Other Financial Accountability Study
147 items available
Permanent URI for this collection
Items in this collection
1 - 10 of 17
-
Publication
Supreme Audit Institutions’ Use of Information Technology Globally for More Efficient and Effective Audits
(World Bank, Washington, DC, 2021-10-18)Supreme audit institutions (SAIs) recognize the benefits of using technology to improve the quality and impact of their audits. This benefit has further intensified during the COVID-19 pandemic; SAIs with existing technology capacity have continued to perform their role effectively and efficiently. The paper explores how at a global level SAIs are using technology to perform more efficient and more effective audits. It provides a brief overview of how some SAIs are harnessing the possibilities created by advances in technology to develop new, innovative audit methods and procedures. It also seeks to identify the factors inhibiting other SAIs in particular SAIs in developing countries from implementing and using audit methods based on information technology (IT). Against this background, the paper suggests ways in which the World Bank, working with other stakeholders, can facilitate the more extensive and more effective use of IT-based tools and methods by SAIs. The impact of COVID-19 has introduced a new important consideration: namely, how IT has helped some SAIs respond with agility and resilience to the unprecedented and completely unforeseen circumstances created by the pandemic. -
Publication
Supreme Audit Institutions Independence Index: 2021 Global Synthesis Report
(World Bank, Washington, DC, 2021-07-20)This report aims to inform and better equip World Bank task teams and development partners to support the strengthening of Supreme Audit Institutions (SAIs) in client countries. It also aims to help focus the ongoing collaboration between the International Organisation of Supreme Audit Institution (INTOSAI) and development agencies to address the intractable SAI independence issue. The report also responds to yearnings of several development partners to better understand the degree of SAI independence in countries and regions. -
Publication
The Quality of Audits by Supreme Audit Institutions: A Review of Compliance with International Standards of Supreme Audit Institutions
(World Bank, Washington, DC, 2020-12)Public sector auditing provides unbiased, objective assessments of public sector programs, policies, operations, and results to detect whether public resources are managed responsibly and effectively to achieve intended results and to instill confidence among citizens and stakeholders. Supreme Audit Institutions (SAIs) perform a vital role in the functioning of governments as they inform legislatures and other stakeholders through their independent audit reports. They help promote good governance, accountability, and transparency. The work of SAIs in reducing waste and abuse of public resources has the indirect effect of making more money available for programs that fight poverty, which lie at the core of the World Bank’s work to end extreme poverty. -
Publication
Enhancing Government Effectiveness and Transparency: The Fight Against Corruption
(World Bank, Kuala Lumpur, 2020-09)News headlines over the last few years have been filled with global scandals involving corruption on an unprecedented scale. They touch virtuallyevery continent, from Asia to Africa, Europe, and the Americas. The scale, magnitude, and sophistication of the operations has increasingly risen to levels that many had not considered possible before. Governments are forever in search of new approaches and tools that can help identify loopholes and entry points for corrupt activities. While the containment of COVID-19 (coronavirus) and its devastating human and economic impacts have more recently been the focus of government actions, it is almost certain that huge amounts of spending in a short time, circumventing the standard operating procedures, will result in new corruption scandals in the post-COVID (coronavirus) years. There are already reports in papers regarding inflated food prices or favored medical contracts to firms from a few countries. In drawing on the past and looking ahead to the future, the time is ripe for the World Bank to take a fresh look at the state of play in tackling corruption and how countries are attempting to address this long-standing scourge on development. -
Publication
Common Core Accounting Syllabus for Universities
(World Bank, Washington, DC, 2019-09-13)Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP) is a regional program of the Centre for Financial Reporting Reform (CFRR). The program aims to create a transparent policy environment and effective institutional framework for corporate reporting within the countries that make up the European Union’s Eastern Partnership: Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine. STAREP’s focus is on the improvement of corporate financial reporting frameworks and their effective implementation. As many countries move towards the adoption of international and regional standards in accounting and auditing, there is a need to ensure high quality, relevant education both for those entering the profession and for ongoing professional development throughout their career. The World Bank’s Accounting and Auditing Education Community of Practice (EduCoP) has enabled shared and peer learning, supporting national efforts to develop accounting and auditing education capacity. -
Publication
Georgia Public Expenditure and Financial Accountability Performance Assessment Report: Municipality of Martvili
(World Bank, Washington, DC, 2018-10)The purpose of this PEFA assessment is to provide an objective analysis of the present performance of the PFM system in the Municipality of Martvili against the PEFA indicators. This PEFA establishes a PEFA baseline using the 2016 PEFA methodology. The assessment covers expenditures by subnational government budgetary units. Overall, the results of the PEFA show that public financial management systems in the Municipality of Martvili are strong in terms of budget execution and control as the country’s PFM reform action plan has been implemented. -
Publication
Georgia Public Expenditure and Financial Accountability Performance Assessment Report: City of Batumi
(World Bank, Washington, DC, 2018-10)The purpose of this PEFA assessment is to provide an objective analysis of the present performance of the PFM system in the City of Batumi against the PEFA indicators. This PEFA provides an assessment of PFM in the municipality and establishes a PEFA baseline using the 2016 PEFA methodology. The assessment covered expenditures by subnational government budgetary units. Revenues are collected by the Georgia Revenue Services on behalf of the municipality and this was considered not applicable. There are no extra-budgetary units and no local government below the municipality level. The assessment team visited the municipality from June 5 to 9, 2018 (fieldwork for the assessment). The financial years covered for indicators that required assessing over three years are 2015 to 2017. Overall, the results of the PEFA show that public financial management systems in the City of Batumi are strong and improved as the PFM Reform Action Plan has been implemented. The aggregate expenditure side of the budget performs largely according to plan. The Georgian Treasury consolidates cash balances in the treasury single account on a daily basis. A cash flow forecast is prepared annually for the year to come and is updated quarterly on the basis of actual inflows and outflows often due to relatively frequent supplementary budget. Budgetary units are able to plan and commit expenditure for one year in advance on the basis of quarterly ceilings, in accordance with the budgeted appropriations and commitment releases. An overriding feature of PFM in the Georgia both at the Central and Subnational levels of government has been the development and good use of Information Technology in budget preparation, budget execution (accounts, commitment control, and cash management), personnel and payroll, revenue services, and procurement. The application of the IT has been developed in-country based on business processes in each of the subject areas (redefined as necessary) and not on the reconfiguration of business practices to suit software. This adoption of IT solutions combined with the internet as a vehicle for its implementation by competent and trained personnel (with appropriate control) has been fundamental to the development of strengths in PFM. The integration of IT, internet and personnel has resulted in PFM’s positive effectiveness and efficiency. -
Publication
Georgia Public Expenditure and Financial Accountability Performance Assessment Report: City of Tbilisi
(World Bank, Washington, DC, 2018-10)The purpose of this Public Expenditure and Financial Accountability (PEFA) assessment is to provide an objective analysis of the present performance of the PFM system in the City of Tbilisi against the PEFA indicators. This PEFA provides an update of progress in PFM in the municipality since the last PEFA in 2014 and establishes a new PEFA baseline using the 2016 PEFA methodology. The assessment covered expenditures by subnational government budgetary units. Revenues are collected by the Georgia Revenue Services on behalf of the municipality and this was considered not applicable. There are no extra-budgetary units and no local government below the municipality level. Overall, the results of the PEFA show that public financial management systems in the City of Tbilisi are strong and improved as the PFM Reform Action Plan has been implemented. The aggregate expenditure side of the budget performs largely according to plan. There is an impressive array of information regarding the finances of the municipality. As a result, the budget documents include most of the basic, and much of the supplementary information, required to support a transparent budget process. Information on performance plans and achievements in service delivery outputs and outcomes across the sectors under the municipality is very good. However, a strategic selection process is lacking in managing the public investment program although monitoring and reporting of implementation is sound. Good progress has been made towards a comprehensive medium-term expenditure framework based on a program budgeting for results approach. There is an effective budget calendar although the issuance of ceilings could be made timelier. The legislature has sufficient time to carry out its scrutiny function. -
Publication
Strengthening Oversight: Improving the Quality of Statutory Audits in the Philippines
(World Bank, Washington, DC, 2016-05)Since 2003, the Philippines have been striving to implement reforms aimed at improving audit quality. Oversight of the audit profession is a key control over the financial reporting architecture of a country’s private sector. A Quality Assurance Review system over audit practitioners is a subset of oversight which serves as a key monitoring control over the integrity of financial reporting. In keeping with the country’s strategic priority of boosting private sector development by improving the investment climate for firms of all sizes, including greater access to finance, legislation was enacted to support the objective of increasing the integrity of private sector financial reporting through improved audit quality. Accordingly, the Board of Accountancy was mandated with the power to conduct oversight into the quality of audits of financial statements through a review of the quality control measures instituted by auditors in order to ensure compliance with the accounting and auditing standards and practices. . However, the injunction remains in place and, accordingly, implementation of the mandated Quality Assurance Review Program may not move forward. Several concrete steps should be taken in order to effectively move forward with the rollout of a comprehensive system of public oversight including audit quality assurance in the Philippines. These include (1) reforming the legal framework to establish an effective audit oversight system with sufficient legal power and authority (2) rationalizing the statutory audit threshold to minimize the conditions contributing to low quality audits, (3) building support among key stakeholder groups by properly addressing their concerns to the extent possible, (4) ensuring coordination of efforts among regulators to eliminate gaps and overlaps and foster collaboration among the group, and (5) establishing a dedicated Project Management Office to oversee the rollout of a Quality Assurance Review Program over audit practitioners. -
Publication
Croatia’s EU Accession: Case Studies on Reform and the Transposition of the Community Acquis
(World Bank, Vienna, 2016)Croatia, a founding member of the former Republic of Yugoslavia and a current member of the European Union (EU), is a high-income country in Europe and Central Asia. Given that high quality financial reporting promotes good corporate governance, reduces uncertainty and risk, can help to lower the cost of capital, and boosts investor confidence, it will play a critical role in the country’s strategy to champion private sector led growth for economic development. Croatia’s preparation to join the EU required reform of its corporate financial reporting framework and practices, among other things, and laid the foundation for enhanced financial reporting and increased transparency. Although the country’s accession to the EU on July 1, 2013 was a single historical point in time, it encapsulated years of transformation of the statutory and institutional framework in every aspect of the economic, social, and political spheres of the country. The purpose of this report, which focuses on Croatia’s adoption and implementation of the corporate financial reporting aspects of the acquis’, company law, is to enhance understanding of how successful transitions work in practice, that is, what makes some reforms succeed where others fail. It attempts to answer questions such as: what happens when countries adopt international standards; what issues arise when one tries to merge differing legal traditions; how to achieve reform when there are capacity constraints and key implementing institutions are missing; what are the different strategies that can be used during various phases of a reform process; and, more generally, what factors encourage failure or lead to success?