Publication: Financial Acountability in Nepal : A Country Assessment
Date
2003-01
ISSN
Published
2003-01
Author(s)
World Bank
Abstract
This document assesses the quality of
financial accountability and transparency in Nepal and makes
recommendations for improvement. The financial
accountability assessment is a joint exercise of His
Majesty's Government of Nepal (HMGN) and the World
Bank, with strong participation by donor partners as well as
private agencies, non-government agencies, private sector,
oversight agencies, and donor partners. the review concludes
that the lack of compliance and poor implementation of the
regulations is the single most important problem that
affects public sector financial accountability in Nepal.
With respect to public funds, the report reviews the
Government's budgeting, financial planning, cash flow
management, accounting and financial reporting, at the
central and local government level. It also reviews the
standards and practices of the external oversight
agencies--the Office of the Auditor General, the Public
Accounts Committee, the Commission for the Investigation of
Abuse of Authority, the Judicial Council, and the
Transparency Internal of Nepal. It assesses what it would
take to qualify the country for programmatic lending or
budgetary support in replacement of individual project
lending. With respect to the private sector, the report
examines accounting and auditing standards and practices,
the development of the Institute of the Chartered
Accountants of Nepal, the demand for, and the supply and
training of accountants and auditors. It also examines the
accountability in the financial ector that includes banks,
finance companies, insurance companies, and cooperative
societies and unions. The report also assesses the framework
for corporate governance and reviews the activities of the
Registrar of Companies, the Securities Exchange Board, and
the Stock Exchange. With respect to nongovernmental sector,
it examines the financial accountability aspect of
nongovernmental organizations.
Link to Data Set
Citation
“World Bank. 2003. Financial Acountability in Nepal : A Country Assessment. A World Bank Country Study;. © Washington, DC. http://hdl.handle.net/10986/14864 License: CC BY 3.0 IGO.”