Jamaica : Country Financial Accountability Assessment

The Bank conducts Country Financial Accountability Assessments (CFAA) in all borrower countries. The specific objectives of the CFAA are to review the key aspects of public financial management at the national level: a) flow of funds to government...

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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 ACCOUNTING ACCOUNTING & REPORTING ACCOUNTING MANUALS ACCOUNTING PROCEDURES ACCRUAL ACCOUNTING ACTUAL COST ADMINISTRATIVE REFORM APPROPRIATIONS ASSET MANAGEMENT AUDITING AUDITS AUTHORITY AUTHORIZATION BANK ACCOUNTS BANK OF JAMAICA BORROWING BUDGET ESTIMATES BUDGET FORMULATION BUDGET IMPLEMENTATION BUDGET MONITORING BUDGET PROCESS BUDGETARY SUPPORT BUDGETING BUSINESS PROCESSES CAPITAL EXPENDITURES CAPITAL PROJECTS CASH FLOWS CASH MANAGEMENT CENTRAL GOVERNMENT CENTRALIZATION CHECKING COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSTITUTION COST ACCOUNTING COST OF CAPITAL CUSTOMER SERVICE DEBT MANAGEMENT DEBT SERVICING DECISION MAKING EXECUTION EXECUTIVE AGENCIES EXPENDITURE PATTERNS EXPENDITURES FINANCIAL ACCOUNTABILITY FINANCIAL ADMINISTRATION FINANCIAL ANALYSIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL RESULTS FINANCIAL REVIEW FINANCIAL SECTOR FISCAL FISCAL POLICY FISCAL SITUATION FISCAL STANCE FISCAL YEAR GOVERNMENT ACCOUNTING GOVERNMENT AGENCIES GOVERNMENT COMPANY GOVERNMENT ENTITIES GOVERNMENT INTERVENTION GOVERNMENT RESOURCES HUMAN RESOURCE HUMAN RESOURCE MANAGEMENT HUMAN RESOURCES INSTITUTIONAL FRAMEWORK KEY PERFORMANCE INDICATORS LACK OF TRANSPARENCY LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGISLATION LEVEL OF REPAYMENT MANAGERIAL AUTONOMY MINISTRY OF FINANCE NATIONAL BUDGET NATIONAL LEVEL PAYROLL PENSIONS PRIVATE SECTOR PROCEDURES PROCESS PROGRAM BUDGETING PROVISIONS PUBLIC DEBT PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC FUNDS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR REFORM PUBLIC SERVICE PUBLIC SERVICES RATIONALIZATION RECURRENT EXPENDITURES REGULATORY FRAMEWORK REPORTING PROCEDURES REPORTING SYSTEMS REPRESENTATIVES REVENUE STRUCTURE OF GOVERNMENT TAX TRANSPARENCY TREASURY FINANCIAL ANALYSIS PUBLIC FINANCE COMPUTER SYSTEMS BUDGET ANALYSIS ACCOUNTING AUTOMATION
Online Access:	http://documents.worldbank.org/curated/en/2001/04/1121221/jamaica-country-financial-accountability-assessment-cfaa http://hdl.handle.net/10986/15674

Description
Summary:	The Bank conducts Country Financial Accountability Assessments (CFAA) in all borrower countries. The specific objectives of the CFAA are to review the key aspects of public financial management at the national level: a) flow of funds to government entities and Bank projects, including planning, cash management, and budgeting; b) accounting and financial reporting; and c) auditing of public sector activities. The Bank carried out field work for a CFAA in Jamaica in May 2000. This CFAA makes the following recommendations: 1) Inefficient in the government's planning process and its subsequent integration into the budget process result in an inefficient execution of the budget, monitored mainly by cash flows rather than outputs. 2) Current budget formulation formats need to be simplified in order to increase their usefulness and assure more accurate estimates. 3) The government's decentralized cash management arrangements should be tightened to allow for greater central control over the amount of outstanding cash balances. 4) The government accounting function is more advanced than many Caribbean countries. However, there are still aspects to be improved. 5) The government's detailed financial reports on the budget and public sector expenditures should be more timely and focus more on actual expenditures rather than only the budgeted amounts. 6) As of 2000, the hardware and software of the Financial Management Information System (FMIS) needs to be upgraded.

Jamaica : Country Financial Accountability Assessment

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