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Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries

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Author(s)
World Bank Group
Keywords
ACCOUNTING PRINCIPLES
FINANCIAL REPORTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
IMPACTS
ACCOUNTABILITY
INTERNAL AUDITORS
PUBLIC ENTERPRISES
AUDITING STANDARDS
BUSINESS COMMUNITY
INTERNAL AUDIT
DEBT
ACCOUNTING STANDARDS
AUDITS
CERTIFIED PUBLIC ACCOUNTANTS
TRANSPORT
PRUDENTIAL REGULATIONS
QUALITY
ACQUISITION
BUSINESS
GOVERNMENTS
VALUE
ENTERPRISES
INTERNAL AUDITING
TECHNICAL ASSISTANCE
LABOR
CAPITAL MARKETS
ACCOUNTING FIRMS
AUDIT OFFICES
SAFETY NETS
ADMINISTRATION
ACCOUNTANTS
PROCUREMENT
ACCRUAL ACCOUNTING
GOVERNMENT ACCOUNTING
DEPOSITS
FINANCIAL STATEMENTS
BANKING
CLEARINGHOUSE
FINANCIAL REGULATION
BUDGETING
NATURAL RESOURCES
ACCOUNTANCY FIRMS
REPORTING SYSTEMS
LEGAL FRAMEWORK
BANKS
ASSET MANAGEMENT
CONTRACT ENFORCEMENT
LEGISLATION
OWNERSHIP
EXPENSES
FINANCIAL SYSTEMS
INTANGIBLE ASSETS
AUDITING PROFESSION
MARKETS
PROPERTY
ACCOUNTS
PENSIONS
FINANCIAL PLANNING
SUBSIDIARY
ACCOUNTING
NONBANK INSTITUTIONS
DISTRIBUTION
SELLING
CBA
FINANCIAL STABILITY
AUDIT
AUDIT GUIDES
INSURANCE
QUALITY STANDARDS
TAX LAWS
QUALITY CONTROL
CRITERIA
QUALITY OF WORK
LAWS
STATE ENTERPRISES
ACCOUNTING RESEARCH
TAX COLLECTION
ASSET MANAGEMENT COMPANIES
FINANCIAL STATISTICS
FINANCIAL REPORTING
PERFORMANCE ACCOUNTABILITY
SAVINGS
INDUSTRY
ACCOUNT
UNAUDITED FINANCIAL STATEMENTS
GOOD PRACTICE
EXPENDITURES
BOOKKEEPING
ACCOUNTING FRAMEWORK
AUDITORS
IMPLEMENTATION
CENTRAL BANKS
ECONOMIES
BANKING SECTOR
FINANCE
LOANS
BUDGET PROCESS
GOOD PRACTICES
COOPERATIVES
BUDGETS
FINANCIAL REPORTS
GAAP
ACCOUNTING SYSTEMS
MINISTRIES OF FINANCE
IMAGE
AUDIT COMMITTEES
TRANSFERS
ACCOUNTANCY
EMPLOYMENT
AUDIT REPORTS
INTEREST
RISK MANAGEMENT
PUBLIC DEBT
INFRASTRUCTURE
INTERNAL AUDITS
CREDIT RISK
RISK
QUALITY ASSURANCE
TAXATION
REVENUE
RESOURCES
PUBLIC ACCOUNTANTS
CAPITALIZATION
CASH ACCOUNTING
LOCAL TAX LAWS
EMERGING MARKETS
AUDITED FINANCIAL STATEMENTS
AUDITED ACCOUNTS
EXPENDITURE
SYSTEMIC RISK
AUDITING
COST
GOVERNANCE
SERVICES
CREDIT UNIONS
COLLECTIONS
COMMERCIAL BANKS
CURRENCIES
BUDGET
FISCAL POLICY
ACCOUNTING REFORM
PLANNING
CAPITAL
TAXES
INTERNATIONAL ACCOUNTING STANDARDS
WATER SUPPLY
FINANCIAL INSTITUTIONS
REGULATORY FRAMEWORK
FINANCIAL SYSTEM
RESERVE BANK OF INDIA
FINANCIAL SERVICES
SOCIAL SERVICES
ACCOUNTING POLICIES
RESOURCE MOBILIZATION
ACCOUNTING PRACTICES
FINANCIAL MANAGEMENT
EASTERN CARIBBEAN CENTRAL BANK
BANK
MARKETING
SALES
FINANCIAL POLICIES
MAINTENANCE
CREDIT
AFFILIATE
ACCOUNTING REPORTS
REPORTING
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URI
http://hdl.handle.net/20.500.12424/93492
Online Access
http://hdl.handle.net/10986/22469
Abstract
The main objectives of this report are
 to: (a) provide a synthesized analysis of financial
 reporting and auditing standards and practices across the
 countries in which the Institute of Chartered Accountants of
 the Caribbean (ICAC) is active and (b) provide a basis for
 recommendations to ICAC and respective national institutes
 for a regional strategy to enhance the accounting profession
 and the accounting and auditing practices in the public and
 private sectors. This report’s focus on reforms and
 identification of areas and means to strengthen the
 accounting profession have at their root the conviction that
 systemic enhancements to the standards and practices of the
 profession can materially improve the lives of the region’s
 populace, particularly its less prosperous citizens, through
 greater transparency, strengthened economic growth and its
 attendant employment and tax revenue prospects, and greater
 access to financing for and formalization of the region’s
 dominant sector-micro, small, and medium-sized enterprises
 (MSMEs). The report finds that a constraint limiting both
 investment across the region, particularly to MSMEs that
 characterize the respective national economies, and the
 efficient use of public resources is the accounting and
 auditing practices and the financial reporting regimes that
 prevail in both the public and private sectors. This finding
 emerges from: (i) a review of Reports on the Observance of
 Standards and Codes for Accounting and Auditing (ROSC AA)
 conducted by the World Bank for Jamaica, Trinidad and
 Tobago, Suriname, and the countries of the Organisation of
 Eastern Caribbean States, and (ii) Bank missions to those
 countries updating the ROSC findings as well as missions to
 countries that have not yet had ROSC AA reviews (during
 which the Bank team met the national accountancy body,
 regulators of entities that fall within the financial
 reporting chain, supreme audit institutions, central banks,
 and so forth so as to secure information that would
 typically be found in formal ROSC AA reports).
Date
2015-08-18
Type
Report
Identifier
oai:openknowledge.worldbank.org:10986/22469
http://hdl.handle.net/10986/22469
Copyright/License
CC BY 3.0 IGO
Collections
Corruption and Transparency Collection

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