LEGISLATION LICENSES MANDATES MUTUAL FUNDS PRIVATE SECTOR PRIVATIZATION PROVISIONS PUBLIC PUBLIC OFFERING PUBLIC POLICIES PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS TAX TAX ADMINISTRATION TAX REFORM TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TRANSPARENCY TRUST FUNDS The report provides an assessment of accounting, financial reporting, and auditing practices within the corporate sector in Peru, using International Financial Reporting Standards (IFRS), and International Standards on Auditing (ISA) as benchmarks, drawing on international experience and best practices in that field. This Report on the Observance of Standards and Codes (ROSC) Accounting & Auditing review included the analysis of a sample of 20 published audited financial statements, and found that financial reporting standards broadly complied with by Peruvian corporations, although a number of cases of departures from IAS, and possibly from ISA, were noted. This points the need to strengthen the enforcement of financial reporting and auditing requirements for entities of public interest. The review also noted that existing arrangements for the licensing of auditors do not provide compulsory minimum academic course content in accounting and auditing, nor do they include professional examination; moreover, continuing education requirements are not effectively followed. This is detrimental to the quality of the accounting and audit practice in the country. The lack of quality control of auditors is also a cause of serious concern. The report offers several policy recommendations aimed at strengthening the regulatory framework governing accounting and auditing, including establishing an independent oversight body for the audit profession, that would ensure qualified auditors with a strong academic background, and professional skills, and that they comply effectively with both ISA and applicable ethical requirements. Another recommendation of this ROSC is that large, non-listed companies be required to have their financial statements audited, and to publish these financial statements through CONASEV - National Supervisory commission of Enterprises and Securities. 2013-07-24T17:08:08Z 2013-07-24T17:08:08Z 2004-06-10 http://documents.worldbank.org/curated/en/2004/06/6581670/peru-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14526 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 Peru |
| 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 PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS AFFILIATES AIC AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SECTOR BANKING SUPERVISION BANKS BONDS BROKERS CAPITAL MARKETS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEFERRED INCOME ECONOMIC GROWTH ECONOMIC INTEGRATION EMPLOYMENT EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FISCAL DEFICITS FISCAL REFORM FISCAL RESPONSIBILITY GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GROSS DOMESTIC PRODUCT INFLATION INSURANCE INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGAL FRAMEWORK LEGISLATION LICENSES MANDATES MUTUAL FUNDS PRIVATE SECTOR PRIVATIZATION PROVISIONS PUBLIC PUBLIC OFFERING PUBLIC POLICIES PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS TAX TAX ADMINISTRATION TAX REFORM TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TRANSPARENCY TRUST FUNDS |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS AFFILIATES AIC AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK SUPERVISION BANKING SECTOR BANKING SUPERVISION BANKS BONDS BROKERS CAPITAL MARKETS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE DEFERRED INCOME ECONOMIC GROWTH ECONOMIC INTEGRATION EMPLOYMENT EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FISCAL DEFICITS FISCAL REFORM FISCAL RESPONSIBILITY GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GROSS DOMESTIC PRODUCT INFLATION INSURANCE INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGAL FRAMEWORK LEGISLATION LICENSES MANDATES MUTUAL FUNDS PRIVATE SECTOR PRIVATIZATION PROVISIONS PUBLIC PUBLIC OFFERING PUBLIC POLICIES PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS TAX TAX ADMINISTRATION TAX REFORM TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TRANSPARENCY TRUST FUNDS World Bank Peru : Accounting and Auditing |
| geographic_facet |
Latin America & Caribbean Peru |
| description |
The report provides an assessment of
accounting, financial reporting, and auditing practices
within the corporate sector in Peru, using International
Financial Reporting Standards (IFRS), and International
Standards on Auditing (ISA) as benchmarks, drawing on
international experience and best practices in that field.
This Report on the Observance of Standards and Codes (ROSC)
Accounting & Auditing review included the analysis of a
sample of 20 published audited financial statements, and
found that financial reporting standards broadly complied
with by Peruvian corporations, although a number of cases of
departures from IAS, and possibly from ISA, were noted. This
points the need to strengthen the enforcement of financial
reporting and auditing requirements for entities of public
interest. The review also noted that existing arrangements
for the licensing of auditors do not provide compulsory
minimum academic course content in accounting and auditing,
nor do they include professional examination; moreover,
continuing education requirements are not effectively
followed. This is detrimental to the quality of the
accounting and audit practice in the country. The lack of
quality control of auditors is also a cause of serious
concern. The report offers several policy recommendations
aimed at strengthening the regulatory framework governing
accounting and auditing, including establishing an
independent oversight body for the audit profession, that
would ensure qualified auditors with a strong academic
background, and professional skills, and that they comply
effectively with both ISA and applicable ethical
requirements. Another recommendation of this ROSC is that
large, non-listed companies be required to have their
financial statements audited, and to publish these financial
statements through CONASEV - National Supervisory commission
of Enterprises and Securities. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Peru : Accounting and Auditing |
| title_short |
Peru : Accounting and Auditing |
| title_full |
Peru : Accounting and Auditing |
| title_fullStr |
Peru : Accounting and Auditing |
| title_full_unstemmed |
Peru : Accounting and Auditing |
| title_sort |
peru : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/06/6581670/peru-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14526 |
| _version_ |
1764429190106447872 |