by Adelaide Kari – EM TV, Port Moresby
The World Bank and the Department of Finance launched the World Bank’s report on Observance of Standards & Codes Accounting and Audit Module at Holiday Inn.
The review exercise, conducted at the request of the PNG government, is to propose policy recommendations to strengthen the institutional framework that underpins accounting and auditing practices in the country.
ROSC A&A focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, involving both a review of mandatory requirements and actual practices.
The report identified weak areas requiring improvement, such as the dualistic framework for financial reporting and auditing. The current dual reporting framework has resulted in opaque corporate financial reporting practices that weaken the business environment in PNG.
Senior Financial Management Specialist Robert Gilfoyle and Lead Financial Management Specialist Rajeev Swami, from the World Bank, explained the importance of the report in any country.