In the case of banks with assets greater than $ million, management publicly reports on its assessment of the effectiveness of controls over financial reporting and the external auditor is required to attest to this self-assessment - a process that soon will be in place for public companies as well.
In such economies, the financial system plays a key role in identifying and funding innovations, thus helping to advance the state of technical knowledge and promoting technological progress. For these reasons alone, an efficient financial system is indispensable for growth.