Other Financial Accountability Study

149 items available

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http://hdl.handle.net/10986/2186

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Papua New Guinea Financial Consumer Protection Diagnostic 2018

(International Finance Corporation, Washington, DC, 2018-10-01) International Finance Corporation ; World Bank

The objective of the diagnostic review of financial consumer protection in PNG was to assess the FCP legal and regulatory framework and industry practices relevant to key parts of the regulated PNG financial sector. The diagnostic specifically considers the banking, non-bank financial institutions (NBFI), insurance, and payments sectors. Preliminary consideration has also been given to the superannuation sector and the securities, investments and informal sectors are not within the scope of this review. The review was conducted based on the revised and enhanced 2017 World Bank Good Practices for Financial Consumer Protection and the G20 High – Level Principles on Financial Consumer Protection and Digital Financial Inclusion. Regard has also been had to the Better Than Cash Alliance Responsible Digital Payments Guidelines. The following topics have been covered: (i) legal and regulatory framework; (ii) FCP supervision and capacity; (iii) transparency and fair treatment; and (iv) consumer complaints. A broad variety of stakeholders were consulted for the purposes of this diagnostic review, including government entities and regulators, representatives of the banking, NBFI, insurance and payments sectors and industry associations. The report was prepared as part of the PNG Financial Consumer Protection Project, funded by the Department of Foreign Affairs in Australia and the Ministry of Foreign Affairs in New Zealand under the PNG Partnership.
Strengthening Oversight: Improving the Quality of Statutory Audits in the Philippines

(World Bank, Washington, DC, 2016-05) World Bank Group

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.
Vietnam Fiscal Transparency Review : Analysis and Stakeholder Feedback on State Budget Information in the Public Domain

(Hanoi, 2014-05-21) World Bank

Vietnam has come far in improving fiscal transparency. Building on these gains could help strengthen macroeconomic management, improve market perceptions of risk, and increase accountability for service delivery. Fiscal transparency is an important element of the Government's policy dialogue with development partners, particularly in the context of ongoing budgetary support. External reviews of PFM and fiscal transparency in Vietnam have noted important progress though highlighted considerable scope for improvement. This report aims to complement ongoing PFM reviews, including the Government's Public Expenditure and Financial Accountability (PEFA) assessment, to help identify relatively low cost measures to strengthen fiscal transparency. It draws on existing diagnostic approaches to carry out a technical review on the public availability of fiscal information (section B), and the coverage, comprehensiveness and presentation of fiscal reports (sections C and D).
Socialist Republic of Vietnam - Results-Based National Urban Development Program in the Northern Mountains Region : Fiduciary System Assessment

(Washington, DC, 2014-04-28) World Bank

The proposed Results-Based National Urban Development Program in the Northern Mountains Region (RBNUDP-NM or the Program ) will assist the Government of Vietnam in developing the implementation framework for its national urban program. It will do this by piloting a performance-based transfer system that will provide participating cities with a combination of much needed resources along with a clarification of implementation responsibilities, a results-based orientation, improved planning and a strengthening of oversight and accountability through audits and verification activities. The Program Development Objective is to strengthen the capacity of participating Northern Mountains cities to plan, implement and sustain urban infrastructure. The World Bank s Program-for-Results lending instrument is to be used for this operation. The Program targets the following seven cities Dien Bien Phu, Bac Kan, Cao Bang, Thai Nguyen, Hoa Binh, Tuyen Quang and Yen Bai.
Philippines - Discussion Notes : Challenges and Options for 2010 and Beyond

(World Bank, 2011-06-09) World Bank

With the global economy on the way to recovery from the financial crisis, the Asian economies appear poised to bounce back strongly. For most people in the Philippines, however, a return to the status quo ante will offer little consolation. That is because when economic growth accelerated during 2002-08, poverty did not decline as hoped. With a third of the population currently below the poverty line, and high and rising inequality in incomes, the country's main development challenge is to achieve growth that is much more widely shared to make growth work for the poor. Making growth work for the poor in the Philippines is a significant development challenge, but one that is worth pursuing vigorously. The new administration not only has the mandate but the historic opportunity to deliver on this goal as well as other election platforms on which it was voted to power. These include 'the organized and widely-shared rapid expansion of the economy through a government dedicated to honing and mobilizing the people's skills and energies as well as the responsible harnessing of natural resources; moving to well-considered programs that build capacity and create opportunity among the poor and the marginalized in the country; policies that create conditions conducive to the growth and competitiveness of private businesses, big, medium and small; and making education the central strategy for investing in people, reducing poverty and building national competitiveness.' In addition, the new administration is committed to fight corruption. These goals are fully echoed in the strategy and policy actions identified above and elaborated in the accompanying discussion notes.