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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Main Author: World Bank
Format: Country Financial Accountability Assessment
Language:English
en_US
Published: Washington, DC 2013
Subjects:
EBF
Online Access:http://documents.worldbank.org/curated/en/2003/12/3029845/romania-country-financial-accountability-assessment
http://hdl.handle.net/10986/14600
id okr-10986-14600
recordtype oai_dc
spelling okr-10986-146002021-04-23T14:03:17Z Romania : Country Financial Accountability Assessment World Bank 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 PUBLIC SECTOR MANAGEMENT BUDGET EXECUTION EXPENDITURE ANALYSIS RESOURCE ALLOCATION PROCESSES LEGAL & REGULATORY FRAMEWORK LAW ENFORCEMENT FINANCIAL MANAGEMENT SYSTEMS INTERNAL AUDIT PROCUREMENT ALLOCATION OF RESOURCES BUDGET MONITORING BUDGET IMPLEMENTATION FINANCIAL REPORTING STANDARDS GOVERNMENT ACCOUNTING INFORMATION TECHNOLOGY AUDITING CORRUPT PRACTICES CUSTOMS ADMINISTRATION OFF-BUDGET SUBSIDIES INSTITUTIONAL FRAMEWORK 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. 2013-07-25T16:41:26Z 2013-07-25T16:41:26Z 2003-12-31 http://documents.worldbank.org/curated/en/2003/12/3029845/romania-country-financial-accountability-assessment http://hdl.handle.net/10986/14600 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 Romania
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 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
PUBLIC SECTOR MANAGEMENT
BUDGET EXECUTION
EXPENDITURE ANALYSIS
RESOURCE ALLOCATION PROCESSES
LEGAL & REGULATORY FRAMEWORK
LAW ENFORCEMENT
FINANCIAL MANAGEMENT SYSTEMS
INTERNAL AUDIT
PROCUREMENT
ALLOCATION OF RESOURCES
BUDGET MONITORING
BUDGET IMPLEMENTATION
FINANCIAL REPORTING STANDARDS
GOVERNMENT ACCOUNTING
INFORMATION TECHNOLOGY
AUDITING
CORRUPT PRACTICES
CUSTOMS ADMINISTRATION
OFF-BUDGET SUBSIDIES
INSTITUTIONAL FRAMEWORK
spellingShingle 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
PUBLIC SECTOR MANAGEMENT
BUDGET EXECUTION
EXPENDITURE ANALYSIS
RESOURCE ALLOCATION PROCESSES
LEGAL & REGULATORY FRAMEWORK
LAW ENFORCEMENT
FINANCIAL MANAGEMENT SYSTEMS
INTERNAL AUDIT
PROCUREMENT
ALLOCATION OF RESOURCES
BUDGET MONITORING
BUDGET IMPLEMENTATION
FINANCIAL REPORTING STANDARDS
GOVERNMENT ACCOUNTING
INFORMATION TECHNOLOGY
AUDITING
CORRUPT PRACTICES
CUSTOMS ADMINISTRATION
OFF-BUDGET SUBSIDIES
INSTITUTIONAL FRAMEWORK
World Bank
Romania : Country Financial Accountability Assessment
geographic_facet Europe and Central Asia
Romania
description 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.
format Economic & Sector Work :: Country Financial Accountability Assessment
author World Bank
author_facet World Bank
author_sort World Bank
title Romania : Country Financial Accountability Assessment
title_short Romania : Country Financial Accountability Assessment
title_full Romania : Country Financial Accountability Assessment
title_fullStr Romania : Country Financial Accountability Assessment
title_full_unstemmed Romania : Country Financial Accountability Assessment
title_sort romania : country financial accountability assessment
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2003/12/3029845/romania-country-financial-accountability-assessment
http://hdl.handle.net/10986/14600
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