Sri Lanka : Country Financial Accountability Assessment
The framework for public financial accountability in Sri Lanka is founded in the principles of governance associated with the model inherited from the British, widely accepted as appropriate for the country. The primary accountability institutions,...
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| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/06/3100541/sri-lanka-country-financial-accountability-assessment http://hdl.handle.net/10986/14597 |
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okr-10986-14597 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
FINANCIAL ADMINISTRATION PUBLIC FINANCE LOCAL GOVERNMENT PARTICIPATION ACCOUNTING & REPORTING PERFORMANCE INDICATORS GOVERNANCE APPROACH CAPACITY BUILDING INSTITUTIONAL FRAMEWORK PUBLIC ENTERPRISES BUDGET CONTROL FINANCIAL MANAGEMENT STATE-OWNED ENTERPRISES LEGISLATIVE COUNCIL INFORMATION CONTENT ACCOUNTABILITY ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCRUAL ACCOUNTING ADB ADMINISTRATIVE PROCESSES ASSET MANAGEMENT AUDITING AUTHORITY BLOCK GRANTS BUDGET DEFICIT BUREAUCRACY CENTRAL GOVERNMENT CONSTITUTION COUNCILS DEBT DEBT MANAGEMENT DECISION MAKING DEVOLUTION DISCLOSURE ECONOMIC GROWTH ECONOMIC POLICIES ELECTRICITY EXPENDITURE FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL REGULATIONS FINANCIAL REPORTING FISCAL FISCAL DISCIPLINE FISCAL MANAGEMENT FIXED ASSET GOVERNMENT AGENCIES GOVERNMENT FINANCE GOVERNMENT GUARANTEES GOVERNMENT LEVEL GOVERNMENT OWNED COMPANIES GOVERNMENT PRODUCTIVITY GOVERNMENT REVENUE GOVERNMENT SERVICES GOVERNMENT SPENDING HUMAN RESOURCES INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORMS INTERNAL CONTROLS LACK OF CLARITY LACK OF TRANSPARENCY LAWS LEGAL PROTECTION LEGAL PROVISIONS LEGISLATION LEGISLATORS LEGISLATURE LEVELS OF GOVERNMENT LOCAL AUTHORITIES LOCAL AUTHORITY LOCAL GOVERNMENT LOCAL GOVERNMENT REVENUE LOCAL GOVERNMENTS MEMBERS OF PARLIAMENT MIGRATION MINISTRY OF FINANCE NATIONAL GOVERNMENTS NATIONAL LEVEL POLITICAL INTERFERENCE PRIVATE SECTOR PRIVATIZATION PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FUNDS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR ACCOUNTING PUBLIC SECTOR REFORM REVENUE COLLECTION REVENUE MANAGEMENT RIGHT OF APPEAL STATE OWNED ENTERPRISES SUBSIDIARY TECHNICAL ASSISTANCE TRANSPARENCY TREASURY |
| spellingShingle |
FINANCIAL ADMINISTRATION PUBLIC FINANCE LOCAL GOVERNMENT PARTICIPATION ACCOUNTING & REPORTING PERFORMANCE INDICATORS GOVERNANCE APPROACH CAPACITY BUILDING INSTITUTIONAL FRAMEWORK PUBLIC ENTERPRISES BUDGET CONTROL FINANCIAL MANAGEMENT STATE-OWNED ENTERPRISES LEGISLATIVE COUNCIL INFORMATION CONTENT ACCOUNTABILITY ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCRUAL ACCOUNTING ADB ADMINISTRATIVE PROCESSES ASSET MANAGEMENT AUDITING AUTHORITY BLOCK GRANTS BUDGET DEFICIT BUREAUCRACY CENTRAL GOVERNMENT CONSTITUTION COUNCILS DEBT DEBT MANAGEMENT DECISION MAKING DEVOLUTION DISCLOSURE ECONOMIC GROWTH ECONOMIC POLICIES ELECTRICITY EXPENDITURE FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL REGULATIONS FINANCIAL REPORTING FISCAL FISCAL DISCIPLINE FISCAL MANAGEMENT FIXED ASSET GOVERNMENT AGENCIES GOVERNMENT FINANCE GOVERNMENT GUARANTEES GOVERNMENT LEVEL GOVERNMENT OWNED COMPANIES GOVERNMENT PRODUCTIVITY GOVERNMENT REVENUE GOVERNMENT SERVICES GOVERNMENT SPENDING HUMAN RESOURCES INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORMS INTERNAL CONTROLS LACK OF CLARITY LACK OF TRANSPARENCY LAWS LEGAL PROTECTION LEGAL PROVISIONS LEGISLATION LEGISLATORS LEGISLATURE LEVELS OF GOVERNMENT LOCAL AUTHORITIES LOCAL AUTHORITY LOCAL GOVERNMENT LOCAL GOVERNMENT REVENUE LOCAL GOVERNMENTS MEMBERS OF PARLIAMENT MIGRATION MINISTRY OF FINANCE NATIONAL GOVERNMENTS NATIONAL LEVEL POLITICAL INTERFERENCE PRIVATE SECTOR PRIVATIZATION PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FUNDS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR ACCOUNTING PUBLIC SECTOR REFORM REVENUE COLLECTION REVENUE MANAGEMENT RIGHT OF APPEAL STATE OWNED ENTERPRISES SUBSIDIARY TECHNICAL ASSISTANCE TRANSPARENCY TREASURY World Bank Sri Lanka : Country Financial Accountability Assessment |
| geographic_facet |
South Asia Sri Lanka |
| description |
The framework for public financial
accountability in Sri Lanka is founded in the principles of
governance associated with the model inherited from the
British, widely accepted as appropriate for the country. The
primary accountability institutions, and organizations for
financial management, control, audit and legislative
scrutiny have, however, not evolved in line with the changes
in the more advanced democracies of a similar background.
This lapse has reduced the effectiveness of the system of
public financial accountability in Sri Lanka, resulting in
less than adequate assurance, that public funds are used for
the purposes intended with due consideration to economy and
efficiency. Financial accountability at the sub-national
level is less well developed than at the center. The reasons
for this are similar to those concerning the central
Government, but more acute and pronounced. Public
enterprises are characterized by excessive staff; weak
management; inefficiencies; heavy losses; dependency on
budget transfers; and delayed publication of audited
accounts, thus, further eroding public financial
accountability. Discussions with stakeholders on reforms,
centered around the urgent need to improve public financial
accountability, showing five priority areas of concern: 1)
Parliamentary control of the public purse has become
ineffective, which can be restored by strengthening the
oversight function provided by the public accounts and
public enterprises committees; 2) the accountability of the
executive is too focused on 'spending to budget',
rather than on 'managing for results', therefore,
introducing, on a progressive basis, a performance based
culture with incentives focused on achievement of outputs
and outcomes, and, holding government officials accountable
for meeting objectives and performance standards should be
considered; 3) need for strengthening the public audit
function; 4) removing obstacles, and re-visiting the
Establishment Code could prod good governance practices;
and, 5) addressing greater specificity on financial
accounting, reporting, auditing, and capacity building at
sub-national levels. |
| format |
Economic & Sector Work :: Country Financial Accountability Assessment |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Sri Lanka : Country Financial Accountability Assessment |
| title_short |
Sri Lanka : Country Financial Accountability Assessment |
| title_full |
Sri Lanka : Country Financial Accountability Assessment |
| title_fullStr |
Sri Lanka : Country Financial Accountability Assessment |
| title_full_unstemmed |
Sri Lanka : Country Financial Accountability Assessment |
| title_sort |
sri lanka : country financial accountability assessment |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/06/3100541/sri-lanka-country-financial-accountability-assessment http://hdl.handle.net/10986/14597 |
| _version_ |
1764428261485445120 |
| spelling |
okr-10986-145972021-04-23T14:03:17Z Sri Lanka : Country Financial Accountability Assessment World Bank FINANCIAL ADMINISTRATION PUBLIC FINANCE LOCAL GOVERNMENT PARTICIPATION ACCOUNTING & REPORTING PERFORMANCE INDICATORS GOVERNANCE APPROACH CAPACITY BUILDING INSTITUTIONAL FRAMEWORK PUBLIC ENTERPRISES BUDGET CONTROL FINANCIAL MANAGEMENT STATE-OWNED ENTERPRISES LEGISLATIVE COUNCIL INFORMATION CONTENT ACCOUNTABILITY ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCRUAL ACCOUNTING ADB ADMINISTRATIVE PROCESSES ASSET MANAGEMENT AUDITING AUTHORITY BLOCK GRANTS BUDGET DEFICIT BUREAUCRACY CENTRAL GOVERNMENT CONSTITUTION COUNCILS DEBT DEBT MANAGEMENT DECISION MAKING DEVOLUTION DISCLOSURE ECONOMIC GROWTH ECONOMIC POLICIES ELECTRICITY EXPENDITURE FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL DISCIPLINE FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL REGULATIONS FINANCIAL REPORTING FISCAL FISCAL DISCIPLINE FISCAL MANAGEMENT FIXED ASSET GOVERNMENT AGENCIES GOVERNMENT FINANCE GOVERNMENT GUARANTEES GOVERNMENT LEVEL GOVERNMENT OWNED COMPANIES GOVERNMENT PRODUCTIVITY GOVERNMENT REVENUE GOVERNMENT SERVICES GOVERNMENT SPENDING HUMAN RESOURCES INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORMS INTERNAL CONTROLS LACK OF CLARITY LACK OF TRANSPARENCY LAWS LEGAL PROTECTION LEGAL PROVISIONS LEGISLATION LEGISLATORS LEGISLATURE LEVELS OF GOVERNMENT LOCAL AUTHORITIES LOCAL AUTHORITY LOCAL GOVERNMENT LOCAL GOVERNMENT REVENUE LOCAL GOVERNMENTS MEMBERS OF PARLIAMENT MIGRATION MINISTRY OF FINANCE NATIONAL GOVERNMENTS NATIONAL LEVEL POLITICAL INTERFERENCE PRIVATE SECTOR PRIVATIZATION PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FUNDS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR ACCOUNTING PUBLIC SECTOR REFORM REVENUE COLLECTION REVENUE MANAGEMENT RIGHT OF APPEAL STATE OWNED ENTERPRISES SUBSIDIARY TECHNICAL ASSISTANCE TRANSPARENCY TREASURY The framework for public financial accountability in Sri Lanka is founded in the principles of governance associated with the model inherited from the British, widely accepted as appropriate for the country. The primary accountability institutions, and organizations for financial management, control, audit and legislative scrutiny have, however, not evolved in line with the changes in the more advanced democracies of a similar background. This lapse has reduced the effectiveness of the system of public financial accountability in Sri Lanka, resulting in less than adequate assurance, that public funds are used for the purposes intended with due consideration to economy and efficiency. Financial accountability at the sub-national level is less well developed than at the center. The reasons for this are similar to those concerning the central Government, but more acute and pronounced. Public enterprises are characterized by excessive staff; weak management; inefficiencies; heavy losses; dependency on budget transfers; and delayed publication of audited accounts, thus, further eroding public financial accountability. Discussions with stakeholders on reforms, centered around the urgent need to improve public financial accountability, showing five priority areas of concern: 1) Parliamentary control of the public purse has become ineffective, which can be restored by strengthening the oversight function provided by the public accounts and public enterprises committees; 2) the accountability of the executive is too focused on 'spending to budget', rather than on 'managing for results', therefore, introducing, on a progressive basis, a performance based culture with incentives focused on achievement of outputs and outcomes, and, holding government officials accountable for meeting objectives and performance standards should be considered; 3) need for strengthening the public audit function; 4) removing obstacles, and re-visiting the Establishment Code could prod good governance practices; and, 5) addressing greater specificity on financial accounting, reporting, auditing, and capacity building at sub-national levels. 2013-07-25T15:46:40Z 2013-07-25T15:46:40Z 2003-06-30 http://documents.worldbank.org/curated/en/2003/06/3100541/sri-lanka-country-financial-accountability-assessment http://hdl.handle.net/10986/14597 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Financial Accountability Assessment Economic & Sector Work South Asia Sri Lanka |