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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
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.

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