Diagnostic study of accounting and auditing practices in selected developing member countries: Azerbaijan, Fiji Islands, Republic of the Marshall Islands, Philippines, Sri Lanka

Abstract

The 1997-98 Asian financial crisis exposed structural weaknesses in the banking and corporate sectors of affected countries owing largely to poor governance, a lack of transparency, and weak supervision and regulation.5 ADB has been taking initiatives to assist its DMCs to overcome these structural problems. The focus on improved governance includes enhancing the effectiveness of public administration and development management at the sector level and in national institutions. Where appropriate, institutional development of the local and provincial agencies and the private sector is also covered. A sound regulatory financial framework and its enforcement, capable institutions, skilled human resources, and effective monitoring and supervision are important prerequisites to an efficient financial structure.