2014年-世界发展银行全球_Republic_of_Uganda_Report_on_the_Observance_of_Standards_and_Codes___Accounting_and_Auditing_37页_617kb

报告摘要

Uganda ROSC A&A Report Summary (2014)

Core Content

This report, titled Republic of Uganda: Report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A&A), is the second review conducted by the World Bank at the request of the Government of Uganda, following the 2005 review. It evaluates the progress made in implementing the 2005 policy recommendations, identifies emerging issues, and proposes further reforms to enhance the quality of financial reporting in Uganda.

Main Objectives

Assess the implementation of 2005 policy recommendations.
Identify emerging issues since the last review.
Develop policy recommendations to further improve financial reporting and institutional frameworks.

Key Findings

Progress Made

Uganda has made significant progress in strengthening corporate financial reporting.
The Accountants Act 2013 has been enacted, establishing a Quality Assurance Board within the Institute of Certified Public Accountants of Uganda (ICPAU).
The IFRS for SMEs has been adopted.
Amendments and replacements of various statutes have led to improvements in statutory financial reporting requirements.
The Public Finance and Accountability Act 2003 continues to regulate financial reporting for state enterprises.
A reciprocal recognition arrangement has been established with regional accounting institutes in Kenya, Tanzania, Rwanda, and Burundi.

Ongoing Challenges

The statutory framework for accounting and auditing still lacks direct legal mandates for the application of IFRS and ISA.
Regulatory coordination among financial sector regulators is still in progress.
The monitoring and supervision of training institutions need improvement.
Practical training for professional accountants is not a mandatory requirement for ICPAU membership.
The ICPAU has not adopted the IESBA Code of Ethics for Professional Accountants.
The MoFPED has not fully utilized ICPAU's expertise in implementing IPSAS.
Unqualified and unregulated accountants are still involved in preparing and auditing financial statements for banks and the Uganda Revenue Authority (URA).
The definition of SMEs in Uganda is not clearly established, which affects the dissemination of IFRS for SMEs and micro-entity standards.

Main Policy Recommendations

Strengthen the statutory framework to legally mandate the use of IFRS and ISA, and ensure that the Companies Act 2012 and other relevant legislation reflect these standards.
Improve regulatory coordination among financial sector regulators to enhance compliance practices and regulatory efficiency.
Enhance professional education and training by incorporating IFRS and ISA into curricula, ensuring practical training is a mandatory component of the qualification process, and upgrading the skills of educators through train-the-trainer programs.
Implement and enforce the IESBA Code of Ethics for Professional Accountants through ICPAU regulations.
Ensure ICPAU fulfills all IFAC Membership Obligations (SMOs), particularly SMO 1 on Quality Assurance.
Improve the capacity of ICPAU by strengthening its technical department and securing funding for training materials.
Define SMEs in the context of Uganda to facilitate the dissemination of appropriate accounting standards.
Ensure only qualified and regulated accountants prepare and audit financial statements for public interest entities (PIEs) and other regulated sectors.
Continuously monitor and evaluate the effectiveness of the Quality Assurance Board to ensure its independence and capacity to perform its oversight functions.
Develop a stakeholder-driven Country Action Plan based on the key policy recommendations and regularly monitor its implementation to improve transparency and accountability in both the public and private sectors.

Key Areas for Institutional Improvement

Regulatory Oversight: The Quality Assurance Board needs to be empowered with independence and technical capacity to effectively regulate the accountancy profession.
Legal Backing for Standards: Regulations should be used to mandate the application of IFRS, ISA, IPSAS, and other international standards, as opposed to legislation, to allow for easier amendments.
Training and Education: There is a need for monitoring and supervision of training institutions and ensuring that practical training is integrated into the qualification process.
Public Sector Compliance: The MoFPED should collaborate closely with ICPAU to ensure effective implementation of IPSAS and improve public sector accountability.
Access to Financial Reporting Standards: The availability and affordability of IFRS and ISA learning materials for students need to be addressed.
Stakeholder Engagement: Continuous engagement and oversight by stakeholders are essential to ensure the quality and integrity of the accountancy profession.

Conclusion

The report emphasizes the importance of transforming policy recommendations into effective reforms to enhance the quality of financial reporting in Uganda. It highlights that such improvements will not only lower the cost of borrowing and enhance private sector competitiveness, but also support sustainable economic growth and improve public service delivery. The Government of Uganda has demonstrated a commitment to these reforms, and the World Bank encourages a stakeholder-driven approach to implement the recommendations effectively.