2017年-世界发展银行全球_Report_on_the_Observance_of_Standards_and_Codes_Accounting_and_Auditing___Module_B_-_Institutional_Framework_for_Corporate_Financial_Reporting_B9_Auditing_Standard-setting_10页_203kb

Summary of the Report on the Observance of Standards & Codes (ROSC) Accounting & Auditing (A&A)

Core Content

The Report on the Observance of Standards & Codes (ROSC) focuses on the institutional framework for corporate financial reporting, with a specific emphasis on auditing standard-setting. It outlines a structured questionnaire designed to assess the governance arrangements, procedures, and capacity of a jurisdiction in setting auditing standards, particularly in relation to the International Standards on Auditing (ISA) and national auditing standards.

The report is part of a broader initiative by the International Bank for Reconstruction and Development / The World Bank to evaluate the quality and effectiveness of accounting and auditing frameworks globally. It is intended to be completed by the body responsible for setting auditing standards in a given jurisdiction, providing a comprehensive overview of the standard-setting environment.

Main Sections and Key Information

A. Institutional Environment for Standard-Setting

• Responsible Body: The questionnaire asks which organization is in charge of setting auditing standards and whether it is established by law or regulation.
• Membership: It requires a description of the body’s composition, including the roles of ex-officio members.
• Selection Process: The process for appointing members, including any qualifications, is outlined.
• Funding Sources: Information on the body's funding, such as government subsidies, commercial revenues, or in-kind contributions, is requested.
• Work Program: The process for determining, implementing, and reporting on the work program of the standard-setting body is described.
• Independent Oversight: It inquires whether the standard-setting process is subject to independent oversight and, if so, which body performs this function.
• Legal Standing of Standards: The report asks whether the auditing standards have legal standing, i.e., whether auditors are legally required to comply with them.

B. Adoption of ISA

• Adoption of ISA: The jurisdiction is asked whether it has adopted the ISA issued by the International Auditing and Assurance Standards Board (IAASB).
• Legal Adoption: If adopted, it is necessary to specify whether they are adopted in law, reissued as national standards, or used as-is.
• Modifications to ISA: If modifications have been made, the standards affected and the rationale behind the changes are requested.
• Updating ISA: The process for updating standards to align with the latest ISA issued by IAASB is outlined.
• Approval Process: The procedure for approving new ISA or revisions is described.
• Adoption of Quality Control Standards: The report asks whether the International Standard on Quality Control (ISQC 1) has been adopted and, if so, the process for doing so.
• Adoption of Other Assurance Standards: It also inquires about the adoption of other IAASB assurance and related services standards.

C. Standard-Setting Process for National Auditing Standards

• Frequency of Updates: If ISA are not fully adopted, the frequency of updates to national auditing standards is requested.
• Process Components: A list of possible components of the standard-setting process is provided, including research, discussion papers, draft standards, public consultation, interpretation guidance, implementation guidelines, and post-implementation reviews.
• Development Process: The process for producing discussion papers and draft standards is described.
• Public Consultation: The questionnaire asks about the length of consultation periods, whether it is open to the public, and if only specific stakeholders are involved.
• Guidance and Implementation: It includes questions about the process for developing interpretation and implementation guidance.
• Post-Implementation Reviews: The process for reviewing standards after their issuance is outlined.

D. Other Aspects of the Standard-Setting Process

• Language of Standards: The report asks whether English is the business language in the jurisdiction. If not, it requests details on the version of ISA used, the translation body, funding sources, and the time taken for translation.
• Dissemination Process: It requires a brief description of how new or revised standards are communicated to the profession and stakeholders, such as through publications, conferences, or workshops.
• International Contributions: The questionnaire inquires whether the national standard-setting body participates in the IAASB’s international standard-setting process, such as through working groups or public consultations.

Key Points

• The ROSC questionnaire is designed to evaluate the governance, procedures, and capacity of a jurisdiction's auditing standard-setting body.
• It covers both the adoption of ISA and the development of national auditing standards.
• The process includes research, consultation, guidance development, and oversight.
• The legal status of standards is a central issue, with emphasis on whether they are enforceable.
• Dissemination and international engagement are also important aspects of the standard-setting process.

Conclusion

This report serves as a tool to assess the institutional and procedural environment for auditing standards in a jurisdiction. It provides a structured approach to evaluating the legal basis, governance structure, and standard-setting mechanisms, ensuring that both international and national standards are aligned with best practices. The information gathered is crucial for understanding the effectiveness and compliance of auditing frameworks in different regions.