Republic of Rwanda : Accounting and Auditing
This report is an assessment of the corporate sector accounting, financial reporting, and auditing practices within Rwanda. This Report on the Observance of Standards and Codes (ROSC) is benchmarked to International Financial Reporting Standards (I...
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Format: | Accounting and Auditing Assessment (ROSC) |
Language: | English en_US |
Published: |
Washington, DC
2012
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Online Access: | http://documents.worldbank.org/curated/en/2008/06/10038406/republic-rwanda-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7975 |
Summary: | This report is an assessment of the
corporate sector accounting, financial reporting, and
auditing practices within Rwanda. This Report on the
Observance of Standards and Codes (ROSC) is benchmarked to
International Financial Reporting Standards (IFRS) and
International Standards on Auditing (ISA) and draws on
international experience and good practices to assess the
strengths and weaknesses of the institutional underpinnings
of corporate financial reporting and make policy
recommendations. This assessment is mainly aimed at
preparing a road map for institutional capacity building
including development of the accountancy profession for
bolstering the corporate sector accounting, financial
reporting, and auditing in Rwanda. Rwanda is making
considerable effort to align its accounting and auditing
practices with internationally accepted standards and codes.
Along with its growing economy, Rwanda must take effective
steps for strengthening all the pillars of the
infrastructure of accounting and auditing in line with the
international good practices. The ROSC review findings
reveal that there are varying compliance gaps in both
accounting and auditing practices in Rwanda. These gaps stem
from lack of clearer understanding among practicing
accountants and auditors about the requirements of
internationally accepted standards, 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. The Institute of Certified Public Accountants of
Rwanda (ICPAR) will assume the role of the self-regulatory
professional accountancy body in the country. |
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