World Bank Document

Financial Management and Procurement 

 

67. 

Financial Management. The 2013 Public Expenditure and Financial Accountability 

(PEFA) assessment and the Accounting & Auditing ROSC

11

 found that several aspects of public 

financial management (PFM) and corporate financial reporting were weak. These include: public 

access to key fiscal information; multi-year perspectives in fiscal planning, expenditure policy, 

and budgeting; competition, value for money, and controls in procurement; and effectiveness of 

internal audit processes. The latter is currently dominated by a control/inspection framework that 

relies on extensive external financial control activities undertaken by the Financial Inspection 

Department of the Ministry of Finance. While audited annual budget execution reports are 

presented in a consistent and very detailed way, they do not disclose accounting policies and other 

information required by international accounting standards. The Chamber of Accounts, the highest 

financial supervisory body, relies on desk reviews to identify unusual or suspicious activity, with 

field visits focused on areas of concern within budget organizations―an approach that is not 

consistent with good practices and acceptable standards. Moreover, there is no critical mass of 

professionally qualified accountants and knowledge of internationally recognized accounting and 

auditing standards is limited in both the public and private sectors. 

 

68.