Georgia : Country Financial Accountability Assessment
A number of in-depth studies were conducted between the time of the preparation of the first draft CFAA report in May 2002 and the final mission in February 2003. These included a PER, CPAR and an IMF Report on the Observance of Standards and Codes...
| Main Author: | |
|---|---|
| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
| Published: |
Washington, DC
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/09/4295852/georgia-country-financial-accountability-assessment http://hdl.handle.net/10986/14587 |
| Summary: | A number of in-depth studies were
conducted between the time of the preparation of the first
draft CFAA report in May 2002 and the final mission in
February 2003. These included a PER, CPAR and an IMF Report
on the Observance of Standards and Codes (ROSC) mission.
Each of these missions identified a number of serious
weaknesses and made recommendations to address them. Some of
these weaknesses had been identified in the CFAA report and
others represented new findings. These new findings and
their associated recommendations have been reflected in the
final CFAA report, sometimes by explicit inclusion, other
times by reference. As a result, this final report has a
strong emphasis on the internal control framework and
fiduciary risks and presents specific short- and medium-term
recommendations to mitigate them. In conducting its mission,
the team noted that the availability and reliability of
financial information beyond routine budget utilization data
is severely limited, precluding analysis in a number of
areas. Improving the quality of reliable, complete and
accurate financial information is essential for sound
management decision-making. This report makes four priority
and an additional twenty-one recommendations. They are
designed to strengthen the legal foundation for internal
financial control, construct a modem internal control
framework, and develop the human capacity to administer them
successfully. Internal controls must be the priority of the
Government if it is to reduce its fiduciary risk. The four
priority most areas of risk for the Government of Georgia
include: implement a sound legal foundation for effective
financial controls, build the internal audit function,
strengthen the external audit function, and build staff
capacities in financial management and auditing. |
|---|