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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| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/03/5129558/kyrgyz-republic-country-financial-accountability-assessment http://hdl.handle.net/10986/14573 |
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okr-10986-14573 |
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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 |
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 |