Accounting and Auditing Assessment
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Publication Myanmar Report on Observance of Standards and Codes: Accounting and Auditing Module(Washington, DC, 2017-06) World BankSince launching fundamental political and economic reforms in 2011, Myanmar has been undergoing a major transformation aimed at increasing openness, empowerment and inclusion. The economic transition has witnessed an acceleration in growth, buoyed by improved macroeconomic management, increased gas production and exports, and stronger performance in the non-gas sectors as the economy opened up. Medium-term economic growth is projected to average 7.1 percent per year. The new Government’s economic objectives envisage Myanmar’s economy becoming more competitive and with the ability to attract increased foreign direct investment. The objectives include the development of an integrated capital market and a modern financial sector. A fundamental foundation for any market-based economy is high quality financial reporting and auditing practices. This plays a vital role in promoting improved transparency and accountability thereby ensuring a level playing field and promoting investor confidence. The Reports on the Observance of Standards and Codes (ROSC) are a joint World Bank and International Monetary Fund (IMF) initiative that helps member countries strengthen their financial systems by improving compliance with internationally recognized standards and codes. The ROSC was developed in the wake of the financial crisis of the late 1990s as part of a series of measures to strengthen the international financial architecture. The global financial community believed the implementation of internationally recognized standards and codes will provide a framework to strengthen domestic institutions, identify potential vulnerabilities, and improve transparency.Publication Tunisia Urban Development and Local Governance Program : Fiduciary Systems Assessment Report(Washington, DC, 2014-06-26) World BankAs part of the preparation of the Tunisia Urban and Local Governance Program (ULGP) using the Program for Results (PforR) instrument of the World Bank, the Bank task team carried out a Fiduciary Systems Assessment (FSA) of the Program in accordance with OP/BP 9.0. Based on the findings of the FSA, it is concluded that Program Fiduciary Systems have the capabilities to provide reasonable assurance that the financing proceeds will be used for intended purposes. However considering the existing weaknesses in Program Fiduciary systems, the residual fiduciary risk rating for the Program is rated as Substantial. The Program will finance a portion of the Government of Tunisia s (GoT) existing program for financing municipal service delivery that involves a combination of Capital Grants, and Loans in addition to the Own Source Revenues generated by the municipalities themselves. The PforR Program intends to reform the system of Capital Grants by making it predictable and based on an allocation formula that is principle based and transparent. It has been agreed with client counterparts that GoT will issue a Decree prior to the start of the Program that will spell out the design and operating rules of the reformed capital grant. Indicative allocations for Capital Grants will be included in the Five Year Plans and indicative allocations will be provided by MoEF in advance of the annual plan preparations. The budget allocations for Capital Grants will be transferred from the Treasury Current Account at the Central Bank (BCT) to the Caisse des Prêts et de Soutien des Collectivités Locales (CPSCL) (referred to as the Caisse), who will act as the Program Manager for the ULGP. Caisse will in turn transfer the grant funds to municipalities in accordance with the operating rules for the Unconditional and Conditional Capital Grants. Preliminary assessment of the Program expenditure framework shows that in addition to the changes in the design of the Capital grant through the proposed decree, additional steps such as publishing the indicative allocations of capital grants in advance and reforming the existing system of multiple ex-ante checks and controls into a coordinated system of ex-post controls are necessary for the efficient implementation of the proposed Program.