Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing
This report provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Mozambique. The assessment focuses on six pillars of financial repor...
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| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/231131480543149188/Mozambique-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing http://hdl.handle.net/10986/25732 |
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okr-10986-257322021-04-23T14:04:31Z Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing World Bank international accounting standards accounting auditing financial reporting This report provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Mozambique. The assessment focuses on six pillars of financial reporting infrastructure: statutory framework, professional education and training, accountancy profession, accounting standards, auditing standards, and monitoring and enforcement of the applicable standards. The main purpose of this assessment is to assist the development and implementation of a country action plan for strengthening institutional capacity with attendant effect on enhancing corporate financial reporting in Mozambique. All the corporate entities in Mozambique, including investments with foreign participation, are affected by a serious shortage of qualified accountants and trained accounting technicians. Best estimates are that there are less than 50 fully qualified accountants working in Mozambique (mostly in the Maputo area), and that of these only 2 are citizens of Mozambique. Most of the corporate financial statements in the country are therefore prepared by accounting technicians whose level of skill and training is variable. At one extreme, a limited number of accounting technicians have completed training, which has not prepared them nearly at the level of a qualified accountant; and at another extreme, many technicians have no formal training. Most of the financial statement audits in the country are primarily carried out by representatives of the 6 international networks. The lack of senior-level local staff within those networks is of concern particularly as regulators lack any capacity to monitor the quality of financial reporting. 2016-12-13T16:15:07Z 2016-12-13T16:15:07Z 2008-06-16 Report http://documents.worldbank.org/curated/en/231131480543149188/Mozambique-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing http://hdl.handle.net/10986/25732 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Accounting and Auditing Assessment Africa Mozambique |
| 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 |
international accounting standards accounting auditing financial reporting |
| spellingShingle |
international accounting standards accounting auditing financial reporting World Bank Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing |
| geographic_facet |
Africa Mozambique |
| description |
This report provides an assessment of
the strengths and weaknesses of the existing financial
reporting infrastructure that underpins financial accounting
and auditing practices in Mozambique. The assessment focuses
on six pillars of financial reporting infrastructure:
statutory framework, professional education and training,
accountancy profession, accounting standards, auditing
standards, and monitoring and enforcement of the applicable
standards. The main purpose of this assessment is to assist
the development and implementation of a country action plan
for strengthening institutional capacity with attendant
effect on enhancing corporate financial reporting in
Mozambique. All the corporate entities in Mozambique,
including investments with foreign participation, are
affected by a serious shortage of qualified accountants and
trained accounting technicians. Best estimates are that
there are less than 50 fully qualified accountants working
in Mozambique (mostly in the Maputo area), and that of these
only 2 are citizens of Mozambique. Most of the corporate
financial statements in the country are therefore prepared
by accounting technicians whose level of skill and training
is variable. At one extreme, a limited number of accounting
technicians have completed training, which has not prepared
them nearly at the level of a qualified accountant; and at
another extreme, many technicians have no formal training.
Most of the financial statement audits in the country are
primarily carried out by representatives of the 6
international networks. The lack of senior-level local staff
within those networks is of concern particularly as
regulators lack any capacity to monitor the quality of
financial reporting. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_short |
Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_full |
Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_fullStr |
Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_full_unstemmed |
Mozambique Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_sort |
mozambique report on the observance of standards and codes : accounting and auditing |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/231131480543149188/Mozambique-Report-on-the-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing http://hdl.handle.net/10986/25732 |
| _version_ |
1764460013088145408 |