Republic of Bulgaria : Institutional Fiduciary Assessment (IFA) of Road Executive Agency

This Institutional Fiduciary Assessment (IFA) of the Road Executive Agency (REA) was commissioned by the World Bank (WB) country and infrastructure sector management in connection with the government's request to provide the World Bank financing for a new Road Infrastructure Project (project)....

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Bibliographic Details
Main Author:	World Bank
Format:	Other Public Sector Study
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	ACCESS TO INFORMATION ACCESSION PROCESS ACCOUNT ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING RULES ACCOUNTING SOFTWARE ACCRUALS ADMINISTRATIVE COURT ADVERTISEMENTS ALLOCATION OF FUNDS APPLICABLE LAWS ARBITRATION ASSET MANAGEMENT AUDIT DEPARTMENTS AUDIT FUNCTION AUDIT OFFICE AUDIT REPORTS AUDITING AUDITS AWARD DECISION AWARD OF CONTRACTS BALANCE SHEET BANK FINANCING BENEFICIARY BID BID SECURITY BID SUBMISSION DEADLINE BIDDER BIDS BILLS BUDGET ALLOCATION BUDGET ALLOCATIONS BUDGET APPROVAL BUDGET CLASSIFICATION BUDGET MANAGEMENT BUDGET PROCESS BUDGET REVISIONS BUDGETARY FUNDS BUDGETARY SPENDING BUDGETING BUSINESS CYCLE BUSINESS OPPORTUNITIES BUSINESS PROCESSES CAPITAL INVESTMENTS CASH FLOW CASH MANAGEMENT CASH TRANSACTIONS CERTIFICATION CHECKLIST CHECKS CIVIL WORKS CLAIM COMMERCIAL BANKS CONSULTING CONTRACTS CONSULTING FIRM CONSULTING FIRMS CONSULTING SERVICES CONTRACT ADMINISTRATION CONTRACT AWARD CONTRACT AWARD PROCESS CONTRACT AWARDS CONTRACT DURATION CONTRACT MANAGEMENT CONTRACT MONITORING SYSTEMS CONTRACT OPPORTUNITIES CONTRACT VALUE CONTRACTING AUTHORITY CONTRACTOR CONTRACTORS CONTROL FRAMEWORK CORPORATE GOVERNANCE COST ESTIMATES COST OVERRUNS COUNCIL OF MINISTERS COUNTRY PROCUREMENT ASSESSMENT COURT OF ACCOUNTS CURRENCY DEADLINE FOR SUBMISSION DECENTRALIZATION DEPENDENT DEPRECIATION DISBURSEMENT DOCUMENTS FOR WORKS EMERGENCY FUNDS EQUIPMENT EVALUATION COMMITTEE EVALUATION CRITERIA EVALUATION PROCESS EVALUATION REPORT EXPENDITURE EXPENDITURE CATEGORIES EXPENDITURES EXTERNAL AUDIT EXTERNAL BORROWING EXTRA BUDGETARY FUNDS FIDUCIARY RESPONSIBILITIES FINANCES FINANCIAL INDICATORS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT REQUIREMENTS FINANCIAL MANAGEMENT SPECIALIST FINANCIAL MANAGEMENT SYSTEM FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL STATEMENTS FINANCING REQUIREMENTS FIXED ASSET FIXED ASSETS FOREIGN BIDDERS FOREIGN COMPANIES FOREIGN CONTRACTORS FOREIGN FUNDS FOREIGN LOANS FRAUD GOOD PRACTICE GOVERNMENT AGENCY GOVERNMENT BUDGET HUMAN RESOURCES INFLATION INFORMATION SYSTEM INFORMATION SYSTEMS INSTITUTIONAL DEVELOPMENT INTEREST PAYMENTS INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL AUDITORS INTERNAL CONTROL SYSTEMS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FUNDS INTERNATIONAL STANDARDS INVENTORY INVESTMENT FUND INVESTMENT PROJECTS LEGAL REQUIREMENTS LIABILITY LIQUIDITIES LOAN LOCAL CONSULTANTS MANDATE MINISTRY OF FINANCE MINISTRY OF TRANSPORT MUNICIPAL BUDGETS NATIONAL BANK NATIONAL PROCUREMENT NATIONAL PROCUREMENT LAW OPEN TENDERS OVERHEAD OVERHEAD COSTS PAYMENT ORDERS PRICE ADJUSTMENT PRIVATIZATION PROCUREMENT PROCUREMENT ACTIONS PROCUREMENT ARRANGEMENTS PROCUREMENT CONTRACTS PROCUREMENT DOCUMENTATION PROCUREMENT FILES PROCUREMENT FUNCTION PROCUREMENT PRACTICES PROCUREMENT PROCEDURES PROCUREMENT RECORDS PROCUREMENT RULES PROCUREMENT SPECIALIST PROCUREMENT STAFF PROCUREMENT SYSTEMS PUBLIC PUBLIC BUDGET PUBLIC DISCLOSURE PUBLIC FINANCE PUBLIC FUNDS PUBLIC INFORMATION PUBLIC INVESTMENT PUBLIC PROCUREMENT PUBLIC PROCUREMENT LAW PUBLIC PROCUREMENT PROCEDURES PUBLIC PROCUREMENT SYSTEM PUBLIC WORKS QUALIFICATION REQUIREMENTS QUALIFIED FIRMS QUALIFIED STAFF QUALITY CONTROL REGISTRY OFFICE RESTRICTED PROCEDURE RULES OF PROCEDURE RULES OF PROCEDURES SCOPE OF WORK SECRETS SECURITIES STANDARD BIDDING STANDARD BIDDING DOCUMENTS TECHNICAL SPECIFICATIONS TENDER DOCUMENTS TENDER PROCESS TRANSACTION TRANSPARENCY TREASURY TREATIES TURNOVER USER CHARGES WINNING BIDDER
Online Access:	http://documents.worldbank.org/curated/en/2006/07/16366529/republic-bulgaria-institutional-fiduciary-assessment-ifa-road-executive-agency http://hdl.handle.net/10986/8278

Description
Summary:	This Institutional Fiduciary Assessment (IFA) of the Road Executive Agency (REA) was commissioned by the World Bank (WB) country and infrastructure sector management in connection with the government's request to provide the World Bank financing for a new Road Infrastructure Project (project). The IFA was used as a tool to assess the performance of the REA in regard to the financial management and procurement systems in order identify the areas in REA's public finance management that can be further strengthened to improve utilization of public funds irrespective of the source of financing. The Government wants to improve the condition of class two and three roads so as to enhance the population's access to markets and enterprises in small towns and rural areas and enhance business opportunities in rural areas expected after the EU accession. Second, REA wants to improve its road management system in order to be able to prepare multiyear road maintenance programs under a constrained budget environment. Third, the Government wants REA to strengthen its technical and managerial capacity to efficiently implement ongoing and future road projects, especially those to be partly financed with EU grants. This section presents a summary table of fiduciary issues and risks attached to the financial management and procurement arrangements in connection with REA's re-organization into an extra-budgetary fund responsible for the national road network, including new construction and maintenance. The list of issues identified by the World Bank fiduciary team during field work from May to early June 2006 is by no means considered exhaustive. The team was not provided full access to all the required information and documents, thus, only enabling the team to assess REA's internal control framework at a very general level without the possibility of checking the application of the control in practice. Therefore, the IFA report presents only limited observations, findings and recommendations based on interviews and meetings both at REA and other relevant institutions listed. The report does not provide a detailed action plan but identifies the areas to be looked at more closely, including with the help of additional technical assistance.

Republic of Bulgaria : Institutional Fiduciary Assessment (IFA) of Road Executive Agency

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