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Diagnostic Study of Accounting and Auditing Practices in the Marshall Islands

E-mail or fax the Publications Unit at + 632 636 2648 to order the printed version of this publication. Applicable shipping cost will be charged. View Document  Books, Periodicals, Studies, and Reports On-line edition: Free of Charge Hardcopy price: $10.00 ISBN: 971-561-465-5 Pub. Date: 2002 In stock

This report describes accounting and auditing arrangements in the Marshall Islands, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

Since the key constraint identified is the shortage of qualified bookkeepers and accountants, the study recommends recruitment of qualified accountants to support financial management improvements and deferring implementation of the New Financial Reporting Model.

SEE ALSO

Diagnostic Study of Accounting and Auditing Practices Series Financial Management and Governance Issues Series

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Contents

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Foreword, Contents, and Executive Summary [ PDF: 263kb | 18 pages ]

1. Introduction [ PDF: 250kb | 14 pages ]
   1. Study Background
   2. Objectives
   3. Scope
   4. Country Case Studies and Workshop
   5. The Republic of Marshall Islands (RMI)
   6. ADB Focus on RMI Financial Governance
   7. International Guidelines and Surveillance
   8. Report Structure

2. Accounting and Auditing in the Marshall Islands [ PDF: 191kb | 10 pages ]

   Part One. Accounting

   1. Introduction
   2. Issues and Responses since 1986
   3. The ‘Marshallese Accounting System’
   4. Bookkeepers and Accountants

   Part Two. Auditing

   1. Introduction
   2. Audit Requirements
   3. Auditor Qualifications
   4. Office of the Auditor General (OAG)
   5. Accounting and Auditing Firms
   6. Issue Synopsis: Accounting and Auditing Arrangements

3. Professional Infrastructure [ PDF: 94kb | 2 pages ]
   1. Introduction
   2. Components of a Professional Accounting Qualification
   3. Issue Synopsis: Professional Infrastructure

4. Accounting and Auditing Standards [ PDF: 156kb | 13 pages ]

   Part One. Accounting Standards

   1. Introduction
   2. Legal Status of US GAAP in RMI
   3. An Overview of US GAAP
   4. US GAAP for Nongovernment Entities
   5. Comparison with International Accounting Standards
   6. US GAAP for Government Entities
   7. Implementing the New Financial Reporting Model

   Part Two. Auditing Standards

   1. Introduction
   2. Legal Status of US GAAS in RMI
   3. US GAAS for Nongovernment Audits
   4. Generally Accepted Government Auditing Standards
   5. Issue Synopsis: Accounting and Auditing Standards

5. Accounting and Auditing Training [ PDF: 191kb | 12 pages ]
   1. Introduction
   2. International Guidance on Accountancy Education
   3. Educational Legislation and Coordination
   4. RMI Scholarship Grant and Loan Board
   5. Education and Training Institutions
   6. Other Externally-Supported Training Initiatives
   7. ADB Experience with Pacific Capacity Building
   8. Issue Synopsis: Accounting and Auditing Training

6. Government Budgeting and Accounting [ PDF: 201kb | 13 pages ]
   1. Introduction
   2. Legal and Institutional Framework and Roles
   3. Budget Documentation and Process
   4. Accounting Basis and Accounting Information Systems
   5. Government Accounting Personnel
   6. The Fiscal and Financial Management Reform Program (FFMRP)
   7. Issue Synopsis: Government Budgeting and Accounting

7. Donor Assistance [ PDF: 198kb | 10 pages ]
   1. Overview
   2. Coordination Mechanisms
   3. Asian Development Bank
   4. World Bank
   5. United Nations Development Programme (UNDP)
   6. International Monetary Fund (IMF)
   7. United States
   8. Taipei, China
   9. Australia (AusAID)

8. Issues and Recommendations [ PDF: 192kb | 7 pages ]

   Part One. Where Donor Assistance Might be Appropriate

   1. Recruit Qualified Accountants to Support Financial Management Improvements
   2. Review and (if necessary) Strengthen Auditing Practices
   3. Introduce Bookkeeping and Accounting Manuals
   4. Establish Bookkeeping and Accountancy Certifications

   Part Two. Where External Assistance is Not Required

   1. Defer Implementing the New Financial Reporting Model
   2. Raise the Priority of Scholarships for Accountancy
   3. Strengthen the Auditor-General’s Independence
   4. Clarify Laws Regarding Auditor Qualifications
   5. Clarify Laws Regarding Accounting Standards
   6. Clarify Laws Regarding Auditing Standards

9. Main Deficiencies and Action Plan [ PDF: 69kb | 1 page ]

References and Appendixes [ PDF: 464kb | 63 pages ]