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Economic & Sector Work

Republic of Uganda Report on the Observance of Standards and Codes : Accounting and Auditing

ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING PROCEDURES ACCOUNTING STANDARDS ACCOUNTS ACCRUALS AUDIT EVIDENCE AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITS BALANCE SHEET BANKING SUPERVISION BANKING SYSTEM BROKERS BUSINESS ETHICS BUSINESS LAW CAPACITY BUILDING CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CASH FLOW CENTRAL GOVERNMENTS CERTIFIED PUBLIC ACCOUNTANTS CIVIL PENALTY COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVES CORPORATE GOVERNANCE COST OF SALES CREDIBILITY CREDIT COOPERATIVE CREDIT INSTITUTIONS CREDIT RISK CREDIT UNIONS CREDITOR CREDITOR RIGHTS CURRENCY CURRENCY UNITS DEBENTURES DEPOSIT DEPOSIT TAKING INSTITUTIONS DEPOSITS DEPRECIATION ECONOMIC DEVELOPMENT ENFORCEMENT MECHANISMS EQUIPMENT EXTERNAL AUDITORS FAIR VALUE FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REGULATION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEMS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT GAAP GOOD PRACTICE GOOD PRACTICES GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HOLDING HOUSING HUMAN CAPITAL HUMAN RESOURCES INADEQUATE DISCLOSURE INFLATION INSTITUTIONAL DEVELOPMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INTERNAL AUDITORS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTOR CONFIDENCE LACK OF COLLATERAL LAWS LENDING DECISIONS LIQUIDITY LIQUIDITY RISK LOCAL GOVERNMENT LOCAL INVESTORS MACROECONOMIC POLICY MARKET INFRASTRUCTURE MARKET RISK MICRO-FINANCE MIGRATION MONETARY FUND NATURAL RESOURCES OIL RESERVES PAYMENT SYSTEM PEER REVIEW PRIVATE INVESTMENT PRODUCTIVITY PUBLIC FINANCE QUALITY ASSURANCE QUALITY CONTROL QUALITY OF EDUCATION QUALITY STANDARDS REGULATORY AUTHORITY RETIREMENT RETURNS SALES SAVINGS SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SECURITIES REGULATION STATE ENTERPRISES STOCK EXCHANGE STOCK EXCHANGE LISTING SUBSIDIARY TAX TELECOMMUNICATIONS TERRORISM TRADING TRANSPARENCY TRANSPORT TURNOVER UCC URBANIZATION
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Washington, DC
Africa | Uganda
2015-03-12T16:24:16Z | 2015-03-12T16:24:16Z | 2014

This second Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) assesses the degree to which the findings and policy recommendations of the first review have been implemented. The report identifies and assesses issues that have emerged after the first review. From these assessments, the World Bank team identifies the root causes of failure to implement the proposed recommendations. It makes policy recommendations aimed at further improving the quality of financial reporting, which should contribute to lowering the cost of borrowing and enhance private sector competitiveness; ultimately contributing to the attainment of Uganda s strategic objectives aimed at achieving; (i) inclusive and sustainable growth, (ii) job creation, and (iii) improved governance. These are themes in the 2012/2013 and 2013-2014 and Uganda National Budgets. Going forward, the above key policy recommendations should form the basis for a stakeholder driven Country Action Plan which should be regularly monitored to ensure it is effectively implemented. This will improve financial reporting in both the private and public sector and therefore play a role in enhancing transparency and accountability which are key ingredients in attracting private sector investors and thus lead to economic growth as well as improve on public service delivery.

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