Report on the observance of Standards & Codes

The launching of the Africa Report on Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) Roundtable Conference held in Addis Ababa, Ethiopia on June 9-10 2010 was motivated by the absence of legal accountancy frameworks, weak accounting bodies, and proper regulatory oversight, together with limited qualified staff. In the medium term, the conference is expected to harness private sector support to promote the credibility of financial statements as a basis for economic decisions and investment selection. The expected impact of this joint World Bank and AfDB initiative is a strengthened accounting profession in Africa, in which a Pan African Federation of Accountants is also envisaged. Approved: CAD 94,491 (99% disbursed)