Croatia : Country Financial Accountability Assessment

Croatia focuses much of its modernization efforts on meeting the requirements for accession to the European Union (EU), which include public financial management (PFM). In this context, the relevance of this Country Financial Accountability Assessment (CFAA) is evident. It assesses the legal framewo...

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Main Author:	World Bank
Format:	Country Financial Accountability Assessment
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEMS ANNUAL FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANKING SERVICES BUDGET ACT BUDGET CLASSIFICATION BUDGET COMMITTEE BUDGET EXPENDITURES BUDGET PREPARATION BUDGET PROCESS BUDGET PROPOSALS BUDGET REVISIONS BUDGET SUBMISSIONS BUDGETARY ACCOUNTING BUDGETARY CONTROL BUDGETARY FUNDS BUDGETARY SYSTEM CASH BALANCES CASH MANAGEMENT CIVIL SERVICE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CROATIAN NATIONAL BANK DECENTRALIZATION EBF EXTERNAL AUDIT FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL CONTROLLERS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MANAGEMENT INFORMATION SYSTEMS FINANCIAL MANAGEMENT SYSTEMS FINANCIAL POSITION FINANCIAL REGULATION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GOVERNMENT DEFICIT GOVERNMENT POLICIES INFLATION INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL AUDIT UNITS INTERNAL AUDITORS INTERNAL CONTROL INTERNAL CONTROL FRAMEWORK INTERNAL CONTROL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LOCAL GOVERNMENT MANAGEMENT MANAGEMENT INFORMATION SYSTEMS MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MUNICIPALITIES NATIONAL GOVERNMENTS PEER REVIEW PRIVATE BANKS PRIVATIZATION PROVISIONS PUBLIC PUBLIC ACCOUNTS PUBLIC ACCOUNTS COMMITTEE PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FINANCIAL ACCOUNTABILITY PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT SYSTEM PUBLIC FUNDS PUBLIC OFFICIALS PUBLIC SECTOR PUBLIC SECTOR MANAGEMENT REGULATORY FRAMEWORK RESOURCE ALLOCATIONS TECHNICAL ASSISTANCE TRANSPARENCY TREASURY
Online Access:	http://documents.worldbank.org/curated/en/2005/05/6355625/croatia-country-financial-accountability-assessment http://hdl.handle.net/10986/8295

id	okr-10986-8295
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	ACCOUNTABILITY ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEMS ANNUAL FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANKING SERVICES BUDGET ACT BUDGET CLASSIFICATION BUDGET COMMITTEE BUDGET EXPENDITURES BUDGET PREPARATION BUDGET PROCESS BUDGET PROPOSALS BUDGET REVISIONS BUDGET SUBMISSIONS BUDGETARY ACCOUNTING BUDGETARY CONTROL BUDGETARY FUNDS BUDGETARY SYSTEM CASH BALANCES CASH MANAGEMENT CIVIL SERVICE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CROATIAN NATIONAL BANK DECENTRALIZATION EBF EXTERNAL AUDIT FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL CONTROLLERS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MANAGEMENT INFORMATION SYSTEMS FINANCIAL MANAGEMENT SYSTEMS FINANCIAL POSITION FINANCIAL REGULATION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GOVERNMENT DEFICIT GOVERNMENT POLICIES INFLATION INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL AUDIT UNITS INTERNAL AUDITORS INTERNAL CONTROL INTERNAL CONTROL FRAMEWORK INTERNAL CONTROL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LOCAL GOVERNMENT MANAGEMENT MANAGEMENT INFORMATION SYSTEMS MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MUNICIPALITIES NATIONAL GOVERNMENTS PEER REVIEW PRIVATE BANKS PRIVATIZATION PROVISIONS PUBLIC PUBLIC ACCOUNTS PUBLIC ACCOUNTS COMMITTEE PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FINANCIAL ACCOUNTABILITY PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT SYSTEM PUBLIC FUNDS PUBLIC OFFICIALS PUBLIC SECTOR PUBLIC SECTOR MANAGEMENT REGULATORY FRAMEWORK RESOURCE ALLOCATIONS TECHNICAL ASSISTANCE TRANSPARENCY TREASURY
spellingShingle	ACCOUNTABILITY ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEMS ANNUAL FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANKING SERVICES BUDGET ACT BUDGET CLASSIFICATION BUDGET COMMITTEE BUDGET EXPENDITURES BUDGET PREPARATION BUDGET PROCESS BUDGET PROPOSALS BUDGET REVISIONS BUDGET SUBMISSIONS BUDGETARY ACCOUNTING BUDGETARY CONTROL BUDGETARY FUNDS BUDGETARY SYSTEM CASH BALANCES CASH MANAGEMENT CIVIL SERVICE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CROATIAN NATIONAL BANK DECENTRALIZATION EBF EXTERNAL AUDIT FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL CONTROLLERS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MANAGEMENT INFORMATION SYSTEMS FINANCIAL MANAGEMENT SYSTEMS FINANCIAL POSITION FINANCIAL REGULATION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GOVERNMENT DEFICIT GOVERNMENT POLICIES INFLATION INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL AUDIT UNITS INTERNAL AUDITORS INTERNAL CONTROL INTERNAL CONTROL FRAMEWORK INTERNAL CONTROL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LOCAL GOVERNMENT MANAGEMENT MANAGEMENT INFORMATION SYSTEMS MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MUNICIPALITIES NATIONAL GOVERNMENTS PEER REVIEW PRIVATE BANKS PRIVATIZATION PROVISIONS PUBLIC PUBLIC ACCOUNTS PUBLIC ACCOUNTS COMMITTEE PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FINANCIAL ACCOUNTABILITY PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT SYSTEM PUBLIC FUNDS PUBLIC OFFICIALS PUBLIC SECTOR PUBLIC SECTOR MANAGEMENT REGULATORY FRAMEWORK RESOURCE ALLOCATIONS TECHNICAL ASSISTANCE TRANSPARENCY TREASURY World Bank Croatia : Country Financial Accountability Assessment
geographic_facet	Europe and Central Asia Croatia
description	Croatia focuses much of its modernization efforts on meeting the requirements for accession to the European Union (EU), which include public financial management (PFM). In this context, the relevance of this Country Financial Accountability Assessment (CFAA) is evident. It assesses the legal framework, institutional capacity, and practices, for the core financial control processes, such as budgeting, treasury, and cash management, accounting, financial reporting, internal control and audit, as well as external audit, and parliamentary oversight. The basic approach of this CFAA has been to compare PFM practices in Croatia, with those promoted by relevant international standards, including also a specific set of indicators of fiduciary risk. The report concludes that the overall fiduciary risk is significant. Most of the weaknesses in the PFM arrangements revolve around inefficiencies in the existing financial accounting, and management systems. Moreover, a specific and serious deficiency identified in this report, is the lack of a sound internal control framework in the Ministry of Finance's (MOF) Public Debt Management Section. The CFAA offers a number of recommendations: a) the Minister of Finance should assign an Assistant Minister to develop, and implement a strategic vision for the future evolution, and rationalization of the financial systems; b) the MOF should commission an independent systems audit of the SAP - trademark of financial accounting and management information system - system; and, c) the MOF should establish an inter-ministerial steering committee to oversee the development of the SAP system. Further recommendations include issuing internal audits as referred to the organic Budget Act; initiating legislative changes to establish internal audits; appointing financial controllers; and, the State Audit Office should initiate the proposed legislative changes to the Act and State Audit.
format	Economic & Sector Work :: Country Financial Accountability Assessment
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Croatia : Country Financial Accountability Assessment
title_short	Croatia : Country Financial Accountability Assessment
title_full	Croatia : Country Financial Accountability Assessment
title_fullStr	Croatia : Country Financial Accountability Assessment
title_full_unstemmed	Croatia : Country Financial Accountability Assessment
title_sort	croatia : country financial accountability assessment
publisher	Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/05/6355625/croatia-country-financial-accountability-assessment http://hdl.handle.net/10986/8295
_version_	1764405028457545728
spelling	okr-10986-82952021-04-23T14:02:39Z Croatia : Country Financial Accountability Assessment World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING PRINCIPLES ACCOUNTING SYSTEMS ANNUAL FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANKING SERVICES BUDGET ACT BUDGET CLASSIFICATION BUDGET COMMITTEE BUDGET EXPENDITURES BUDGET PREPARATION BUDGET PROCESS BUDGET PROPOSALS BUDGET REVISIONS BUDGET SUBMISSIONS BUDGETARY ACCOUNTING BUDGETARY CONTROL BUDGETARY FUNDS BUDGETARY SYSTEM CASH BALANCES CASH MANAGEMENT CIVIL SERVICE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CROATIAN NATIONAL BANK DECENTRALIZATION EBF EXTERNAL AUDIT FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL CONTROLLERS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MANAGEMENT INFORMATION SYSTEMS FINANCIAL MANAGEMENT SYSTEMS FINANCIAL POSITION FINANCIAL REGULATION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS GOVERNMENT DEFICIT GOVERNMENT POLICIES INFLATION INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL AUDIT UNITS INTERNAL AUDITORS INTERNAL CONTROL INTERNAL CONTROL FRAMEWORK INTERNAL CONTROL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LOCAL GOVERNMENT MANAGEMENT MANAGEMENT INFORMATION SYSTEMS MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MUNICIPALITIES NATIONAL GOVERNMENTS PEER REVIEW PRIVATE BANKS PRIVATIZATION PROVISIONS PUBLIC PUBLIC ACCOUNTS PUBLIC ACCOUNTS COMMITTEE PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC FINANCIAL ACCOUNTABILITY PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT SYSTEM PUBLIC FUNDS PUBLIC OFFICIALS PUBLIC SECTOR PUBLIC SECTOR MANAGEMENT REGULATORY FRAMEWORK RESOURCE ALLOCATIONS TECHNICAL ASSISTANCE TRANSPARENCY TREASURY Croatia focuses much of its modernization efforts on meeting the requirements for accession to the European Union (EU), which include public financial management (PFM). In this context, the relevance of this Country Financial Accountability Assessment (CFAA) is evident. It assesses the legal framework, institutional capacity, and practices, for the core financial control processes, such as budgeting, treasury, and cash management, accounting, financial reporting, internal control and audit, as well as external audit, and parliamentary oversight. The basic approach of this CFAA has been to compare PFM practices in Croatia, with those promoted by relevant international standards, including also a specific set of indicators of fiduciary risk. The report concludes that the overall fiduciary risk is significant. Most of the weaknesses in the PFM arrangements revolve around inefficiencies in the existing financial accounting, and management systems. Moreover, a specific and serious deficiency identified in this report, is the lack of a sound internal control framework in the Ministry of Finance's (MOF) Public Debt Management Section. The CFAA offers a number of recommendations: a) the Minister of Finance should assign an Assistant Minister to develop, and implement a strategic vision for the future evolution, and rationalization of the financial systems; b) the MOF should commission an independent systems audit of the SAP - trademark of financial accounting and management information system - system; and, c) the MOF should establish an inter-ministerial steering committee to oversee the development of the SAP system. Further recommendations include issuing internal audits as referred to the organic Budget Act; initiating legislative changes to establish internal audits; appointing financial controllers; and, the State Audit Office should initiate the proposed legislative changes to the Act and State Audit. 2012-06-18T18:02:29Z 2012-06-18T18:02:29Z 2005-05 http://documents.worldbank.org/curated/en/2005/05/6355625/croatia-country-financial-accountability-assessment http://hdl.handle.net/10986/8295 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 Croatia

Croatia : Country Financial Accountability Assessment

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