Romania : Country Financial Accountability Assessment

Romania : Country Financial Accountability Assessment

As of 2002 , with the adoption of the law on public finance (LPF), the Romanian Government appears to have established a comprehensive legal base for appropriate institutions of public financial accountability. The Country Financial Accountability...

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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 PRACTICES
ACCOUNTING PRINCIPLES
ACCOUNTING RULES
ACCRUALS
ADJUSTMENT LENDING
AMBITION
ANTI-CORRUPTION
APPROPRIATIONS
ATTESTATION
AUDITING
AUDITING STANDARDS
AUDITS
AUTHORITY
BOOKKEEPING
BUDGET DEFICIT
BUDGET EXECUTION
BUDGETING
CASH MANAGEMENT
COMMERCIAL BANKS
DEBT
DEBT MANAGEMENT
DECENTRALIZATION
EBF
EXECUTION
EXPENDITURE
FINANCIAL ACCOUNTABILITY
FINANCIAL ACCOUNTING
FINANCIAL CONTROL
FINANCIAL MANAGEMENT
FINANCIAL REGULATION
FINANCIAL REPORTING
FINANCIAL REPORTS
FINANCIAL SERVICES
FINANCIAL STATEMENTS
FINANCIAL SYSTEM
FISCAL
FISCAL TRANSPARENCY
FISCAL YEAR
GOVERNMENT AGENCIES
GROSS DOMESTIC PRODUCT
INSTITUTION BUILDING
INTERNAL AUDIT
INTERNAL AUDITING
INTERNAL AUDITORS
INVENTORY
LEGALITY
LEGISLATION
LOCAL AUTHORITIES
MANAGEMENT INFORMATION SYSTEMS
NATIONAL ACCOUNTS
PAYMENTS ARREARS
PRIVATE SECTOR
PRIVATIZATION
PROGRAM BUDGETING
PROVISIONS
PUBLIC EXPENDITURE
PUBLIC EXPENDITURE MANAGEMENT
PUBLIC FINANCE
PUBLIC OFFICIALS
PUBLIC PROCUREMENT
PUBLIC SECTOR
PUBLIC SECTOR MANAGEMENT
PUBLIC SECTOR WAGES
REGULATORY FRAMEWORK
REPORTING SYSTEMS
STATE AGENCIES
STATE-OWNED ENTERPRISES
SUBNATIONAL GOVERNMENTS
TECHNICAL ASSISTANCE
TRANSPORT
TREASURY
WAGES POLITICAL ACCOUNTABILITY
EXPENDITURE ANALYSIS
RESOURCE ALLOCATION PROCESSES
LEGAL & REGULATORY FRAMEWORK
LAW ENFORCEMENT
FINANCIAL MANAGEMENT SYSTEMS
PROCUREMENT
ALLOCATION OF RESOURCES
BUDGET MONITORING
BUDGET IMPLEMENTATION
FINANCIAL REPORTING STANDARDS
GOVERNMENT ACCOUNTING
INFORMATION TECHNOLOGY
CORRUPT PRACTICES
CUSTOMS ADMINISTRATION
OFF-BUDGET SUBSIDIES
INSTITUTIONAL FRAMEWORK
Online Access:http://documents.worldbank.org/curated/en/2003/12/3029845/romania-country-financial-accountability-assessment
http://hdl.handle.net/10986/14600
Description
Summary:As of 2002 , with the adoption of the law on public finance (LPF), the Romanian Government appears to have established a comprehensive legal base for appropriate institutions of public financial accountability. The Country Financial Accountability Assessment (CFAA) recommends that the Ministry of Public Finance maintain the comparability between the key terms, and definitions used in the European Commission (EC) financial regulation. The newly adopted regulatory framework for budgeting, accounting, internal control, internal audit, and the technical assistance projects in these fields, reflect the Government's efforts to meet international best practices in these areas. The CFAA concludes that in order to accomplish these efforts, the Government needs to reinforce its strategic management of the public financial management (PFM) reform, and recommends the establishment of a cross-ministerial committee-based reform management. The CFAA also addresses the need to closely coordinate technical assistance, and training activities in the field of public financial management. The CFAA recommends the continued reinforcement of the Ministry of Public Finance capacity, to monitor compliance with the rules, and deadlines for budget preparation, while it acknowledges the internalization of the remaining extra budgetary funds, into the framework of the LPF. The CFAA concludes that budget data generally appears to be reliable, noticing budget variances are disclosed. As a general recommendation, the CFAA further suggests the MoPF should continuously review, and consider the need to inform Parliament with timely reports, and updated data, on changes made in budget allocations. The overall impression of the CFAA is that decisive progress has been made in recent years, in modernizing budget practices.

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