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Treasury Community of Practice Kiev April ‘13 GROUP 1 Plenary Room

Treasury Community of Practice Kiev April ‘13 GROUP 1 Plenary Room. Questions to be answered. What issues / opportunities exist for further reform of financial management control in the treasuries of TCOP countries?

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Treasury Community of Practice Kiev April ‘13 GROUP 1 Plenary Room

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  1. Treasury Community of Practice Kiev April ‘13 GROUP 1 Plenary Room

  2. Questions to be answered • What issues / opportunities exist for further reform of financial management control in the treasuries of TCOP countries? • What are the major control issues of moving from centralized to decentralized payment processes? Is decentralization of payment processes to the line ministries feasible/desirable in your country?

  3. Represented countries: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Macedonia, Serbia, Netherlands, Ireland

  4. Question 1 Further reforms and challenges to improve financial management control faced: 1. Improve Treasury Information systems: • coverage (BiH, Macedonia, Serbia) • Functional processes (BiH,Georgia) • Integration with the Line Ministries accounting systems (Bulgaria, Croatia) • Integrate FX transactions (Croatia)

  5. Question 1 2. Define and set FMC mechanisms • Improve Financial Management Performance through defining clear performance indicators (Albania) • Develop secondary legislation based on COSO framework (BIH) • Register and control multi year commitments of line ministries and local budgets (Macedonia)

  6. Question 1 3. Implement International accounting standards: • IPSAS (Georgia) • EPSAS (Bulgaria) 4. Establish certification authority according to ISO901 (Macedonia) 5. Produce Registry of stock of arrears (Serbia)

  7. Question 2 Major control issues of moving from centralized to decentralized payment processes: • Preconditions shall be fulfilled: • Managerial responsibility and accountability developed and implemented – thinking needs to be changed; • Internal audit and Internal financial controllers assigned; • Performance audit practice implemented; • All need to be professional!!!

  8. Question 2 2. Other aspects of moving from centralized to decentralized payment systems: • Related systems assure effectiveness of FMC: Sound TSA systems, centralized tendering systems, accurate cash forecasts. • Justify costs: • Conduct cost-benefit analysis. • Take time to realize optimum levels of decentralization, some functions can be centralized back at some point

  9. Thank you

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