World Bank2012-05-312012-05-312007999-152261-1https://hdl.handle.net/10986/6791This assessment of public sector accounting and auditing standards is generally meant to assist with the implementation of more effective public financial management (PFM) through better quality accounting and public audit processes in Maldives. It is intended to provide greater stimulus for more cost-effective outcomes of government spending. The specific objectives are (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-based knowledge as to where local practices stand in comparison with internationally developed standards of financial reporting and audit; (b) to assess the causes of the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. Annex A explains the methodology used for the study. Annex B provides a summary of international accounting and auditing standards referred to in this study. Annex C and D provide country accounting and auditing legislation, respectively. Lastly, Annex E includes a description of the benefits of accrual accounting. The World Bank is supporting initiatives to develop local systems so that donors can increase their use of country systems for their own grants and loans.en-USCC BY 3.0 IGOACCOUNTACCOUNTABLE GOVERNMENTACCOUNTANCYACCOUNTANTSACCOUNTINGACCOUNTING FIRMSACCOUNTING POLICIESACCOUNTING PRACTICESACCOUNTING STANDARDSACCOUNTING SYSTEMACCOUNTSACCRUAL ACCOUNTINGACCRUAL BASISACCURATE INFORMATIONADMINISTRATIVE FRAMEWORKANNUAL FINANCIAL STATEMENTSANNUAL PERFORMANCEANNUAL REPORTANNUAL REPORTINGANNUAL REPORTSANNUAL STATEMENTANNUAL STATEMENTSARTICLEATTESTATIONAUDIT DEPARTMENTSAUDIT ENGAGEMENTSAUDIT EVIDENCEAUDIT OFFICEAUDIT REPORTSAUDITED ACCOUNTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITOR GENERALAUDITOR-GENERALAUDITORSAUDITSBALANCE SHEETBANKSBENEFIT PLANSBONDSBORROWINGBORROWINGSBUDGET MANAGEMENTBUDGETINGBUSINESS COMBINATIONSCAPACITY BUILDINGCAPACITY-BUILDINGCASH BASISCASH FLOWCASH FLOWSCASH POSITIONCHART OF ACCOUNTSCOMPUTERIZED ACCOUNTING SYSTEMSCONFIRMATIONSCONFLICT OF INTERESTCONTINGENT LIABILITIESCONTRIBUTIONCURRENT PROGRAMSCURRICULADEBTDECISION-MAKINGDELIVERY OF SERVICESDEPRECIATIONDEVELOPMENT BANKDIAGNOSTIC TOOLDISCLOSURE OF INFORMATIONDISTANCE LEARNINGDUE DILIGENCEEARNINGSECONOMIC DEVELOPMENTEDUCATION PROGRAMSEDUCATION STANDARDSEMPLOYEE BENEFITSEXCHANGE RATESEXPENDITUREEXPENDITURE POLICIESEXPENDITURESEXTERNAL AUDITFINANCIAL ACCOUNTABILITYFINANCIAL ACTIVITIESFINANCIAL APPROACHFINANCIAL COMPLIANCEFINANCIAL IMPACTFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL PERFORMANCEFINANCIAL POSITIONFINANCIAL REGULATIONSFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMSFISCAL AFFAIRSFISCAL POSITIONFOREIGN CURRENCYFOREIGN EXCHANGEGOOD PRACTICEGOVERNMENT ACCOUNTINGGOVERNMENT ASSISTANCEGOVERNMENT AUDITINGGOVERNMENT BUDGETGOVERNMENT EMPLOYMENTGOVERNMENT GRANTSGOVERNMENT SPENDINGINCOMEINCOME TAXESINDEPENDENT AUDITORINSURANCEINTANGIBLE ASSETSINTERNAL AUDITINTERNAL AUDITINGINTERNAL CONTROLINTERNAL CONTROL SYSTEMSINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSLIABILITYLOANMEMBER COUNTRIESMINISTRY OF FINANCEMONEYSNATIONAL ACCOUNTINGNATIONAL AUDITNATIONAL GOVERNMENTNET SURPLUSOUTREACH PROGRAMSPENSIONSPERFORMANCE AUDITPERFORMANCE INDICATORSPERFORMANCE MEASUREMENTPERFORMANCE MEASURESPERFORMANCE TARGETSPRIVATE SECTORPROGRAM MANAGERSPROGRAMSPROVISION OF GOODSPUBLIC ACCOUNTABILITYPUBLIC ACCOUNTINGPUBLIC ACCOUNTSPUBLIC DISCLOSUREPUBLIC ENTERPRISEPUBLIC ENTERPRISESPUBLIC EXPENDITUREPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC INTERESTPUBLIC MONEYPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR ACCOUNTINGPUBLIC SECTOR ENTITIESPUBLIC SERVICEQUALITY ASSURANCEQUALITY CONTROLQUESTIONNAIRESREPAYMENTREPORTING SYSTEMSRESPONSIBILITIESRETIREMENTRETIREMENT BENEFITRISK ASSESSMENTSSALARIESSALARYSALESALESSECURITIESSENIORSERVICE ORGANIZATIONSSOUND FINANCIAL MANAGEMENTSOUND FINANCIAL PRACTICESSTAKEHOLDERSSUPPORT PROGRAMSUPREME AUDIT INSTITUTIONSUPREME AUDIT INSTITUTIONSTERMINATIONTERMINATIONSTRAINING COURSETRAINING PROGRAMTRAINING PROGRAMSTRANSPARENCYTRUE COSTSWorld Bank10.1596/6791