Russian Federation : Country Financial Accountability Assessment
This CFAA concentrates, by design, on federal-level public sector financial management in the Russian Federation. Its results feed into the fiduciary discussion presented in the new Russian Federation Country Assistance Strategy (CAS), and into the...
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| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/09/2693403/russian-federation-country-financial-accountability-assessment http://hdl.handle.net/10986/14698 |
| Summary: | This CFAA concentrates, by design, on
federal-level public sector financial management in the
Russian Federation. Its results feed into the fiduciary
discussion presented in the new Russian Federation Country
Assistance Strategy (CAS), and into the Core Integrative
Fiduciary Assessment (CIFA). In budget management the CFAA
recommends 1) strengthening the strategy phase of budget
preparation to link macroeconomic resource constraints and
sectoral and program targets; 2) adopting a uniform,
simplified budget coding structure; 3) adopting a more
participatory approach to budget planning and formulation;
4) introducing accounting principles by entities with
extra-budgetary funds and preparing reports that are
compatible with Treasury accounts and fiscal reporting; 5)
preparing a program of institutional development for the MOF
and applying modem information technology; and 6) amending
the chart of accounts (COA) to fully reflect the budget
classification. The development and implementation of a
full-function Treasury system will take several years and is
not expected to become fully operational before 2004/05. In
the interim, the CFAA recommends immediate implementation of
an improved system of expenditure monitoring, extension of
Treasury control of expenditure commitments to all items of
the economic expenditure classification, and replacement of
weekly cash finding limits by monthly funding of
established expenditure commitments. In accounting and
financial reporting, some recommendations are to 0 review of
existing budget classifications and coding structures and
design of a revised structure and COA that conform with the
IMF GFS classification; and to integrate the two existing
coding systems. To improve internal controls and internal
auditing, the report recommends regarding the internal audit
as an important management tool, shifting to a new model,
based on service orientation and performance/risk
assessment, internal audit functions becoming independent
from other organizational and functional departments, staff
reporting directly to the head of the organization,
regulating the entity by an audit charter, and audit
functions be carried out by multi-disciplinary teams. As for
external audits, the CFAA strongly supports the
Chambers' program of institutional and methodological
improvements, in particular its preparation of a long- term
plan to assess public institutions' performance (value
for money) in the use of public funds. Finally, the CFAA
finds that the World Bank is adequately discharging its
financial management fiduciary responsibilities with respect
to its lending operations. The CFAA risk assessment
concludes that the current ring-fencing approach to project
implementation arrangements should be maintained,
recognizing that--based on the effective operationalization
of the reforms being introduced in public financial
accountability--the present arrangements could in due course
be subject to revision. |
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