Cambodia : Accounting and Auditing
This report provides an assessment of accounting and auditing practices within the corporate sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB),...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/05/10034615/cambodia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7917 |
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okr-10986-7917 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO CAPITAL ACCESS TO FINANCING ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANCY FIRMS ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACCOUNTS RECEIVABLES ADEQUATE DISCLOSURE ADVERTISING AMOUNT OF COLLATERAL ATTESTATION AUDIT COMMITTEES AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT RISK AUDIT STANDARDS AUDITED FINANCIAL INFORMATION AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOAN BANK LOANS BANK RESTRUCTURING BANK SUPERVISION BANKING LAW BANKING RISKS BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKS BOARDS OF DIRECTORS BOOKKEEPING BORROWER BUSINESS COMMUNITY BUSINESS FORECASTS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOW CERTIFIED PUBLIC ACCOUNTANTS CHECKS COLLATERALS COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMPANY LAW COMPLIANCE GAPS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CORPORATE GOVERNANCE CREDIT HISTORIES CREDIT LOSSES CREDITOR CREDITOR RIGHTS CREDITORS DEBT DEPOSITS DEPRECIATION DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DUE DILIGENCE ECONOMIC DEVELOPMENT ENABLING ENVIRONMENT ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT PROCESS ENFORCEMENT SYSTEM EQUIPMENT EXTERNAL AUDITORS FAIR VALUE FAIR VALUES FIDUCIARY RESPONSIBILITY FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FUTURE CASH FLOWS FUTURE CREDIT GLOBAL ECONOMY GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT HUMAN RESOURCE IMAGE INADEQUATE DISCLOSURE INFORMATION TECHNOLOGY INSTITUTIONAL CAPACITIES INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTANGIBLE INTANGIBLE ASSETS INTEREST RATE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL DEVELOPMENTS INTERNATIONAL INVESTORS INTERNATIONAL MARKET INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE INVESTMENT FUNDS INVESTMENT REGIME ISSUANCE LAWS LEGAL AUTHORITY LEGISLATION LEGISLATIVE FRAMEWORK LENDERS LENDING DECISIONS LIMITED LIABILITY LIMITED PARTNERSHIP LOAN LOAN APPLICATION LONG-TERM ASSETS LONG-TERM INVESTMENT MACROECONOMIC ENVIRONMENT MANDATES MARKET ECONOMY MARKET EFFICIENCY MARKET PARTICIPANTS MARKET VALUE MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY INVESTORS MONETARY FUND NATIONAL BANK OPERATING EXPENSES OPERATING LEASES PENALTIES PENSION PENSION FUNDS POTENTIAL INVESTORS PRESENT VALUE PRIVATE COMMERCIAL BANKS PRIVATE INVESTMENT PRIVATIZATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK REORGANIZATION REPAYMENT REPAYMENT CAPACITY RETURNS REVENUE MOBILIZATION SECURITIES SECURITIES REGULATION SHAREHOLDERS SPECIALIZED BANKS STATUTORY AUDITORS SUBSIDIARIES SUPERVISORY BOARD TAX TAX FRAMEWORK TAX REFORM TAXATION TERRORISM TRANSPARENCY TURNOVER VALUATION |
| spellingShingle |
ACCESS TO CAPITAL ACCESS TO FINANCING ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANCY FIRMS ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACCOUNTS RECEIVABLES ADEQUATE DISCLOSURE ADVERTISING AMOUNT OF COLLATERAL ATTESTATION AUDIT COMMITTEES AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT RISK AUDIT STANDARDS AUDITED FINANCIAL INFORMATION AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOAN BANK LOANS BANK RESTRUCTURING BANK SUPERVISION BANKING LAW BANKING RISKS BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKS BOARDS OF DIRECTORS BOOKKEEPING BORROWER BUSINESS COMMUNITY BUSINESS FORECASTS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOW CERTIFIED PUBLIC ACCOUNTANTS CHECKS COLLATERALS COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMPANY LAW COMPLIANCE GAPS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CORPORATE GOVERNANCE CREDIT HISTORIES CREDIT LOSSES CREDITOR CREDITOR RIGHTS CREDITORS DEBT DEPOSITS DEPRECIATION DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DUE DILIGENCE ECONOMIC DEVELOPMENT ENABLING ENVIRONMENT ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT PROCESS ENFORCEMENT SYSTEM EQUIPMENT EXTERNAL AUDITORS FAIR VALUE FAIR VALUES FIDUCIARY RESPONSIBILITY FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FUTURE CASH FLOWS FUTURE CREDIT GLOBAL ECONOMY GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT HUMAN RESOURCE IMAGE INADEQUATE DISCLOSURE INFORMATION TECHNOLOGY INSTITUTIONAL CAPACITIES INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTANGIBLE INTANGIBLE ASSETS INTEREST RATE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL DEVELOPMENTS INTERNATIONAL INVESTORS INTERNATIONAL MARKET INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE INVESTMENT FUNDS INVESTMENT REGIME ISSUANCE LAWS LEGAL AUTHORITY LEGISLATION LEGISLATIVE FRAMEWORK LENDERS LENDING DECISIONS LIMITED LIABILITY LIMITED PARTNERSHIP LOAN LOAN APPLICATION LONG-TERM ASSETS LONG-TERM INVESTMENT MACROECONOMIC ENVIRONMENT MANDATES MARKET ECONOMY MARKET EFFICIENCY MARKET PARTICIPANTS MARKET VALUE MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY INVESTORS MONETARY FUND NATIONAL BANK OPERATING EXPENSES OPERATING LEASES PENALTIES PENSION PENSION FUNDS POTENTIAL INVESTORS PRESENT VALUE PRIVATE COMMERCIAL BANKS PRIVATE INVESTMENT PRIVATIZATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK REORGANIZATION REPAYMENT REPAYMENT CAPACITY RETURNS REVENUE MOBILIZATION SECURITIES SECURITIES REGULATION SHAREHOLDERS SPECIALIZED BANKS STATUTORY AUDITORS SUBSIDIARIES SUPERVISORY BOARD TAX TAX FRAMEWORK TAX REFORM TAXATION TERRORISM TRANSPARENCY TURNOVER VALUATION World Bank Cambodia : Accounting and Auditing |
| geographic_facet |
East Asia and Pacific Cambodia |
| description |
This report provides an assessment of
accounting and auditing practices within the corporate
sector in Cambodia with reference to the International
Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB), and the
International Standards on Auditing (ISA) issued by the
International Federation of Accountants (IFAC). This
assessment is positioned within the broader context of the
Cambodia's institutional framework and capacity needed
to ensure the quality of corporate financial reporting
Cambodia is putting in place an institutional framework with
regard to accounting, auditing, and financial reporting
practices. However, institutional weaknesses in regulation,
compliance, and enforcement of standards and rules still
exist. The accounting and auditing statutory framework
suffers from inconsistencies among different laws. Although
the national accounting standards and auditing standards are
based on IFRS, and ISA, respectively, they appear outmoded
and have gaps in comparison with the international
equivalents. There are varying compliance gaps in both
accounting and auditing practices. These gaps could
primarily stem from lack of clearer understanding by
professional accountants, inadequate technical capacities of
the regulators, absence of implementation guidance, lack of
independent oversight of the auditing profession, and
shortcomings in professional education and training. There
is little awareness of the importance of quality financial
information in Cambodia. Financial reporting is driven
primarily by complying with requirements of shareholders,
obtaining bank loans, and satisfying the taxation regime.
Auditing in Cambodia is perceived as an exercise of little
value. The law does not outline which standards should be
followed in conducting audits. Cambodia's accounting
profession is largely dominated by the members of the
Association of Chartered Certified Accountants of the United
Kingdom. The Kampuchea Institute of Certified Public
Accountants and Auditors is in its early stage of
development and should be geared to contribute in creating
an enabling environment for high-quality corporate financial
reporting and auditing practices in the country. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Cambodia : Accounting and Auditing |
| title_short |
Cambodia : Accounting and Auditing |
| title_full |
Cambodia : Accounting and Auditing |
| title_fullStr |
Cambodia : Accounting and Auditing |
| title_full_unstemmed |
Cambodia : Accounting and Auditing |
| title_sort |
cambodia : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/05/10034615/cambodia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7917 |
| _version_ |
1764403500031148032 |
| spelling |
okr-10986-79172021-04-23T14:02:36Z Cambodia : Accounting and Auditing World Bank ACCESS TO CAPITAL ACCESS TO FINANCING ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANCY FIRMS ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACCOUNTS RECEIVABLES ADEQUATE DISCLOSURE ADVERTISING AMOUNT OF COLLATERAL ATTESTATION AUDIT COMMITTEES AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT RISK AUDIT STANDARDS AUDITED FINANCIAL INFORMATION AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOAN BANK LOANS BANK RESTRUCTURING BANK SUPERVISION BANKING LAW BANKING RISKS BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKS BOARDS OF DIRECTORS BOOKKEEPING BORROWER BUSINESS COMMUNITY BUSINESS FORECASTS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASH FLOW CERTIFIED PUBLIC ACCOUNTANTS CHECKS COLLATERALS COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMPANY LAW COMPLIANCE GAPS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CORPORATE GOVERNANCE CREDIT HISTORIES CREDIT LOSSES CREDITOR CREDITOR RIGHTS CREDITORS DEBT DEPOSITS DEPRECIATION DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DUE DILIGENCE ECONOMIC DEVELOPMENT ENABLING ENVIRONMENT ENFORCEMENT MECHANISM ENFORCEMENT MECHANISMS ENFORCEMENT PROCESS ENFORCEMENT SYSTEM EQUIPMENT EXTERNAL AUDITORS FAIR VALUE FAIR VALUES FIDUCIARY RESPONSIBILITY FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL RATIOS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FUTURE CASH FLOWS FUTURE CREDIT GLOBAL ECONOMY GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT HUMAN RESOURCE IMAGE INADEQUATE DISCLOSURE INFORMATION TECHNOLOGY INSTITUTIONAL CAPACITIES INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTANGIBLE INTANGIBLE ASSETS INTEREST RATE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL DEVELOPMENT INTERNATIONAL DEVELOPMENTS INTERNATIONAL INVESTORS INTERNATIONAL MARKET INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE INVESTMENT FUNDS INVESTMENT REGIME ISSUANCE LAWS LEGAL AUTHORITY LEGISLATION LEGISLATIVE FRAMEWORK LENDERS LENDING DECISIONS LIMITED LIABILITY LIMITED PARTNERSHIP LOAN LOAN APPLICATION LONG-TERM ASSETS LONG-TERM INVESTMENT MACROECONOMIC ENVIRONMENT MANDATES MARKET ECONOMY MARKET EFFICIENCY MARKET PARTICIPANTS MARKET VALUE MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY INVESTORS MONETARY FUND NATIONAL BANK OPERATING EXPENSES OPERATING LEASES PENALTIES PENSION PENSION FUNDS POTENTIAL INVESTORS PRESENT VALUE PRIVATE COMMERCIAL BANKS PRIVATE INVESTMENT PRIVATIZATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PRUDENTIAL SUPERVISION QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK REORGANIZATION REPAYMENT REPAYMENT CAPACITY RETURNS REVENUE MOBILIZATION SECURITIES SECURITIES REGULATION SHAREHOLDERS SPECIALIZED BANKS STATUTORY AUDITORS SUBSIDIARIES SUPERVISORY BOARD TAX TAX FRAMEWORK TAX REFORM TAXATION TERRORISM TRANSPARENCY TURNOVER VALUATION This report provides an assessment of accounting and auditing practices within the corporate sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the Cambodia's institutional framework and capacity needed to ensure the quality of corporate financial reporting Cambodia is putting in place an institutional framework with regard to accounting, auditing, and financial reporting practices. However, institutional weaknesses in regulation, compliance, and enforcement of standards and rules still exist. The accounting and auditing statutory framework suffers from inconsistencies among different laws. Although the national accounting standards and auditing standards are based on IFRS, and ISA, respectively, they appear outmoded and have gaps in comparison with the international equivalents. There are varying compliance gaps in both accounting and auditing practices. These gaps could primarily stem from lack of clearer understanding by professional accountants, inadequate technical capacities of the regulators, absence of implementation guidance, lack of independent oversight of the auditing profession, and shortcomings in professional education and training. There is little awareness of the importance of quality financial information in Cambodia. Financial reporting is driven primarily by complying with requirements of shareholders, obtaining bank loans, and satisfying the taxation regime. Auditing in Cambodia is perceived as an exercise of little value. The law does not outline which standards should be followed in conducting audits. Cambodia's accounting profession is largely dominated by the members of the Association of Chartered Certified Accountants of the United Kingdom. The Kampuchea Institute of Certified Public Accountants and Auditors is in its early stage of development and should be geared to contribute in creating an enabling environment for high-quality corporate financial reporting and auditing practices in the country. 2012-06-13T15:56:45Z 2012-06-13T15:56:45Z 2007-05 http://documents.worldbank.org/curated/en/2007/05/10034615/cambodia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7917 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work East Asia and Pacific Cambodia |