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Brazil : Report on the Observance of Standards and Codes--Accounting and AuditingThis Report on the Observance of
 Standards and Codes: Accounting and Auditing (ROSC A&A)
 has been prepared under the Financial Sector Assessment
 Program in Brazil. The report assesses the status of
 implementation of 2005 ROSC A&A policy recommendations,
 highlights recent improvements in Brazil's corporate
 financial reporting framework, and sheds light on emerging
 issues regarding the institutional underpinnings of
 accounting and auditing practices that require further
 upgrading in line with international good practices. In
 addition to maintaining appropriate macroeconomic policies,
 there is an extensive agenda to implement wide ranging
 structural reforms to promote growth, increase productivity,
 and raise living standards. Brazil's low domestic
 savings and limited domestic long-term financing markets
 remain a major impediment to the investment in
 infrastructure that is required to sustain high economic
 growth. Given the increased role played by the financial
 system, especially as more families and businesses have
 access to banking credit and capital markets, it will also
 be necessary to further develop and strengthen Brazil's
 financial markets and institutions, to help to ensure
 macroeconomic stability and sustainable growth. In this
 context, one of the strategic objectives of the ROSC A&A
 is to help consolidate the institutional framework for
 accounting and auditing in Brazil in order to support
 improvements in business conditions in general, and
 facilitate access to more abundant and cheaper domestic and
 foreign financial resources.
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The Republic of Montenegro : Accounting and AuditingThis report provides an assessment of
 accounting, financial reporting, and auditing requirements
 and practices within the enterprise and financial sectors in
 Montenegro. It uses International Financial Reporting
 Standards (IFRS), International Standards on Auditing (ISA),
 and the relevant portions of the European Union (EU) body of
 law (also known as the acquis communautaire), as benchmarks.
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Republic of Tunisia : Accounting and AuditingThis report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Tunisia. The analysis of practices is based among others on the review of a sample of 16 financial statements prepared in accordance with Tunisian accounting standards, including 6 listed enterprise sector companies, 3 listed credit institutions and 3 insurance undertakings (of which 2 are listed). The assessment uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law (also known as the acquis communautaire) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. As Tunisia deepens its partnership with the EU and becomes more integrated in the world market, the country monitors the development of the acquis communautaire and enacts legislation that draws upon it. This report recommends changes to law and regulations to align the statutory framework with evolving internationally accepted practices. As the new regulations come into force, priorities will then turn toward building the monitoring, supervisory, and disciplinary regimes necessary to ensure effective compliance.