2008年-世界发展银行全球_Organization_of_Eastern_Carribbean_States___Report_on_the_Observance_of_Standards_and_Codes_51页_3mb

Summary of the Organization of Eastern Caribbean States (OECS) Report on the Observance of Standards and Codes (ROSC)

Core Content

This report, prepared by the World Bank, assesses the accounting, financial reporting, and auditing practices within the OECS region. It highlights the need for reform and modernization to meet the demands of a competitive and liberalized global economy, while also supporting sustainable growth and development in the region.

The report emphasizes the importance of high-quality financial information in promoting investor confidence, enhancing transparency, and improving access to credit for small and medium enterprises (SMEs). It identifies the OECS as a group of small island states with limited human resources, high per capita costs of services, and vulnerability to natural disasters and external shocks.

Main Viewpoints

• Regional Integration: The OECS is pursuing regional integration to pool resources and enhance competitiveness, with a focus on establishing a unified economic union and regulatory framework.
• Accounting Standards: IFRS and ISA are used as benchmarks for financial reporting and auditing, especially in the absence of national standards.
• Professional Development: There is a need to improve the capacity and training of accountants and auditors, both for current practitioners and future professionals.
• Institutional Strengthening: Strengthening regulatory bodies and professional institutions is crucial for effective oversight and compliance with international standards.
• Challenges: Limited human resources, lack of internationally recognized qualifications, and brain drain are major obstacles to the development of the accounting profession in the OECS.

Key Information

Currency

• The official currency of the OECS is the Eastern Caribbean Dollar (EC$).
• Exchange rate: 1 US $ = EC$ 2.69 (as of December 31, 2007).

Geographical and Economic Context

• The OECS comprises six independent countries and two associate members, all with a combined population of approximately 560,000.
• The region has a land mass of about 2,810 square kilometers.
• OECS total debt stood at 107% of GDP in 2005, with St. Kitts and Nevis at 180.5% of GDP in 2006.
• The region's economy has experienced a decline in growth since the 1980s, primarily due to the contraction of banana and sugar exports, but has seen recovery in recent years.

Financial Sector Overview

• The OECS commercial banking sector includes 39 banks (20 foreign, 19 domestic) with total assets of about EC$19 billion as of October 2006.
• The Eastern Caribbean Central Bank (ECCB) oversees the financial system and has initiated reforms to strengthen prudential regulations and corporate governance.
• The Eastern Caribbean Stock Exchange (ECSE) has been established, but faces challenges such as limited market depth and semi-liquidity due to the small size of the economy and historical investment preferences.

Legal and Regulatory Framework

• The OECS has adopted a statutory framework based on British common law and Companies Acts.
• A harmonized Banking Act and Securities Act have been enacted, with the Insurance and Co-operative Societies Acts currently under development.
• Single Regulatory Units (SRUs) are being established to regulate and supervise non-banking financial institutions across member states.

Professional Bodies

• The Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) has been formed, aiming to become a sub-regional center of expertise.
• The ICAEC is encouraged to align with the Institute of Chartered Accountants of the Caribbean (ICAC) and to coordinate training programs for local practitioners.

Recommendations

The report outlines three key guiding principles: regionalization, simplification, and efficient use of human resources.

A. Improving the Statutory Framework

• All public companies, banks, and financial institutions should apply IFRS and their auditors should use ISA.
• SMEs should be subject to a limited set of financial reporting requirements consistent with IFRS for SMEs.
• Non-banking financial institutions (NBFI) should make their audited financial statements publicly available.
• Secondary regulations and application guidance should be developed to support compliance.
• Clear licensing requirements for public accountants should be established.
• Statutory bodies should apply specified accounting standards, with the ultimate goal of IFRS adoption.

B. Institutional Strengthening

• Regulatory agencies and professional bodies should develop long-term business plans with resource estimates.
• SRUs should be empowered and adequately resourced from the start.
• The ECSRC and ECSE should implement risk-based supervision and align with other regional exchanges.
• The ICAEC should evolve into a sub-regional center of expertise and adopt IFAC guidelines and Ethic Code.

C. Capacity Development and Training

• A continuing professional development (CPD) program tailored to the OECS should be implemented.
• Sector-specific training should be provided to regulators, banks, NBFIs, statutory bodies, and SMEs.
• Secondment programs should be introduced to provide on-the-job training for key staff in regulatory agencies.

Timeline and Expected Results

Conclusion

This report underscores the need for regional cooperation, legal harmonization, and professional development to strengthen the accounting and auditing profession in the OECS. It proposes a structured approach to reform, with a focus on improving financial reporting quality, enhancing institutional capacity, and aligning with international standards to support sustainable economic growth.