Slovenia Report on the Observance of Standards and Codes : Accounting and Auditing
This assessment of accounting and auditing practices in Slovenia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the...
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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/499511479710238625/Slovenia-Report-on-the-observance-of-standards-and-codes-ROSC-accounting-and-auditing http://hdl.handle.net/10986/25724 |
| Summary: | This assessment of accounting and
auditing practices in Slovenia is part of a joint initiative
of the World Bank and International Monetary Fund (IMF) to
prepare Reports on the Observance of Standards and Codes
(ROSC). The assessment focuses on the strengths and
weaknesses of the accounting and auditing environment that
influence the quality of corporate financial reporting and
includes a review of both mandatory requirements and actual
practice. This is the second A&A ROSC for Slovenia and
based on information collected in 2013, early 2014. The
first one was published in 2004. As the requirements of the
EU acquis communautaire and international standards have
already been adopted in the financial sector this assessment
focuses on the proper application of these requirements,
with the view that improved financial information raises the
capacity of regulators to maintain financial stability, and
improve the level of trust in the financial system, in the
context of an ongoing recapitalization exercise. In the
State Owned Enterprises, or SOEs, the report focuses on the
requirements applicable to them and how well these are
enforced, as well as to what extent the government uses the
financial reporting and audit process to monitor SOEs and
hold their management teams accountable. This report also
considers SMEs financial reporting, including how current
requirements compare with the latest revisions to the EU
Accounting Directive, which further simplified requirements
for smaller companies. Finally, audit oversight and quality
assurance systems are assessed, including the feasibility of
incorporating the audit oversight body as part of the
financial sector supervisor. |
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