International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) have gained significant momentum following the market failures and negative global externalities that occurred during the two major financial crises of the last decade. In tackling the macroeconomic instabilities generated by the Asian financial crisis of 1997-98 and the effects of the credit crunch of the global credit crisis of 2007-09, the international financial community has actively promoted the development and reliance on a set of twelve international standards to strengthen international financial regulation for complementing market fundamentalism. Out of the twelve international standards, IFRS and ISA have emerged as significant regulatory tools in the search for 'transparency' as global solutions to financial crises and facilitating, through the supporting structures of a New International Financial Architecture (NIFA), the maintenance of international financial stability. Along with the global momentum of committing to IFRS and ISA, the existing literature has emphasized the notions of 'implementation and enforcement' as being crucial for the ultimate success of proper 'compliance' with such international standards. Nonetheless, there remain considerable knowledge gaps in terms of the processes that have facilitated the rise of IFRS and ISA, and their global promotion in the NIFA; and the skills and knowledge required for effective implementation of IFRS and ISA. Such knowledge gaps have motivated this research study of the Accounting and Auditing (A&A) module of the World Bank's Reports on the Observance of Standards and Codes (ROSC) program, an initiative that has sought to advocate and facilitate the global adoption and implementation of IFRS and ISA. Through applying the economic concept of market failure, this research project seeks to enhance knowledge of the ways in which the ROSC program has emerged as a significant component of the NIFA. The combined theoretical and empirical analysis illuminates the 'quasi-governmental body' role of the World Bank's ROSC A&A module in promoting IFRS and ISA as global public goods and, through its work with professional accountancy bodies (operating in a private capacity), in providing the national public good of 'knowledge' for vital processes of capacity-building in low-capacity jurisdictions. In developing understanding of the advocacy, implementation and enforcement of IFRS and ISA in international financial regulatory circles, the thesis provides evidence contrary to the rather general criticisms of the overall ROSC program as being wholly driven by the 'homogenization or globalization of international standards' and challenges the claimed dominance, in the existing literature of a 'one-size-fits-all' regulatory model.