Abstract
In Part I, Chapter 4, I discussed the role of the World Bank (WB) pursuant to the assessment of member countries’ corporate governance under an umbrella known as the ROSC. A component of the WB Reports on the Observance of Standards and Codes deals with accounting and auditing as the three are intertwined. The WB has developed a program to assist its members in implementing corporate governance principles, international accounting and auditing standards to strengthen their financial statements reporting and analysis. The standards and codes developed by the IMF, the WB and other international bodies1 are grouped into three broad categories: (a) micro policy and data transparency, (b) institutional and market infrastructure, and (c) financial sector regulation and supervision.2
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
Notes
Besides the IMF and the WB, other bodies include: the OECD, UNCITRAL (United Nations Commission on International Trade Law), IASB (International Accounting Standards Board), IFAC (International Federation of Automatic Control), CPSS (Committee on Payment and Settlement Systems), IOSCO (International Organization of Securities Commissions), FATF (Financial Action Task Force), BCBS (Basel Committee on Banking Supervision), and IAIS (International Association of Insurance Supervisors).
For further analysis, see Appendix 13.
Claudio A. Pardo, ‘Review of the Standards and Codes Initiatives’, IMF and WB, February 16, 2011 p. 33.
The World Bank Group, Reports on the Observance of Standards & Codes, available at http://www.worldbank.org/ifa/rosc_a.htm.
John Hegarty, Frederic Gielen, Ana Cristinas Hirata Barros, ‘Implementation of International Accounting and Auditing Standards: Lessons Learned from the World Bank’s Accounting and Auditing ROSC program’, World Bank Paper, 2004.
Idem, p. 2.
Idem, p. 4.
Idem, p. 5.
Idem, p. 6.
10. Idem, p. 7.
11. Idem, p. 9.
12. Idem, p. 11.
13. Idem.
14. Idem, p. 12.
15. Idem, p. 13.
The CTFC was created in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the US. The agency’s mandate has been renewed and expanded several times since then, most recently by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, protecting market participants against fraud, manipulation, and abusive trading practices, and by ensuring the financial integrity of the clearing process. Through effective oversight, the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk. The CFTC’s mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.
Established in 1934 as an independent, quasi-judicial regulatory agency, the SEC is given the power to regulate the securities markets and protect investors. The statutes administered by the SEC are designed to promote full public disclosure and to protect the investing public against fraudulent and manipulative practices in the securities markets. The SEC is composed of five commissioners appointed by the US President and approved by the Senate. The enforcement authority given by Congress allows the SEC to bring civil enforcement actions against individuals or companies alleged to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC makes reports available to the public via the EDGAR (Electronic Data Gathering Analysis and Retrieval) system. SEC offers publications on investmentrelated topics for public education. The same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy that it never comments on the existence or status of an ongoing investigation.
Copyright information
© 2014 Felix I. Lessambo
About this chapter
Cite this chapter
Lessambo, F.I. (2014). The Accounting and Auditing ROSC. In: The International Corporate Governance System. Global Financial Markets series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137360014_18
Download citation
DOI: https://doi.org/10.1057/9781137360014_18
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-47178-2
Online ISBN: 978-1-137-36001-4
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)