Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
This study was undertaken under the leadership of the Ministry of Finance and Economic Development (MOFED) to assess fiduciary risks in using country financial management (FM) systems in full, or in part, for implementing Donor and Bank-financed i...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/01/25805259/assessment-zimbabwe-public-finance-management-system-investment-lending-projects http://hdl.handle.net/10986/23815 |
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okr-10986-23815 |
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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 |
GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS REGULATORY FRAMEWORK LEGAL PROVISION BUDGET MANAGEMENT ACCOUNTING REVENUE MOBILIZATION FINANCIAL MANAGEMENT PRINCIPAL FISCAL DEFICITS GOOD PRACTICES SALES INTEREST LAWS GUARANTEES BUDGET ESTIMATES BUDGET CONTROL INTERNAL AUDITS LOCAL GOVERNMENTS BANKING SYSTEM CURRENT EXPENDITURES BANKING SERVICES SERVICES FISCAL POLICY FINANCIAL STATEMENTS HUMAN RESOURCE MANAGEMENT IMPACTS DISTRIBUTION MDAS GOVERNMENT ACCOUNTING BUDGET CONSTRAINTS PROJECTS OWNERSHIP PLANNING QUALITY BUDGETING ECONOMIC STABILITY REPORTING CASH FLOWS UNAUDITED FINANCIAL STATEMENTS BILLS AUDITS BUDGET SAVINGS TECHNICAL ASSISTANCE BUDGET SYSTEMS AUDIT TRAILS FINANCIAL DATA ACCOUNTING POLICIES DISCLAIMER OF OPINION LOGISTICS PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS MARKETS MARKETING DEBT FINANCIAL REPORTING FORECASTING LOCAL GOVERNMENT LEGISLATION DEFICITS PUBLIC FINANCE ACCOUNTING FIRMS FIXED ASSET LOANS LABOR BILLING ENTERPRISES BUDGET TRANSFERS TRUST FUNDS LEGAL FRAMEWORK ACCOUNT FINANCE GRANTS INFRASTRUCTURE BANKS BUSINESS INTELLIGENCE BUDGET CLASSIFICATION EXPENDITURE RESOURCES BUDGET APPROPRIATIONS AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS ACCOUNTANTS WAGES AUDITORS EXPENSES SOCIAL SERVICES BUDGET PROCESS AUDITED ACCOUNTS INTERNATIONAL AUDITING STANDARDS VALUE PENSIONS BANK BUDGETS PUBLIC ENTERPRISES MAINTENANCE REPORTING SYSTEMS EXPENDITURES INTERNAL CONTROLS MANDATES COST FISCAL YEAR PERFORMANCE ANALYSIS ACCRUAL ACCOUNTING AUDIT ENGAGEMENTS TRANSACTION COSTS REPORTING PROCEDURES FUNDS FLOW AUDIT REPORTS QUALITY CONTROL CONSOLIDATED FINANCIAL STATEMENTS BANK ACCOUNTS ACCOUNTING SYSTEMS ADMINISTRATION GOVERNANCE STANDARD PRACTICES INTERNAL AUDITING CURRENCIES PAYROLL LAND RETAINED EARNINGS ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS INTERNAL AUDIT TAX ADMINISTRATION CASH COLLECTIONS INSTITUTIONAL DEVELOPMENT REVENUE BUDGET MONITORING RISK MANAGEMENT LENDING ACCOUNTS CAPITAL EXPENDITURES QUALITY ASSURANCE AUDIT AUDITING STANDARDS FINANCIAL SYSTEMS GOVERNMENTS ACCOUNTING RECORDS CIVIL SERVICE CERTIFIED PUBLIC ACCOUNTANTS IMPLEMENTATION INTERGOVERNMENTAL FISCAL RELATIONS AUDITING FINANCIAL REPORTS CONSOLIDATION |
| spellingShingle |
GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS REGULATORY FRAMEWORK LEGAL PROVISION BUDGET MANAGEMENT ACCOUNTING REVENUE MOBILIZATION FINANCIAL MANAGEMENT PRINCIPAL FISCAL DEFICITS GOOD PRACTICES SALES INTEREST LAWS GUARANTEES BUDGET ESTIMATES BUDGET CONTROL INTERNAL AUDITS LOCAL GOVERNMENTS BANKING SYSTEM CURRENT EXPENDITURES BANKING SERVICES SERVICES FISCAL POLICY FINANCIAL STATEMENTS HUMAN RESOURCE MANAGEMENT IMPACTS DISTRIBUTION MDAS GOVERNMENT ACCOUNTING BUDGET CONSTRAINTS PROJECTS OWNERSHIP PLANNING QUALITY BUDGETING ECONOMIC STABILITY REPORTING CASH FLOWS UNAUDITED FINANCIAL STATEMENTS BILLS AUDITS BUDGET SAVINGS TECHNICAL ASSISTANCE BUDGET SYSTEMS AUDIT TRAILS FINANCIAL DATA ACCOUNTING POLICIES DISCLAIMER OF OPINION LOGISTICS PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS MARKETS MARKETING DEBT FINANCIAL REPORTING FORECASTING LOCAL GOVERNMENT LEGISLATION DEFICITS PUBLIC FINANCE ACCOUNTING FIRMS FIXED ASSET LOANS LABOR BILLING ENTERPRISES BUDGET TRANSFERS TRUST FUNDS LEGAL FRAMEWORK ACCOUNT FINANCE GRANTS INFRASTRUCTURE BANKS BUSINESS INTELLIGENCE BUDGET CLASSIFICATION EXPENDITURE RESOURCES BUDGET APPROPRIATIONS AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS ACCOUNTANTS WAGES AUDITORS EXPENSES SOCIAL SERVICES BUDGET PROCESS AUDITED ACCOUNTS INTERNATIONAL AUDITING STANDARDS VALUE PENSIONS BANK BUDGETS PUBLIC ENTERPRISES MAINTENANCE REPORTING SYSTEMS EXPENDITURES INTERNAL CONTROLS MANDATES COST FISCAL YEAR PERFORMANCE ANALYSIS ACCRUAL ACCOUNTING AUDIT ENGAGEMENTS TRANSACTION COSTS REPORTING PROCEDURES FUNDS FLOW AUDIT REPORTS QUALITY CONTROL CONSOLIDATED FINANCIAL STATEMENTS BANK ACCOUNTS ACCOUNTING SYSTEMS ADMINISTRATION GOVERNANCE STANDARD PRACTICES INTERNAL AUDITING CURRENCIES PAYROLL LAND RETAINED EARNINGS ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS INTERNAL AUDIT TAX ADMINISTRATION CASH COLLECTIONS INSTITUTIONAL DEVELOPMENT REVENUE BUDGET MONITORING RISK MANAGEMENT LENDING ACCOUNTS CAPITAL EXPENDITURES QUALITY ASSURANCE AUDIT AUDITING STANDARDS FINANCIAL SYSTEMS GOVERNMENTS ACCOUNTING RECORDS CIVIL SERVICE CERTIFIED PUBLIC ACCOUNTANTS IMPLEMENTATION INTERGOVERNMENTAL FISCAL RELATIONS AUDITING FINANCIAL REPORTS CONSOLIDATION World Bank Group Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects |
| geographic_facet |
Africa Zimbabwe |
| description |
This study was undertaken under the
leadership of the Ministry of Finance and Economic
Development (MOFED) to assess fiduciary risks in using
country financial management (FM) systems in full, or in
part, for implementing Donor and Bank-financed investment
projects in Zimbabwe and to identify risk mitigation
measures required for such use. Fiduciary risk is the risk
that Bank funds (or donor funds) will not be used for their
intended purposes or that they will be used without due
attention to economy and efficiency. In projects using
country FM systems, Bank funds are potentially commingled
with the country’s own funds; therefore, a fiduciary risk
assessment also needs to consider broader country PFM risks
that could affect the fiduciary risk. This assessment uses
a risk-based approach consistent with the interim guidance
note issued by the FM Sector Board in 2009, entitled
‘assessment of fiduciary risks in the use of country FM
systems in bank-financed investment projects’; and
supplemented by the framework methodology for channeling
investment lending projects through country financial
management systems and the approach used for regular FM
assessments. The risk-based approach provides a ranking of
the fiduciary risks to be managed as high, substantial,
moderate, or low. The decision to use country systems for a
specific project then rests with the project's task
team, guided by the country management team, after taking
into account this fiduciary risk assessment and other
factors such as the nature and complexity of the project and
an assessment of implementing entities. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects |
| title_short |
Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects |
| title_full |
Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects |
| title_fullStr |
Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects |
| title_full_unstemmed |
Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects |
| title_sort |
assessment of the zimbabwe public finance management system for investment lending projects |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/01/25805259/assessment-zimbabwe-public-finance-management-system-investment-lending-projects http://hdl.handle.net/10986/23815 |
| _version_ |
1764454770115870720 |
| spelling |
okr-10986-238152021-04-23T14:04:17Z Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects World Bank Group GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS REGULATORY FRAMEWORK LEGAL PROVISION BUDGET MANAGEMENT ACCOUNTING REVENUE MOBILIZATION FINANCIAL MANAGEMENT PRINCIPAL FISCAL DEFICITS GOOD PRACTICES SALES INTEREST LAWS GUARANTEES BUDGET ESTIMATES BUDGET CONTROL INTERNAL AUDITS LOCAL GOVERNMENTS BANKING SYSTEM CURRENT EXPENDITURES BANKING SERVICES SERVICES FISCAL POLICY FINANCIAL STATEMENTS HUMAN RESOURCE MANAGEMENT IMPACTS DISTRIBUTION MDAS GOVERNMENT ACCOUNTING BUDGET CONSTRAINTS PROJECTS OWNERSHIP PLANNING QUALITY BUDGETING ECONOMIC STABILITY REPORTING CASH FLOWS UNAUDITED FINANCIAL STATEMENTS BILLS AUDITS BUDGET SAVINGS TECHNICAL ASSISTANCE BUDGET SYSTEMS AUDIT TRAILS FINANCIAL DATA ACCOUNTING POLICIES DISCLAIMER OF OPINION LOGISTICS PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS MARKETS MARKETING DEBT FINANCIAL REPORTING FORECASTING LOCAL GOVERNMENT LEGISLATION DEFICITS PUBLIC FINANCE ACCOUNTING FIRMS FIXED ASSET LOANS LABOR BILLING ENTERPRISES BUDGET TRANSFERS TRUST FUNDS LEGAL FRAMEWORK ACCOUNT FINANCE GRANTS INFRASTRUCTURE BANKS BUSINESS INTELLIGENCE BUDGET CLASSIFICATION EXPENDITURE RESOURCES BUDGET APPROPRIATIONS AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS ACCOUNTANTS WAGES AUDITORS EXPENSES SOCIAL SERVICES BUDGET PROCESS AUDITED ACCOUNTS INTERNATIONAL AUDITING STANDARDS VALUE PENSIONS BANK BUDGETS PUBLIC ENTERPRISES MAINTENANCE REPORTING SYSTEMS EXPENDITURES INTERNAL CONTROLS MANDATES COST FISCAL YEAR PERFORMANCE ANALYSIS ACCRUAL ACCOUNTING AUDIT ENGAGEMENTS TRANSACTION COSTS REPORTING PROCEDURES FUNDS FLOW AUDIT REPORTS QUALITY CONTROL CONSOLIDATED FINANCIAL STATEMENTS BANK ACCOUNTS ACCOUNTING SYSTEMS ADMINISTRATION GOVERNANCE STANDARD PRACTICES INTERNAL AUDITING CURRENCIES PAYROLL LAND RETAINED EARNINGS ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS INTERNAL AUDIT TAX ADMINISTRATION CASH COLLECTIONS INSTITUTIONAL DEVELOPMENT REVENUE BUDGET MONITORING RISK MANAGEMENT LENDING ACCOUNTS CAPITAL EXPENDITURES QUALITY ASSURANCE AUDIT AUDITING STANDARDS FINANCIAL SYSTEMS GOVERNMENTS ACCOUNTING RECORDS CIVIL SERVICE CERTIFIED PUBLIC ACCOUNTANTS IMPLEMENTATION INTERGOVERNMENTAL FISCAL RELATIONS AUDITING FINANCIAL REPORTS CONSOLIDATION This study was undertaken under the leadership of the Ministry of Finance and Economic Development (MOFED) to assess fiduciary risks in using country financial management (FM) systems in full, or in part, for implementing Donor and Bank-financed investment projects in Zimbabwe and to identify risk mitigation measures required for such use. Fiduciary risk is the risk that Bank funds (or donor funds) will not be used for their intended purposes or that they will be used without due attention to economy and efficiency. In projects using country FM systems, Bank funds are potentially commingled with the country’s own funds; therefore, a fiduciary risk assessment also needs to consider broader country PFM risks that could affect the fiduciary risk. This assessment uses a risk-based approach consistent with the interim guidance note issued by the FM Sector Board in 2009, entitled ‘assessment of fiduciary risks in the use of country FM systems in bank-financed investment projects’; and supplemented by the framework methodology for channeling investment lending projects through country financial management systems and the approach used for regular FM assessments. The risk-based approach provides a ranking of the fiduciary risks to be managed as high, substantial, moderate, or low. The decision to use country systems for a specific project then rests with the project's task team, guided by the country management team, after taking into account this fiduciary risk assessment and other factors such as the nature and complexity of the project and an assessment of implementing entities. 2016-03-02T18:40:06Z 2016-03-02T18:40:06Z 2015-06-29 Report http://documents.worldbank.org/curated/en/2016/01/25805259/assessment-zimbabwe-public-finance-management-system-investment-lending-projects http://hdl.handle.net/10986/23815 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Country Financial Accountability Assessment Africa Zimbabwe |