Slovakia : Country Financial Accountability Assessment

Slovak financial accountability systems are strongly influenced by the Communist past but must meet the needs of a European future. Fortunately, Slovakia has the benefit of laws and institutions pre-dating communism, easing the transition from one...

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Bibliographic Details
Main Author:	World Bank
Format:	Country Financial Accountability Assessment
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING FIRMS ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCUMULATED DEPRECIATION AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTHORITY AUTHORIZATION BAD DEBTS BALANCE SHEET BANK ACCOUNTS BANKING SECTOR BANKING SUPERVISION BANKRUPTCY BANKS BUDGET DEFICIT BUDGET PROCESS BUDGET SURPLUS BUDGETARY ORGANIZATIONS BUDGETARY REFORMS BUDGETING BUSINESS COMMUNITY CAPITAL ADEQUACY CASH MANAGEMENT CHARTS OF ACCOUNTS COMMERCIAL BANKS COMMUNISM COMMUNIST CONSERVATISM CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INCOME TAX CORRUPTION COST OF CAPITAL DEBT DECENTRALIZATION DECISION-MAKING DECLARATION OF ASSETS DECREES DEFICITS DEPRECIATION DISCLOSURE EBF ELECTRICITY EMPLOYMENT EXECUTION EXPENDITURE EXPENDITURES EXTRA BUDGETARY FUNDS FINANCIAL ACCOUNTABILITY FINANCIAL CONTROL FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL RESULTS FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FISCAL FISCAL DECENTRALIZATION FISCAL TRANSPARENCY FISCAL YEAR FOREIGN EXCHANGE FOREIGN EXCHANGE EXPOSURE FOREIGN INVESTORS GOVERNMENT ACCOUNTING GOVERNMENT BONDS GOVERNMENT DEBT GROSS DOMESTIC PRODUCT INCOME STATEMENTS INSOLVENT INSTITUTIONAL FRAMEWORK INSURANCE INTEREST RATES INTERNAL AUDIT INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY LAWS LEGAL ENTITIES LEGAL FRAMEWORK LEGISLATION LEGISLATIVE FRAMEWORK LEGISLATURE LICENSES LOCAL GOVERNMENT LOCAL GOVERNMENT FINANCE LOCAL GOVERNMENT SECTOR LONG TERM LIABILITIES MINISTRY OF FINANCE MUNICIPALITIES NATIONAL BANK OF SLOVAKIA NATIONALS NET REALIZABLE VALUE PERFORMANCE PRIVATE SECTOR PRIVATIZATION PROCEEDS PROCUREMENT PROVISIONS PUBLIC ACCOUNTABILITY PUBLIC ADMINISTRATION PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FUNDS PUBLIC OFFICIALS PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR REFORM REPORTING REPRESENTATIVES ROADS SHORT TERM BORROWING STATE BANKS STATE BUDGET STATE FUNDS STATE GOVERNMENT STATE SECTOR SUBSIDIARY SUBVENTIONS TANGIBLE ASSETS TAX TAX AUTHORITIES TAX PAYMENT TAXATION TRANSPARENCY TREASURY VOTING VOUCHER PRIVATIZATION PUBLIC MANAGEMENT POLITICAL ACCOUNTABILITY ACCOUNTING STANDARDS BANK SUPERVISION GOVERNMENT BUDGETING REPORTING SYSTEMS LOCAL GOVERNMENT BUDGETS RISK MITIGATION DECENTRALIZARTION
Online Access:	http://documents.worldbank.org/curated/en/2000/08/2694058/slovakia-country-financial-accountability-assessment http://hdl.handle.net/10986/14327

Description
Summary:	Slovak financial accountability systems are strongly influenced by the Communist past but must meet the needs of a European future. Fortunately, Slovakia has the benefit of laws and institutions pre-dating communism, easing the transition from one system to the other. Past influences are still strong: centralization, strong controls, and a uniform system of accounting based on a chart of accounts. In the future, Slovakia will need improved public financial management, fiscal decentralization, a more competitive economy, an effective capital market, and harmonization of standards with those of the European Union. A good start has been made on many fronts. But there is still tension between the culture of control and a more flexible policy based on standards, quality performance, accountability, and competition. Among the specific, required financial management actions, the report recommends ratifying the European Convention on money laundering, establishing a public procurement office and procurement monitoring procedures, completing the legislative framework for internal and external financial control, strengthening the Supreme Audit Office and extending its audit mandate to cover public funds in general, and publishing consolidated financial management data relating to general government.

Slovakia : Country Financial Accountability Assessment

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