ICAN Collaborates with World Bank and ADB for ROSC Assessment to Strengthen Nepal’s Financial Governance

The Institute of Chartered Accountants of Nepal (ICAN) has been recognized as a key national partner in the ROSC, Accounting and Auditing (A&A) assessment for Nepal, conducted by the World Bank and Asian Development Bank at the request of the Government of Nepal. The assessment aims to evaluate Nepal’s accounting and auditing environment, identify gaps, and recommend reforms to enhance transparency, accountability, and investor confidence. It will review standards, regulatory frameworks, professional education, compliance mechanisms, and practices.

Since the previous assessment in 2015, Nepal has made significant reforms, including full convergence with International Financial Reporting Standards (IFRS) through Nepal Financial Reporting Standards (NFRS), adoption of International Standards on Auditing (ISA), implementation of quality control and peer review mechanisms, and strengthened professional education. These measures have improved financial reporting transparency and credibility.

The upcoming assessment will evaluate Nepal’s compliance with international standards, highlight progress, and provide recommendations to further boost market confidence and sustainable economic growth. ICAN emphasizes collaboration among stakeholders to ensure the assessment’s success and strengthen Nepal’s financial governance framework.