Kyrgyz Republic : Country Financial Accountability Assessment

This report has identified the following major issues in the public sector financial accountability of the Kyrgyz Republic: 1) weak internal controls in several areas such as treasury, budget implementation, procurement, human resources, accounting...

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Bibliographic Details
Main Author: World Bank
Format: Country Financial Accountability Assessment
Language:English
en_US
Published: Washington, DC 2013
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2004/03/5129558/kyrgyz-republic-country-financial-accountability-assessment
http://hdl.handle.net/10986/14573
id okr-10986-14573
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 ACCOUNTABILITY
ACCOUNTANTS
ACCOUNTING
ACCOUNTING REPORTS
ACCOUNTING RULES
ACCOUNTING SERVICES
ACCOUNTING SYSTEMS
ACCOUNTS
APPROPRIATIONS
AUDIT REPORTS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITORS
AUDITS
BORROWING
BUDGET CLASSIFICATION
BUDGET EVALUATION
BUDGET EXECUTION
BUDGET FORMULATION
BUDGET IMPLEMENTATION
BUDGET MANAGEMENT
BUDGET MONITORING
BUDGET PROCESS
BUDGETING
BUSINESS ENTERPRISES
CAPITAL BUDGETING
CAPITAL PROJECTS
CASH MANAGEMENT
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
DEBT
DECISION MAKING
ECONOMIC SHOCKS
ETHICS
EXPENDITURE
EXPENDITURES
EXTERNAL AUDITORS
FINANCIAL ACCOUNTABILITY
FINANCIAL ACCOUNTING
FINANCIAL ADMINISTRATION
FINANCIAL AUDITS
FINANCIAL MANAGEMENT
FINANCIAL MANAGEMENT SYSTEMS
FINANCIAL PERFORMANCE
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL REPORTS
FINANCIAL STATEMENTS
FINANCIAL TRANSACTIONS
FISCAL MANAGEMENT
FISCAL TRANSPARENCY
GOVERNMENT AUDITING
INFLATION
INTERNAL AUDIT
INTERNAL CONTROLS
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INTERNATIONAL BEST PRACTICES
LAWS
LEADERSHIP
LEGAL FRAMEWORK
LINE MANAGERS
LOCAL COUNCILS
LOCAL GOVERNMENT
LOCAL GOVERNMENTS
MANAGEMENT ACCOUNTING
MANAGEMENT CAPACITY
MANAGEMENT REPORTS
MANAGERIAL ACCOUNTING
MANAGERS
MANDATES
MEDIUM ENTERPRISES
PARTNERSHIP
PAYROLL
PERFORMANCE EVALUATION
PERFORMANCE INDICATORS
PLANNING METHODS
PRIVATE SECTOR
PROCUREMENT
PROGRAM BUDGETING
PROGRAM IMPLEMENTATION
PROVISIONS
PUBLIC EXPENDITURE
PUBLIC EXPENDITURE REVIEW
PUBLIC INVESTMENT
PUBLIC RESOURCES
PUBLIC SECTOR
PUBLIC SECTOR ACCOUNTING
RECURRENT EXPENDITURES
REFORMS
REGULATORY FRAMEWORK
REORGANIZATION
REPORTING
RESOURCE ALLOCATION
RESOURCE MANAGEMENT
REVENUE COLLECTION
STATE OWNED ENTERPRISES
STRUCTURAL ADJUSTMENT
TEAM ASSISTANTS
TEAMS
TECHNICAL ASSISTANCE
TRANSPARENCY
TREASURY
TREASURY OPERATIONS
spellingShingle ACCOUNTABILITY
ACCOUNTANTS
ACCOUNTING
ACCOUNTING REPORTS
ACCOUNTING RULES
ACCOUNTING SERVICES
ACCOUNTING SYSTEMS
ACCOUNTS
APPROPRIATIONS
AUDIT REPORTS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITORS
AUDITS
BORROWING
BUDGET CLASSIFICATION
BUDGET EVALUATION
BUDGET EXECUTION
BUDGET FORMULATION
BUDGET IMPLEMENTATION
BUDGET MANAGEMENT
BUDGET MONITORING
BUDGET PROCESS
BUDGETING
BUSINESS ENTERPRISES
CAPITAL BUDGETING
CAPITAL PROJECTS
CASH MANAGEMENT
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
DEBT
DECISION MAKING
ECONOMIC SHOCKS
ETHICS
EXPENDITURE
EXPENDITURES
EXTERNAL AUDITORS
FINANCIAL ACCOUNTABILITY
FINANCIAL ACCOUNTING
FINANCIAL ADMINISTRATION
FINANCIAL AUDITS
FINANCIAL MANAGEMENT
FINANCIAL MANAGEMENT SYSTEMS
FINANCIAL PERFORMANCE
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL REPORTS
FINANCIAL STATEMENTS
FINANCIAL TRANSACTIONS
FISCAL MANAGEMENT
FISCAL TRANSPARENCY
GOVERNMENT AUDITING
INFLATION
INTERNAL AUDIT
INTERNAL CONTROLS
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INTERNATIONAL BEST PRACTICES
LAWS
LEADERSHIP
LEGAL FRAMEWORK
LINE MANAGERS
LOCAL COUNCILS
LOCAL GOVERNMENT
LOCAL GOVERNMENTS
MANAGEMENT ACCOUNTING
MANAGEMENT CAPACITY
MANAGEMENT REPORTS
MANAGERIAL ACCOUNTING
MANAGERS
MANDATES
MEDIUM ENTERPRISES
PARTNERSHIP
PAYROLL
PERFORMANCE EVALUATION
PERFORMANCE INDICATORS
PLANNING METHODS
PRIVATE SECTOR
PROCUREMENT
PROGRAM BUDGETING
PROGRAM IMPLEMENTATION
PROVISIONS
PUBLIC EXPENDITURE
PUBLIC EXPENDITURE REVIEW
PUBLIC INVESTMENT
PUBLIC RESOURCES
PUBLIC SECTOR
PUBLIC SECTOR ACCOUNTING
RECURRENT EXPENDITURES
REFORMS
REGULATORY FRAMEWORK
REORGANIZATION
REPORTING
RESOURCE ALLOCATION
RESOURCE MANAGEMENT
REVENUE COLLECTION
STATE OWNED ENTERPRISES
STRUCTURAL ADJUSTMENT
TEAM ASSISTANTS
TEAMS
TECHNICAL ASSISTANCE
TRANSPARENCY
TREASURY
TREASURY OPERATIONS
World Bank
Kyrgyz Republic : Country Financial Accountability Assessment
geographic_facet Europe and Central Asia
Kyrgyz Republic
description This report has identified the following major issues in the public sector financial accountability of the Kyrgyz Republic: 1) weak internal controls in several areas such as treasury, budget implementation, procurement, human resources, accounting and reporting as evidenced by large amounts o f illegal unintended expenditures, embezzlements and other financial offences reported by the external auditor; 2) weak cash management as the treasury cash rations on a day-to-day basis, which creates uncertainty for budget institutions in implementing their plans; 3) absence of a legal basis for internal audit in the public sector; 4) weak capacity in the C A for carrying out effective financial audits and focusing attention on the basis of risk assessment; 5) weak capacity in line ministries to undertake systematic budgeting exercise; 6) budget monitoring is limited to monitoring of fiscal targets as little attention is paid to assessment of program effectiveness; 6) lack of systematic management accounting and weak capacity in departmental management to absorb and use management accounting data in decision making and management processes; 7) weak capacity in the parliamentary committees to provide effective legislative oversight over the executive; and 8) inadequate accountability arrangements for public enterprises. Key Recommendations offered in the short term involve: 1) strengthening internal controls and the treasury cash management function; 2) establishing daily reconciliation of consolidated district treasury payment requests; 3) reconciling daily revenue collections; and 4) granting authority to the Chamber of Accounts (CA) to perform interim post audits. In the long term the Government should: 1) enact the Law on Public Sector Internal Audit and build internal audit capacity; 2) establish effective internal audit structures in the line ministries; 3) prepare rules and methodology for conducting internal audits in the public sector; 4) provide extensive training; 5) require internal auditors to carry out detailed assessments of internal controls; 6) require the CA to certify the year-end financial statements of the government; 7) make the process of appointment of the Chairman of the CA transparent; 8) discontinue the special means provisions; and 9) clearly define the accountability of public enterprises.
format Economic & Sector Work :: Country Financial Accountability Assessment
author World Bank
author_facet World Bank
author_sort World Bank
title Kyrgyz Republic : Country Financial Accountability Assessment
title_short Kyrgyz Republic : Country Financial Accountability Assessment
title_full Kyrgyz Republic : Country Financial Accountability Assessment
title_fullStr Kyrgyz Republic : Country Financial Accountability Assessment
title_full_unstemmed Kyrgyz Republic : Country Financial Accountability Assessment
title_sort kyrgyz republic : country financial accountability assessment
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2004/03/5129558/kyrgyz-republic-country-financial-accountability-assessment
http://hdl.handle.net/10986/14573
_version_ 1764428713200451584
spelling okr-10986-145732021-04-23T14:03:18Z Kyrgyz Republic : Country Financial Accountability Assessment World Bank ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING REPORTS ACCOUNTING RULES ACCOUNTING SERVICES ACCOUNTING SYSTEMS ACCOUNTS APPROPRIATIONS AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BORROWING BUDGET CLASSIFICATION BUDGET EVALUATION BUDGET EXECUTION BUDGET FORMULATION BUDGET IMPLEMENTATION BUDGET MANAGEMENT BUDGET MONITORING BUDGET PROCESS BUDGETING BUSINESS ENTERPRISES CAPITAL BUDGETING CAPITAL PROJECTS CASH MANAGEMENT COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION DEBT DECISION MAKING ECONOMIC SHOCKS ETHICS EXPENDITURE EXPENDITURES EXTERNAL AUDITORS FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL ADMINISTRATION FINANCIAL AUDITS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FISCAL MANAGEMENT FISCAL TRANSPARENCY GOVERNMENT AUDITING INFLATION INTERNAL AUDIT INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BEST PRACTICES LAWS LEADERSHIP LEGAL FRAMEWORK LINE MANAGERS LOCAL COUNCILS LOCAL GOVERNMENT LOCAL GOVERNMENTS MANAGEMENT ACCOUNTING MANAGEMENT CAPACITY MANAGEMENT REPORTS MANAGERIAL ACCOUNTING MANAGERS MANDATES MEDIUM ENTERPRISES PARTNERSHIP PAYROLL PERFORMANCE EVALUATION PERFORMANCE INDICATORS PLANNING METHODS PRIVATE SECTOR PROCUREMENT PROGRAM BUDGETING PROGRAM IMPLEMENTATION PROVISIONS PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC INVESTMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR ACCOUNTING RECURRENT EXPENDITURES REFORMS REGULATORY FRAMEWORK REORGANIZATION REPORTING RESOURCE ALLOCATION RESOURCE MANAGEMENT REVENUE COLLECTION STATE OWNED ENTERPRISES STRUCTURAL ADJUSTMENT TEAM ASSISTANTS TEAMS TECHNICAL ASSISTANCE TRANSPARENCY TREASURY TREASURY OPERATIONS This report has identified the following major issues in the public sector financial accountability of the Kyrgyz Republic: 1) weak internal controls in several areas such as treasury, budget implementation, procurement, human resources, accounting and reporting as evidenced by large amounts o f illegal unintended expenditures, embezzlements and other financial offences reported by the external auditor; 2) weak cash management as the treasury cash rations on a day-to-day basis, which creates uncertainty for budget institutions in implementing their plans; 3) absence of a legal basis for internal audit in the public sector; 4) weak capacity in the C A for carrying out effective financial audits and focusing attention on the basis of risk assessment; 5) weak capacity in line ministries to undertake systematic budgeting exercise; 6) budget monitoring is limited to monitoring of fiscal targets as little attention is paid to assessment of program effectiveness; 6) lack of systematic management accounting and weak capacity in departmental management to absorb and use management accounting data in decision making and management processes; 7) weak capacity in the parliamentary committees to provide effective legislative oversight over the executive; and 8) inadequate accountability arrangements for public enterprises. Key Recommendations offered in the short term involve: 1) strengthening internal controls and the treasury cash management function; 2) establishing daily reconciliation of consolidated district treasury payment requests; 3) reconciling daily revenue collections; and 4) granting authority to the Chamber of Accounts (CA) to perform interim post audits. In the long term the Government should: 1) enact the Law on Public Sector Internal Audit and build internal audit capacity; 2) establish effective internal audit structures in the line ministries; 3) prepare rules and methodology for conducting internal audits in the public sector; 4) provide extensive training; 5) require internal auditors to carry out detailed assessments of internal controls; 6) require the CA to certify the year-end financial statements of the government; 7) make the process of appointment of the Chairman of the CA transparent; 8) discontinue the special means provisions; and 9) clearly define the accountability of public enterprises. 2013-07-25T15:33:13Z 2013-07-25T15:33:13Z 2004-03-01 http://documents.worldbank.org/curated/en/2004/03/5129558/kyrgyz-republic-country-financial-accountability-assessment http://hdl.handle.net/10986/14573 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 Europe and Central Asia Kyrgyz Republic