Description: Islamic Republic of Pakistan : Country Financial Accountability Assessment

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Islamic Republic of Pakistan : Country Financial Accountability Assessment

The objective of the CFAA is to enhance knowledge of public financial management (PFM) and accountability arrangements in Bank's client countries. As a diagnostic tool, the CFAA supports the Bank's fiduciary responsibilities by identifyin...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTS AUDIT REPORTS AUDITING AUDITS AUTHORITY AUTHORIZATION BUDGET DEFICITS BUDGET EXECUTION BUDGET IMPLEMENTATION BUDGET MANAGEMENT BUDGET MONITORING BUDGETARY RESOURCES BUDGETARY SUPPORT BUDGETING CAPITALS CASH MANAGEMENT CENTRAL GOVERNMENT CHIEF FINANCIAL OFFICERS CIVIL SERVICE COMPLIANCE AUDITING CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONSTITUTION DATA RELIABILITY DEBT MANAGEMENT DEBT SERVICING DECISION MAKING DEVOLUTION DISCLOSURE DISTRICT GOVERNMENTS DISTRICTS EXCISE TAXES EXECUTION EXPENDITURE RESPONSIBILITIES FEDERAL FINANCE FEDERAL GOVERNMENT FINANCIAL ACCOUNTABILITY FINANCIAL CONTROL FINANCIAL DATA FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL REFORM FINANCIAL REGULATIONS FINANCIAL REPORTING FISCAL FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL MANAGEMENT FISCAL POLICY FISCAL RESPONSIBILITY FISCAL RESTRUCTURING FISCAL TRANSPARENCY FISCAL YEAR FUNDS FLOW GOOD PRACTICE GOOD PRACTICES GOVERNMENT LEVEL GOVERNMENT OFFICIALS GOVERNMENT SYSTEMS GOVERNMENTAL ORGANIZATION HUMAN RESOURCE HUMAN RESOURCE MANAGEMENT HUMAN RESOURCES INSTITUTIONAL DEVELOPMENT INSTITUTIONAL MECHANISMS INSTITUTIONAL REFORMS INTERNAL AUDIT INTERNAL CONTROLS LAWS LEGISLATION LEGISLATIVE FRAMEWORK LEGISLATIVE OVERSIGHT LEGISLATORS LEGISLATURE LEVELS OF GOVERNMENT LOCAL GOVERNMENT LOCAL GOVERNMENT FUNCTIONS MAINTENANCE COSTS MINISTRY OF FINANCE MUNICIPAL ADMINISTRATION NATIONAL EXPENDITURES PRIVATE SECTOR PROCUREMENT PRODUCTIVITY PROVINCIAL GOVERNMENTS PUBLIC ACCOUNTABILITY PUBLIC DEBT PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FUNDS PUBLIC GOODS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR ACCOUNTABILITY PUBLIC SECTOR ACCOUNTING PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING PUBLIC WORKS REFORM PROGRAMS REPRESENTATIVES REVENUE GROWTH STRUCTURAL ADJUSTMENT TAX TAX ADMINISTRATION TAX POLICY TECHNICAL ASSISTANCE TRANSPARENCY TRANSPORT TREASURY FINANCIAL ACCOUNTABILITY PUBLIC FINANCE MANAGEMENT FIDUCIARY RESPONSIBILITIES DEVELOPMENT OBJECTIVES CAPACITY BUILDING PROCESS BUDGET ADMINISTRATION BENCHMARKING LEGISLATION ENVIRONMENT AUDIT ENGAGEMENTS OVERSIGHT ACCOUNTING & REPORTING
Online Access:	http://documents.worldbank.org/curated/en/2003/12/2874350/pakistan-country-financial-accountability-assessment-project http://hdl.handle.net/10986/14688

Description
Summary:	The objective of the CFAA is to enhance knowledge of public financial management (PFM) and accountability arrangements in Bank's client countries. As a diagnostic tool, the CFAA supports the Bank's fiduciary responsibilities by identifying strengths and weaknesses of PFM so that potential risks to Bank funds can be managed. It also supports the Bank's development objectives by facilitating common understanding with the borrower and other development partners to assist in the design of PFM capacity building programs. The CFAA can also be used by the Government of Pakistan (GoP) to manage its internal finances and to strengthen accountability frameworks. This Country Financial Accountability Assessment concludes that there are substantial opportunities for consolidating current reforms and for introducing additional reforms to further strengthen public financial accountability. This will require sustained policy level commitment. The Government's will to reform is evidenced by the scale and variety of actions underway at the Federal and provincial levels. The Government of Pakistan has already embarked upon wide ranging reforms to improve budgetary and accounting systems and internal control arrangements. These reforms are now starting to show results: The risks of revenue shortfalls have been reduced with the initiation of tax policy and tax administration reforms ~ The risks of increasing excess debt have been reduced by more controlled budgeting and debt management though the use of the Medium-Term Budget Framework (MTBF) and the establishment of the Debt Office The risks of late and inaccurate federal annual accounts have been reduced by improved accounting controls introduced by the Controller General of Accounts (CGA) in compilation of accounts and the Fiscal Monitoring Committees in encouraging reconciliations. The risks of limited transparency in accounts at all levels have been reduced by the decisions to give the Auditor General responsibility for certification audit of all annual government accounts.