2011年-世界发展银行全球_Republic_of_Liberia___Accounting_and_Auditing_32页_912kb

报告摘要

Summary of the Report on the Observance of Standards and Codes (ROSC) - Accounting and Auditing in Liberia

Core Content

This report, titled Report on the Observance of Standards and Codes (ROSC) - Accounting and Auditing, evaluates the current state of corporate sector accounting, financial reporting, and auditing practices in Liberia. It outlines the challenges and opportunities in developing a robust financial reporting regime that supports economic growth, investor confidence, and good governance.

Main Objectives

The primary objectives of the ROSC A&A review are:

To improve Liberia's business environment for private investment
To advance governance and financial accountability in both the public and private sectors

Key Findings

Accounting and Auditing Practices

There is no legal mandate for corporate entities to follow IFRS or national accounting standards.
The Central Bank of Liberia (CBL) has adopted IFRS for its financial reporting since 2008 and mandated it for commercial banks starting in December 2012.
Compliance gaps exist due to:
- Inadequate technical capacities of auditors and regulators
- Lack of independent oversight of the auditing profession
- Insufficient professional education and training
The Liberian Institute of Certified Public Accountants (LICPA) lacks a modern statutory framework and has limited capacity to regulate and enforce standards.

Legal and Regulatory Framework

The Association Law of 1976 is outdated and does not require companies to prepare and submit audited financial statements.
The Accountability Act of 1933 is also obsolete and does not provide legal backing for LICPA’s standard-setting or enforcement powers.
The Insurance Law of 1973 lacks adequate measurement and disclosure requirements for insurance companies, and does not mandate the publication of quarterly or annual financial reports.
The Public Financial Management (PFM) Act of 2009 mandates the preparation and submission of quarterly and annual financial statements by state-owned enterprises (SOEs), but does not specify the accounting standards to be used.

State-Owned Enterprises (SOEs)

Liberia has 15 SOEs, which have historically been plagued by corruption, cronyism, and mismanagement.
President Ellen Johnson Sirleaf's administration has initiated reforms, including budget reductions and restructuring strategies.
The PFM Act of 2009 requires SOEs to use IPSAS (International Public Sector Accounting Standards) for financial reporting, but there is no enforcement mechanism in place.
The General Auditing Commission audits SOEs, but its capacity is limited, leading to a reliance on external auditors and insufficient oversight.

Private Sector and Financial Reporting

The private sector in Liberia is largely informal, with limited access to credit due to lack of collateral and short credit histories.
Small and medium-sized enterprises (SMEs) dominate the private sector and require simplified financial reporting frameworks.
A modern financial reporting environment is critical for attracting investment and improving transparency in the private sector.

Capital Markets and Financial Sector

Liberia has no effective capital market or portfolio investment options.
The financial sector is underdeveloped, with limited intermediation and public confidence.
Banks predominantly issue short-term, high-interest loans, which constrain capital investment and new business development.
There is no credit rating system, and many firms lack the necessary financial records for credit approval.

Policy Recommendations

The report proposes the following policy recommendations to strengthen the accounting and auditing regime in Liberia:

Modernize the statutory framework by enacting a new Companies Act, updating the Insurance Law, and revising the LICPA Act.
Strengthen the capacity of LICPA through a twinning arrangement with a strong IFAC member body.
Improve the capacity of regulators to enforce accounting and auditing standards.
Adopt and implement IFRS for public interest entities and simplified reporting frameworks for SMEs.
Mandate and enforce ISA for the audit of all public interest entities.
Institute independent oversight of audit practice.
Upgrade the licensing procedure for professional accountants and auditors.
Increase the roll-out of ATSWA and Ghana professional certification examinations.
Enhance the quality of accountancy education and promote continuing professional development (CPD).

Conclusion

The report emphasizes that improving the quality of corporate financial reporting is essential for fostering economic growth, attracting investment, and enhancing governance in Liberia. Strengthening the institutional framework, enhancing professional capacity, and adopting international standards are key steps toward achieving these goals.