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Strengthening Financial Scrutiny

Strengthening Financial Scrutiny. 53 rd Commonwealth Parliamentary Conference New Delhi September 2007. Les Kojima Senior Financial Management Specialist The World Bank. Public Financial Management. PEFA Partners. International Monetary Fund European Commission

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Strengthening Financial Scrutiny

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  1. Strengthening Financial Scrutiny 53rd Commonwealth Parliamentary Conference New Delhi September 2007 Les Kojima Senior Financial Management Specialist The World Bank

  2. Public Financial Management

  3. PEFA Partners • International Monetary Fund • European Commission • UK Department for International Development • French Ministry of Foreign Affairs • Norwegian Ministry of Foreign Affairs • Swiss State Secretariat for Economic Affairs • Strategic Partnership with Africa • World Bank

  4. PFM Strengthened Approach Donor Country Assistance Strategy Monitoring Results ------------------ PFM Performance Measurement Framework Donors’ Technical Assistance & Financing Government/Donor Policy Dialogue Government PFM Reform Strategy, Action Plan and Results

  5. PEFA Performance Indicators • External audit • Legislative scrutiny of budget • Legislative scrutiny of external audit reports • Orderliness in annual budget process • Multi-year perspective • Transparency of taxpayer obligations and liabilities • Effectiveness of taxpayer registration and assessment • Effectiveness of tax collection • Predictability of funds for commitment • Recording/management of cash, debt and guarantees • Effectiveness of payroll controls • Competition, value for money and controls in procurement • Effectiveness of internal controls • Effectiveness of internal audit • Accounts reconciliation • Resources received by service delivery units • Quality and timeliness of in-year budget reports • Quality and timeliness of annual financial statements Cross-cutting Indicators • Aggregate expenditure out-turn • Composition of expenditure out-turn • Aggregate revenue out-turn • Payment arrears • Classification of the budget • Comprehensiveness of information • Unreported government operations • Transparency of inter-governmental fiscal relations • Oversight of aggregate fiscal risk • Public access to key fiscal information

  6. PI-27: Legislative scrutiny of the annual budget law • Dimensions to be assessed: • Scope of the legislature’s scrutiny • Extent to which the legislature’s procedures are well-established and respected • Adequacy of time for the legislature to respond • Rules for in-year budget amendments without ex-ante approval by the legislature

  7. PI-28: Legislative scrutiny of external audit reports • Dimensions to be assessed: • Timeliness of audit reports by the legislature • Extent of hearings on key findings • Extent of implementation by the executive of recommended actions

  8. Strengthening Financial Scrutiny • Follow up contact addresses: • www.pefa.org • lkojima@worldbank.org

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