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Cape Verde Report on the Observance of Standards and Codes : Accounting and Auditing

Cape Verde Report on the Observance of Standards and Codes : Accounting and Auditing

Authors :
World Bank
Publication Year :
2012
Publisher :
World Bank, Washington, DC, 2012.

Abstract

This Report on the Observance of Standards and Codes (ROSC) provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Cape Verde. The assessment focuses on six pillars of financial reporting infrastructure: statutory framework, professional education and training, accountancy profession, accounting standards, auditing standards, and monitoring and enforcement of the applicable standards. The main purpose of this assessment is to assist the development and implementation of a country action plan for strengthening institutional capacity with attendant effects on enhancing corporate financial reporting in Cape Verde. The findings reveal that Cape Verde has recognized the importance of a strong corporate financial reporting architecture. In terms of accounting and auditing standards, Cape Verde adapted International Financial Reporting Standards (IFRS) for the private companies and fully adopted IFRS for banking and insurance institutions sector. However, there is no tradition of financial analysis in the country (except within the financial institutions when issuing credit) and no credit-rating agencies. The banks do not rely on corporate financial statements; generally, the lenders manage credit risks using collaterals. The Bank of Cape Verde mandated IFRS for banks and insurance companies in 2008. In addition, the capacity of regulators would be built to cope with the demands of IFRS-compliant financial reporting. The central bank would include in its scope the regulation of micro-finance institutions, which are currently unregulated. In order to improve the legal framework of corporate financial reporting, there is need to enact a Financial Reporting Act with focus on all regulatory aspects of accounting and auditing.

Subjects

Subjects :
VALUATION
TAX
BANKING SUPERVISION
INSURANCE COMPANIES
ACCOUNTING FIRMS
SHAREHOLDERS
DEPRECIATION
INFLATION
LIQUIDATION
EQUIPMENTS
QUALITY ASSURANCE
PUBLIC ACCOUNTING
CREDITOR
EMPLOYMENT
TECHNICAL ASSISTANCE
DOMESTIC MARKET
INTERNATIONAL ACCOUNTING STANDARDS
AUDIT COMMITTEE
MACROECONOMICS
ADVERTISING
TERRORISM
INTERNATIONAL STANDARDS
PRODUCTIVITY
ACCOUNTING STANDARD
LOCAL CAPACITY
COMMERCIAL ENTERPRISES
MUNICIPALITIES
DUE DILIGENCE
FINANCIAL CRISIS
CONSOLIDATED FINANCIAL STATEMENTS
COMMERCIAL CODE
RETURNS
COLLATERAL
COLLATERALS
PENSION
BONDS
POLITICAL STABILITY
AUDITING
ACCOUNTING CURRICULUM
FINANCIAL ACCOUNTING
ENFORCEMENT MECHANISMS
AUDITING PROFESSION
ACCOUNTING FIRM
AUDITORS
BOOKKEEPING
MICRO-FINANCE
GOVERNMENT ACCOUNTING
FINANCIAL REPORTING STANDARDS
DISCLOSURE REQUIREMENTS
QUANTITATIVE METHODS
ACCOUNTING STANDARDS
MARKET CAPITALIZATION
TRANSPARENCY
FOREIGN DIRECT INVESTMENT
PAYMENT SYSTEMS
INVENTORIES
BORROWER
CREDIT RISKS
DEPOSITS
HUMAN RESOURCE MANAGEMENT
INSTITUTIONAL CAPACITY
BORROWING COSTS
COMMERCIAL LAW
CREDITORS
INFORMATION SYSTEMS
STATUTORY AUDITORS
LENDING DECISIONS
CORPORATE GOVERNANCE
GLOBAL ECONOMY
QUALITY CONTROL
FINANCIAL STATEMENTS
SMALL BUSINESSES
INTANGIBLE ASSETS
ACCOUNTS
AUDITING STANDARDS
ACCOUNTING RULES
INDEBTEDNESS
STOCK EXCHANGE
ASSET MANAGEMENT
BALANCE SHEET
PUBLIC ENTERPRISES
INFORMATION SYSTEM
COMPLIANCE GAPS
ACCOUNTING PRACTICES
DISCOUNT RATE
BANKING SECTOR
ACCOUNTING PRINCIPLES
PRUDENTIAL REGULATIONS
SECURITIES EXCHANGE
GOODWILL
MARKETING
ECONOMIC DEVELOPMENT
FINANCIAL MANAGEMENT
CENTRAL BANK
RETURN
FINANCIAL INFORMATION
FAIR VALUE
MICRO-FINANCE INSTITUTIONS
INVESTMENT CLIMATE
CERTIFIED PUBLIC ACCOUNTANTS
UNDERLYING ASSETS
CAPITAL MARKET
BANKING REGULATION
FISCAL DISCIPLINE
FIXED ASSETS
AUDITS
FINANCIAL REPORTS
MACROECONOMIC MANAGEMENT
LIMITED LIABILITY
PUBLIC FUNDS
LENDERS
ACCOUNTING
TAXATION
FINANCES
INTERNATIONAL ECONOMICS
ACCOUNTANTS
MARKET PARTICIPANTS
REMITTANCES
TAX FRAMEWORK
AMORTIZATION
PENALTIES
RISK EXPOSURES
GOVERNMENT FINANCES
INTERNATIONAL DEVELOPMENTS
FINANCIAL INSTITUTIONS
INVESTMENT DECISIONS
INTERNATIONAL FINANCIAL INSTITUTIONS
ACCOUNTANCY
GOVERNMENT ACCOUNTING SYSTEM
INSURANCE
TURNOVER
EXTERNAL AUDITORS
AUDIT ENGAGEMENTS
BUSINESS INDICATORS
OFFSHORE BANKS
TREASURY
CREDIT-RATING AGENCIES
INTERNATIONAL STANDARD
DIRECT INVESTMENT
INTERNATIONAL MARKET
GOOD PRACTICES
LOAN
EXPENDITURES
LEGISLATION
ACCOUNTING REFORM
SECURITIES
COMMERCIAL BANKS
SALES OF ASSETS
PRUDENTIAL SUPERVISION
SALES
ENFORCEMENT SYSTEM
ISSUANCE
ACCOUNTANT
ASSET MANAGEMENT COMPANIES
ACCOUNTING RECORDS
AUDITED FINANCIAL STATEMENTS
CREDITOR RIGHTS
ACCOUNTING REPORTS
FINANCIAL PERFORMANCE
INTANGIBLE
LEGAL OBLIGATIONS
TAX RULES
LEGAL FRAMEWORK
BUSINESS MANAGEMENT
CASH FLOWS
TRANSPORT
LAWS
SAVINGS
STATUTORY REQUIREMENTS
FINANCIAL STATEMENT
BUSINESS COMMUNITY
FINANCIAL REPORTING
ACCOUNTABILITY
ACCRUAL ACCOUNTING
FINANCIAL INSTRUMENTS
GOOD PRACTICE
EXPENDITURE
HUMAN RESOURCE
QUALITY OF WORK
TRANSACTION

Details

Language :
English
Database :
OpenAIRE
Accession number :
edsair.od......2456..a8501e8a8a74ff588a56d6539c0d7803