Report on the Observance of Standards and Codes on Accounting and Auditing : Republic of the Philippines
Reports on the Observance of Standards and Codes Accounting and Auditing (‘ROSC A&A’) assess financial reporting and auditing standards, institutions and practices in participating countries. These reports form part of a joint initiative implem...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/466421520483879946/Philippines-Report-on-the-observance-of-standards-and-codes-on-accounting-and-auditing http://hdl.handle.net/10986/29592 |
| Summary: | Reports on the Observance of Standards
and Codes Accounting and Auditing (‘ROSC A&A’) assess
financial reporting and auditing standards, institutions and
practices in participating countries. These reports form
part of a joint initiative implemented by the World Bank and
the International Monetary Fund to review the quality of
implementation of internationally recognized standards and
principles in 12 key areas (‘the ROSC program’) with a view
to promoting financial and economic stability. This report
provides an assessment of financial reporting and auditing
requirements and practices within the corporate sector2 in
the Philippines and sets forth areas for consideration for
improving the institutional environment for A&A. The
ROSC A&A used international benchmarks of good practice
governing financial reporting and auditing in the
assessment, including International Financial Reporting
Standards (IFRS) and International Standards on Auditing
(ISA). This report updates an earlier assessment which was
published in 2006 and was undertaken following a formal
request from the Government of the Philippines. |
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