Republic of Senegal Report on the Observance of Standards and Codes : Accounting and Auditing
This 2015 Accounting and Auditing Report on the Observance of Standards and Codes (ROSC A&A) is the second assessment for Senegal. Its main objectives are to: (i) assess the degree of implementation of the 2005 recommendations and action plan a...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/773271479710093223/Senegal-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing http://hdl.handle.net/10986/25713 |
| Summary: | This 2015 Accounting and Auditing Report
on the Observance of Standards and Codes (ROSC A&A) is
the second assessment for Senegal. Its main objectives are
to: (i) assess the degree of implementation of the 2005
recommendations and action plan and evaluate their impact on
the accounting and auditing profession; and (ii) identify
reforms that could be undertaken to further strengthen the
accountancy profession and improve the quality of the
country’s financial information. Senegal is experiencing
weak economic growth, attributable on one hand to the
economy’s vulnerability to domestic and external shocks and,
on the other, to structural weaknesses linked in particular
to the high costs of transport and energy, as well as an
insufficiently attractive business climate. The
implementation of the recommendations contained in this
report will facilitate improvement in the quality and
credibility of financial information in the country. These
aspects could be key factors for improving the business
climate and boosting investor confidence. This assessment
focuses on the strengths and weaknesses of the accounting
and auditing environment that affect the quality of the
financial information produced by private-lawentities for
the use of their various external users. It includes a
review of legal obligations, as well as the practices
observed in the country. The reference framework serving as
the basis of comparison for the analysis consisted of the
International Financial Reporting Standards (IFRS2), the
International Standards on Auditing (ISA3) and the
international good practices currently observed in the field
of accounting and auditing regulation. |
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