Jun 7, 2010, 11:42 AM
A daylong forum on ROSC Accounting and Auditing dissemination forum was recently held at the Atlantic Hotel in Banjul.
ROSC is a joint World Bank and IMF initiative that help member countries strengthen their financial systems, by adopting internationally-recognised standards and codes.
Speaking at the occasion, Mr. Bamba Saho, the Governor of the Central Bank of The Gambia said the ROSC Accounting and Auditing dissemination, which is being undertaken by the World Bank team, in collaboration with its steering committee evaluates current accounting and auditing practices.
According to him, the attempt to ensure transparency, accountability and robustness in financial reporting is consistent with the government?s aim of fostering the conditions necessary to achieve economic development and reduce poverty.
"The widespread use of internationally-accepted standards of accounting and auditing, especially by public interest entities will increase confidence of investors and other stakeholders in financial information," he stated, adding that meaningful, reliable and comparable financial statements will help improve governance, the investment climate and investor confidence.
Speaking earlier at the forum, Mr. Habib Fetini, the Country Director of World Bank-The Gambia said the exercise focuses on the strength and weaknesses of corporate accounting and auditing environment that influences the quality of corporate financial reporting. This, he noted, involves a review of both mandatory requirement and actual practices.
Dilating on the role of accounting and auditing reforms in facilitating financial and private sector development in The Gambia, Mr. Fetini stated that high quality accounting and auditing practices can play an important role in supporting financial and private sector development of The Gambia.
He noted that private sector development cannot be sustained without a sound accounting and auditing infrastructure, and appropriately trained accounting profession.
According to him, sound accounting and auditing practices will ensure transparency and accountability of the economic entities with positive impact on financial sector development and private sector led growth.
"In order to contribute to economic growth and increased competitiveness of The Gambia, professional accountants need to work with the country's authorities to improve the quality of accounting and auditing practices," he concluded.