Jamaica Report on the Observance of Standards and Codes

Abstract

This Report on Observance and
 Codes-Accounting and Auditing (ROSC-A&A) assesses the
 corporate sector accounting, financial reporting, and
 auditing practices in Jamaica. It builds on its predecessor,
 a 2003 ROSC-A&A, and its aims to assist the Government
 of Jamaica's efforts to strengthen accounting and
 auditing practices and to enhance financial transparency in
 the corporate sector, so as to support the Government's
 economic reform program and provide greater confidence to
 current and potential investors with respect to the
 financial reporting environment. Jamaica has embarked on an
 economic reform program whose main objectives are to contain
 the country's growing economic and external
 vulnerabilities and address economic imbalances, while
 putting the country on a path to sustainable growth.
 Important reforms include: (a) strengthening public
 finances, including through comprehensive tax reform,
 expenditure rationalization, and improved public debt
 management and public financial management; (b) enhancing
 the resilience of the financial sector through strengthened
 supervisory, regulatory, and crisis-management frameworks;
 and (c) improving growth generating efficiency through
 enhancements to the business environment and strengthened
 institutional capacity and governance.