[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109051-en":3,"doc-seo-109051-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},109051,7971461741311,"Ophelia","https://ap-avatar.wpscdn.com/avatar/74000253aff267980c6?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779345379180704826",8,"Research & Report","Sierra Leone Report on the Observance of Standards and Codes (ROSC) - Accounting and Auditing","Second-generation assessment of Sierra Leone’s accounting and auditing standards under the Report on the Observance of Standards and Codes (ROSC A&A), produced in response to the Government’s request and updating the 2006 review. It evaluates progress on policy recommendations, the status of institutional pillars supporting reform, and observed reporting practices. The assessment applies the revised ROSC A&A 2 diagnostic methodology benchmarked to IFRS and ISA, and examines statutory, education, professional organization capacity, and oversight mechanisms. Implementation is expected to strengthen governance and the business environment through improved financial information quality and human capital development.","Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \n02 Currency Equivalent Abbreviations and Acronyms  \n03 Preface  \n04 Acknowledgement  \n05 Executive Summary  \n10 Introduction  \n10 Objective  \n10 Approach  \n11 Country and Economic Context  \n13 Link between the Assessment and the 2019 NDP and World Bank Country Partnership Framework  \n14 Assessment  \n14 Accounting, Auditing, and Ethics Standards  \n15 Institutional Framework for the Accountacy Profession  \n23 Observed Reporting Practices and Perspectives  \n25 Status of Policy Recommendations from the 2006 ROSC A&A  \n28 Policy and Institutional Recommendations  \n33 Appendix A:  \nPrioritized Policy Recommendations in the 2020 ROSC A&A  \n36 Appendix B:  \nStatus of Implementation of Policy Recommendations in the 2006 ROSC A&A  \n39 Appendix C:  \nSummary of Financial Reporting, Publication, and Filing Requirements for Company Categories  \nBox 1: Good Practices Introduced by Professional Accountants in the Public Sector 21  \nFigure 1: ROSC A&A 2. 11  \nTable 1: Registered Companies: Categories and Numbers. 15  \nTable 2: ICASL and ACCA: Member and Student Numbers. 19  \nTable 3: Estimate of Number of Accountancy Professionals and Technicians. 20  \nTable 4: ICASL’s Revenue Composition (US$) 21  \nTable 5: Summary of Progress on Key Recommendations of the 2006 ROSC A&A 25  \n(Exchange Rate Effective October 31, 2019) Currency Unit = Leones (Le)  \nUS$1 = Le 9,566 .43  \n2  \nA&A  \nABWA  \nACCA  \nAfDB  \nATSWA  \nAQR  \nBSL  \nCBO  \nCEO  \nCIMA  \nCPA  \nCPD  \nCPF  \nCSAAG  \nEU  \nFDI  \nGDP  \nIAASB  \nICAN  \nICASL  \nICT  \nIDF  \nIES  \nIESBA  \nIFAC  \nIFMIS  \nIFRS  \nIMF  \nIPSAS  \nAccounting and Auditing  \nAssociation of Accountancy Bodies in West Africa  \nAssociation of Chartered Certified Accountants African Development Bank  \nAccounting Technician Scheme for West Africa Audit Quality Review  \nBank of Sierra Leone Community-based Organization Chief Executive Officer  \nChartered Institute of Management Accountants Certified Public Accountant  \nContinuing Professional Development Country Partnership Framework  \nCouncil for Standards of Accounting, Auditing, Corporate and Institutional Governance European Union  \nForeign Direct Investment Gross Domestic Product  \nInternational Auditing and Assurance Standards Board Institute of Chartered Accountants of Nigeria  \nInstitute of Chartered Accountants of Sierra Leone Information and Communications Technologies Institutional Development Fund  \nInternational Education Standard  \nInternational Ethics Standards Board for Accountants  \nInternational Federation of Accountants  \nIntegrated Financial Management Information System International Financial Reporting Standards  \nInternational Monetary Fund  \nInternational Public Sector Accounting Standards  \nISA  \nISSAI  \nISQC  \nIT  \nMMA  \nMOPED  \nMoU  \nMSMEs  \nNASSIT  \nNCGC  \nNCP  \nNDP  \nNGO  \nNMA  \nNRA  \nPAFA  \nPAO  \nPFM  \nQA  \nROSC  \nSLAF  \nSLANGO  \nSLICOM  \nSMEs  \nSMO  \nSMP  \nSOE  \nUN  \nInternational Standards on Auditing  \nInternational Standards of Supreme Audit Institutions International Standard on Quality Control Information Technology  \nMines and Minerals Act  \nMinistry of Planning and Economic Development Memorandum of Understanding  \nMicro, Small, and Medium Enterprises National Social Security and Insurance Trust National Corporate Governance Code National Commission for Privatization  \nNational Development Plan Non-governmental Organization National Mining Agency  \nNational Revenue Authority  \nPan-African Federation of Accountants Professional Accounting Organization Public Financial Management Quality Assurance  \nReport on the Observance of Standards and Codes  \nSierra Leone Accountability Foundation Sierra Leone Association of NGOs Sierra Leone Insurance Commission Small and Medium Enterprises Statement of Membership Obligation Small and Medium Practitioner  \nState-Owned Enterprise Statement of Regulated Practice  \nUnited Nations  \nThe World Bank conducted the second Sierra L","cbCaifsVCnNZJLQi","https://ap.wps.com/l/cbCaifsVCnNZJLQi","pdf",3983321,5,1,40,"English","en",105,"# Executive Summary\n# Introduction\n## Objective\n## Approach\n## Country and Economic Context\n## Link between the Assessment and the 2019 NDP and World Bank Country Partnership Framework\n# Assessment\n## Accounting, Auditing, and Ethics Standards\n## Institutional Framework for the Accountacy Profession\n## Observed Reporting Practices and Perspectives\n## Status of Policy Recommendations from the 2006 ROSC A&A\n# Policy and Institutional Recommendations\n# Appendix A: Prioritized Policy Recommendations in the 2020 ROSC A&A\n# Appendix B: Status of Implementation of Policy Recommendations in the 2006 ROSC A&A\n# Appendix C: Summary of Financial Reporting, Publication, and Filing Requirements for Company Categories","[{\"question\":\"What is the purpose of the Sierra Leone ROSC Accounting and Auditing report?\",\"answer\":\"It reviews how Sierra Leone’s accounting and auditing framework is being implemented, updates findings from the 2006 review, and assesses progress on policy recommendations supporting reform of the accountancy profession.\"},{\"question\":\"Which standards and frameworks does the assessment benchmark against?\",\"answer\":\"The assessment uses the revised ROSC A\\u0026A 2 methodology benchmarking against IFRS for financial reporting and ISA for auditing, along with requirements established by IFAC.\"},{\"question\":\"What institutional pillars are evaluated in the report?\",\"answer\":\"The report evaluates the statutory framework for the accountancy profession, accountant education and training, capacity and operations of professional accountancy organizations, and monitoring, enforcement, and oversight of the profession and financial 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