Poland : Accounting and Auditing
This report provides an assessment of accounting and auditing practices in Poland using international standards as a benchmark, while focusing on the institutional framework and application of given standards. In the recent past, Poland has taken s...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/07/6582381/poland-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14527 |
| Summary: | This report provides an assessment of
accounting and auditing practices in Poland using
international standards as a benchmark, while focusing on
the institutional framework and application of given
standards. In the recent past, Poland has taken steps in
reducing the gap between Polish Accounting Regulations and
International Accounting Standards. This is demonstrated in
the provisions of the Accounting Act, dated November 9,
2000, and the financial reporting and disclosure
requirements set by the Securities and Exchange Commission
for publicly traded companies. Further steps are needed for
full adoption of the requirements set by the International
Accounting Standards Board. A review of 30 sets of financial
statements of select listed companies shows that there are
divergences between various established accounting
regulations and actual accounting practices. There are no
Polish Auditing Standards for one-third of the areas covered
by International Standards on Auditing. Also, most of the
existing Polish Auditing Standards need updating inline with
these international standards. Practicing auditors generally
comply with the strict wording of written Polish Auditing
Standards, however the lack of detailed standards and
shortage of practical-oriented implementation guidelines
seem to constrain the application of high quality audit
methodology. Although the education and training
arrangements appear to be of high quality, there is a
shortage of well-trained accounting and auditing instructors
in many institutions of higher learning. Moreover, there is
a need to update curricula focusing on practical application
of internationally recognized accounting and auditing
standards and professional accounting code of ethics. |
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