World Bank2012-06-012012-06-012007999367010-3https://hdl.handle.net/10986/6830The objectives of this report are: (a) to provide the country's accounting and audit authorities and other interested stakeholders with a common well-founded knowledge as to where local practices stand in accordance with the internationally developed standards of financial reporting and audit; (b) to assess the prevailing variances; (c) to chart paths to reduce the variances; and (d) to provide a continuing basis for measuring improvements. The analysis in this report has been conducted in light of the strong measures being taken in the Kingdom of Bhutan to reform the accounting and auditing processes. The report addresses several issues such as: adopting international accounting standards in major public enterprises; implementing professional leadership in accounting and financial management; implementing a fully integrated, computerized government accounting system; drafting new acts on public financial management and combating corruption; strengthening the Royal Institute of Management (RIM); and providing training for finance, accounting, and internal audit staff in line ministries and other government agencies, heads of administration and finance divisions, and other managers.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTANTACCOUNTINGACCOUNTING POLICIESACCOUNTING PRACTICESACCOUNTING RECORDSACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING SYSTEMACCOUNTING SYSTEMSACCRUAL ACCOUNTINGACCRUAL BASISAFFILIATEANNUAL BUDGETANNUAL FINANCIAL STATEMENTSANNUAL REPORTANNUAL REPORTINGANNUAL REPORTSAPPROPRIATIONSARREARSARTICLEASSET MANAGEMENTAUDIT FINDINGSAUDIT OFFICEAUDIT RESOURCESAUDIT STANDARDSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING TECHNIQUESAUDITOR GENERALAUDITORSAUDITSBALANCE SHEETBANKSBENEFIT PLANSBORROWINGBORROWING COSTSBORROWINGSBUDGET ESTIMATESBUDGET FORMULATIONBUDGET MANAGEMENTBUDGET MONITORINGBUDGET PERFORMANCEBUDGET PROPOSALBUDGETARY EXPENDITUREBUDGETARY OPERATIONSBUDGETINGCASH ACCOUNTINGCASH BASISCASH FLOWCASH FLOW STATEMENTSCASH POSITIONCIVIL SERVICECIVIL SERVICE RULESCONFLICT OF INTERESTCONFLICTS OF INTERESTCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONTINGENT LIABILITIESCONTRIBUTIONCURRENT ACCOUNTCURRENT ASSETSCURRICULADECISION-MAKINGDEPOSITDEPOSIT ACCOUNTDEVELOPMENT BANKDIAGNOSTIC TOOLDISBURSEMENTDISBURSEMENTSDUE DILIGENCEEARNINGSEARNINGS PER SHAREECONOMIC DEVELOPMENTEDUCATION PROGRAMSEDUCATION STANDARDSELECTRONIC TRANSFEREMPLOYEE BENEFITSEMPLOYMENTENABLING ENVIRONMENTENTRY REQUIREMENTSEQUIPMENTEQUITY PORTFOLIOEXCHANGE RATESEXPENDITURE POLICIESEXPENDITURESEXTERNAL AUDITEXTERNAL AUDITORSFAIR VALUEFINANCIAL ACCOUNTABILITYFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL POSITIONFINANCIAL REGULATIONSFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL RESOURCESFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMSFISCAL AFFAIRSFOREIGN EXCHANGEFRAUDGENERALLY ACCEPTED ACCOUNTING PRINCIPLESGOVERNMENT ACCOUNTINGGOVERNMENT ACCOUNTING SYSTEMGOVERNMENT ACCOUNTSGOVERNMENT ASSISTANCEGOVERNMENT AUDITINGGOVERNMENT BUDGETGOVERNMENT GRANTSGOVERNMENT SPENDINGHOLDINGHUMAN RESOURCEINCOMEINCOME TAXESINDEPENDENT AUDITORINFORMATION SYSTEMSINFORMATION TECHNOLOGYINSURANCEINTANGIBLEINTANGIBLE ASSETSINTERNAL AUDITINTERNAL AUDIT FUNCTIONINTERNAL AUDITSINTERNAL CONTROLINTERNAL CONTROL SYSTEMSINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL AUDITING STANDARDSINTERNATIONAL DEVELOPMENTINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVENTORIESLAWSLEGAL FRAMEWORKLEGISLATIONLEGISLATIVE SCRUTINYLOANLOAN RECOVERIESMANAGEMENT ACCOUNTINGMEDIUM-TERM DEVELOPMENTMEDIUM-TERM DEVELOPMENT PLANSMEMBER COUNTRIESMINISTRY OF FINANCEMODEL LAWMONETARY FUNDNATIONAL ACCOUNTINGNATIONAL ACCOUNTSNATIONAL AUDITNATIONAL BUDGETNATIONAL FINANCENATIONAL GOVERNMENTNET SURPLUSORGANIZATIONAL STRUCTUREOUTREACH PROGRAMSOUTSTANDING LOANSPEER REVIEWPENALTIESPENSIONSPERFORMANCE AUDITPERFORMANCE MEASUREMENTPERFORMANCE MEASURESPERFORMANCE TARGETSPRIVATE ENTERPRISESPROVISIONSPUBLICPUBLIC ACCOUNTABILITYPUBLIC ACCOUNTSPUBLIC COMPANIESPUBLIC ENTERPRISESPUBLIC EXPENDITUREPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC INTERESTPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR ACCOUNTINGPUBLIC SECTOR ENTITIESPUBLIC SECTORSPUBLIC SERVICEQUALITY ASSURANCEQUALITY CONTROLQUESTIONNAIRESREMITTANCESRESPONSIBILITIESRETIREMENTRETIREMENT BENEFITRISK ASSESSMENTSALARYSALESENIORSERVICE ORGANIZATIONSSETTLEMENTSTAKEHOLDERSSUBSIDIARYSUPERVISION ARRANGEMENTSSUPPORT PROGRAMSUPREME AUDIT INSTITUTIONSUPREME AUDIT INSTITUTIONSTRAINING COURSETRAINING COURSESTRAINING PROGRAMTRANSACTIONTRANSPARENCYTRUE COSTSTRUST FUNDSWorld Bank10.1596/6830