Sri Lanka : Country Financial Accountability Assessment
The framework for public financial
accountability in Sri Lanka is founded in the principles of
governance associated with the model inherited from the
British, widely accepted as appropriate for the country. The
primary accountability institutions, and organizations for
financial management, control, audit and legislative
scrutiny have, however, not evolved in line with the changes
in the more advanced democracies of a similar background.
This lapse has reduced the effectiveness of the system of
public financial accountability in Sri Lanka, resulting in
less than adequate assurance, that public funds are used for
the purposes intended with due consideration to economy and
efficiency. Financial accountability at the sub-national
level is less well developed than at the center. The reasons
for this are similar to those concerning the central
Government, but more acute and pronounced. Public
enterprises are characterized by excessive staff; weak
management; inefficiencies; heavy losses; dependency on
budget transfers; and delayed publication of audited
accounts, thus, further eroding public financial
accountability. Discussions with stakeholders on reforms,
centered around the urgent need to improve public financial
accountability, showing five priority areas of concern: 1)
Parliamentary control of the public purse has become
ineffective, which can be restored by strengthening the
oversight function provided by the public accounts and
public enterprises committees; 2) the accountability of the
executive is too focused on 'spending to budget',
rather than on 'managing for results', therefore,
introducing, on a progressive basis, a performance based
culture with incentives focused on achievement of outputs
and outcomes, and, holding government officials accountable
for meeting objectives and performance standards should be
considered; 3) need for strengthening the public audit
function; 4) removing obstacles, and re-visiting the
Establishment Code could prod good governance practices;
and, 5) addressing greater specificity on financial
accounting, reporting, auditing, and capacity building at
sub-national levels.
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Bibliographic Details
| Main Author: |
World Bank |
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| Language: | English
en_US |
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| Published: |
Washington, DC
2003-06-30
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| Subjects: | FINANCIAL ADMINISTRATION,
PUBLIC FINANCE,
LOCAL GOVERNMENT PARTICIPATION,
ACCOUNTING & REPORTING,
PERFORMANCE INDICATORS,
GOVERNANCE APPROACH,
CAPACITY BUILDING,
INSTITUTIONAL FRAMEWORK,
PUBLIC ENTERPRISES,
BUDGET CONTROL,
FINANCIAL MANAGEMENT,
STATE-OWNED ENTERPRISES,
LEGISLATIVE COUNCIL,
INFORMATION CONTENT,
ACCOUNTABILITY,
ACCOUNTING FRAMEWORK,
ACCOUNTING POLICIES,
ACCOUNTING PRACTICES,
ACCOUNTING STANDARDS,
ACCRUAL ACCOUNTING,
ADB,
ADMINISTRATIVE PROCESSES,
ASSET MANAGEMENT,
AUDITING,
AUTHORITY,
BLOCK GRANTS,
BUDGET DEFICIT,
BUREAUCRACY,
CENTRAL GOVERNMENT,
CONSTITUTION,
COUNCILS,
DEBT,
DEBT MANAGEMENT,
DECISION MAKING,
DEVOLUTION,
DISCLOSURE,
ECONOMIC GROWTH,
ECONOMIC POLICIES,
ELECTRICITY,
EXPENDITURE,
FINANCIAL ACCOUNTABILITY,
FINANCIAL ACCOUNTING,
FINANCIAL CONTROL,
FINANCIAL DISCIPLINE,
FINANCIAL INFORMATION,
FINANCIAL PERFORMANCE,
FINANCIAL REGULATIONS,
FINANCIAL REPORTING,
FISCAL,
FISCAL DISCIPLINE,
FISCAL MANAGEMENT,
FIXED ASSET,
GOVERNMENT AGENCIES,
GOVERNMENT FINANCE,
GOVERNMENT GUARANTEES,
GOVERNMENT LEVEL,
GOVERNMENT OWNED COMPANIES,
GOVERNMENT PRODUCTIVITY,
GOVERNMENT REVENUE,
GOVERNMENT SERVICES,
GOVERNMENT SPENDING,
HUMAN RESOURCES,
INSTITUTIONAL CAPACITY,
INSTITUTIONAL DEVELOPMENT,
INSTITUTIONAL REFORMS,
INTERNAL CONTROLS,
LACK OF CLARITY,
LACK OF TRANSPARENCY,
LAWS,
LEGAL PROTECTION,
LEGAL PROVISIONS,
LEGISLATION,
LEGISLATORS,
LEGISLATURE,
LEVELS OF GOVERNMENT,
LOCAL AUTHORITIES,
LOCAL AUTHORITY,
LOCAL GOVERNMENT,
LOCAL GOVERNMENT REVENUE,
LOCAL GOVERNMENTS,
MEMBERS OF PARLIAMENT,
MIGRATION,
MINISTRY OF FINANCE,
NATIONAL GOVERNMENTS,
NATIONAL LEVEL,
POLITICAL INTERFERENCE,
PRIVATE SECTOR,
PRIVATIZATION,
PUBLIC EXPENDITURE,
PUBLIC EXPENDITURE MANAGEMENT,
PUBLIC FUNDS,
PUBLIC RESOURCES,
PUBLIC SECTOR,
PUBLIC SECTOR ACCOUNTING,
PUBLIC SECTOR REFORM,
REVENUE COLLECTION,
REVENUE MANAGEMENT,
RIGHT OF APPEAL,
STATE OWNED ENTERPRISES,
SUBSIDIARY,
TECHNICAL ASSISTANCE,
TRANSPARENCY,
TREASURY, |
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| Online Access: | http://documents.worldbank.org/curated/en/2003/06/3100541/sri-lanka-country-financial-accountability-assessment
https://hdl.handle.net/10986/14597
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