Republic of Trinidad and Tobago : Report on the Observance of Standard and Codes - Accounting and Auditing

Republic of Trinidad and Tobago : Report on the Observance of Standard and Codes - Accounting and Auditing

The Report on the Observance of Standard and Codes (ROSC) Accounting and Auditing (A&A) focuses on the institutional framework underpinning national accounting and auditing practices, and their conformity with international standards and good p...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO FINANCING ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING SERVICES ACCOUNTS ACQUISITION AFFILIATES ARBITRAGE ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES AUDIT COMMITTEE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITOR ROTATION AUDITORS AUDITS BAILOUTS BANK FINANCING BANK INTEREST RATES BANKING ASSETS BANKING INDUSTRY BANKING INSTITUTIONS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BROKERS BUDGET DEFICIT CAPACITY CONSTRAINTS CASH FLOW CENTRAL BANK CERTIFIED PUBLIC ACCOUNTANTS CHECKS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENTS COMMERCIAL BANK COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED SUPERVISION CORPORATE GOVERNANCE CORPORATE LAWS CREDIT UNION CREDIT UNIONS CURRENCY DEBT DEBT RATIO DEPOSIT DEPOSIT INSURANCE DEPOSIT LIABILITIES DEPOSITORS ECONOMIC CONDITIONS EMPLOYMENT ENFORCEMENT MECHANISMS ENTRY REQUIREMENTS EXCHANGE COMMISSION EXPENDITURE EXTENSION OF CREDIT EXTERNAL AUDITORS FINANCIAL CRISES FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL SHOCK FINANCIAL STATEMENTS FINANCIAL SYSTEM FISCAL POLICY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT GOOD PRACTICE GOOD PRACTICES GOVERNMENT INTERVENTIONS GOVERNMENT REVENUES GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HOLDING HOLDINGS HOUSING INADEQUATE DISCLOSURE INFLATION INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE INDUSTRY INSURANCE PREMIUMS INTERNAL AUDIT INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT BANK INVESTMENT BANKS INVESTMENT CLIMATE INVESTMENT DECISIONS LEGAL FRAMEWORK LEGAL MECHANISMS LEGISLATION LEGISLATIVE FRAMEWORK LENDING DECISIONS LENDING INSTITUTIONS LEVY LIFE INSURANCE LIFE INSURANCE COMPANIES LIMITED LIABILITY LIQUIDITY LONG-TERM ASSETS MARKET CAPITALIZATION MERCHANT BANKS MONETARY FUND MONEY MARKET MUTUAL FUNDS NATURAL RESOURCES NET ASSETS NEW PRODUCTS OLIGOPOLY OPEN ECONOMY PENALTIES PENSION PENSION FUNDS PRIVATE INVESTMENT PRUDENTIAL REQUIREMENTS PUBLIC ACCOUNTANTS PUBLIC ENTERPRISES PUBLIC SERVICES QUALITY ASSURANCE QUALITY CONTROL REAL ESTATE INVESTMENTS REGULATORY AUTHORITY REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY OVERSIGHT RETURN RETURNS SAVINGS SECURITIES SECURITIES EXCHANGE SECURITIES INDUSTRIES SECURITIES INDUSTRY SECURITIES REGULATION SETTLEMENT SHAREHOLDER SHAREHOLDERS SOLVENCY STATUTORY AUDITORS STATUTORY FUND STATUTORY REQUIREMENT STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION SUBSIDIARIES SUBSIDIARY SUPERVISORY AGENCIES SUPERVISORY FRAMEWORK TAX TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TRANSPORT TRUST FUNDS TURNOVER VALUATION
Online Access:	http://documents.worldbank.org/curated/en/2013/03/18023611/trinidad-tobago-report-observance-standard-codes-rosc-accounting-auditing http://hdl.handle.net/10986/15822

Description
Summary:	The Report on the Observance of Standard and Codes (ROSC) Accounting and Auditing (A&A) focuses on the institutional framework underpinning national accounting and auditing practices, and their conformity with international standards and good practices. It evaluates the: a) adequacy of reporting requirements, b) capacity to implement applicable standards and codes, and c) the effectiveness of enforcement mechanisms for ensuring compliance with applicable standards and codes. This report provides an assessment of corporate sector accounting, financial reporting, and auditing practices in Trinidad and Tobago. It aims to assist the Government of Trinidad and Tobago's efforts to strengthen accounting and auditing practices and enhance financial transparency in the corporate sector, so as to support the Government's objective of private sector-led growth and deepened integration with the international economy. Trinidad and Tobago is a relatively small, open economy with a high per capita income and abundant natural resources. Key areas for strengthening Trinidad and Tobago's corporate financial reporting practices are: 1) establishing a culture of compliance; 2) improving monitoring and enforcement capabilities of various regulators; 3) establishing institutional mechanisms for regulating the accounting profession, including independent oversight; 4) enhancing technical capacities of Institute of Chartered Accountants of Trinidad and Tobago (ICATT); 5) improving professional accountancy education and training; and 6) improving the statutory framework for corporate financial reporting. The recommendations in this report are presented for the consideration of authorities in Trinidad and Tobago as suggested inputs for the development of a country action plan, geared toward strengthening the corporate financial reporting regime.

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