Romania : Country Financial Accountability Assessment
As of 2002 , with the adoption of the
law on public finance (LPF), the Romanian Government appears
to have established a comprehensive legal base for
appropriate institutions of public financial accountability.
The Country Financial Accountability Assessment (CFAA)
recommends that the Ministry of Public Finance maintain the
comparability between the key terms, and definitions used in
the European Commission (EC) financial regulation. The newly
adopted regulatory framework for budgeting, accounting,
internal control, internal audit, and the technical
assistance projects in these fields, reflect the
Government's efforts to meet international best
practices in these areas. The CFAA concludes that in order
to accomplish these efforts, the Government needs to
reinforce its strategic management of the public financial
management (PFM) reform, and recommends the establishment of
a cross-ministerial committee-based reform management. The
CFAA also addresses the need to closely coordinate technical
assistance, and training activities in the field of public
financial management. The CFAA recommends the continued
reinforcement of the Ministry of Public Finance capacity, to
monitor compliance with the rules, and deadlines for budget
preparation, while it acknowledges the internalization of
the remaining extra budgetary funds, into the framework of
the LPF. The CFAA concludes that budget data generally
appears to be reliable, noticing budget variances are
disclosed. As a general recommendation, the CFAA further
suggests the MoPF should continuously review, and consider
the need to inform Parliament with timely reports, and
updated data, on changes made in budget allocations. The
overall impression of the CFAA is that decisive progress has
been made in recent years, in modernizing budget practices.
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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
2003-12-31
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| Subjects: | ACCOUNT,
ACCOUNTABILITY,
ACCOUNTANTS,
ACCOUNTING,
ACCOUNTING PRACTICES,
ACCOUNTING PRINCIPLES,
ACCOUNTING RULES,
ACCRUALS,
ADJUSTMENT LENDING,
AMBITION,
ANTI-CORRUPTION,
APPROPRIATIONS,
ATTESTATION,
AUDITING,
AUDITING STANDARDS,
AUDITS,
AUTHORITY,
BOOKKEEPING,
BUDGET DEFICIT,
BUDGET EXECUTION,
BUDGETING,
CASH MANAGEMENT,
COMMERCIAL BANKS,
DEBT,
DEBT MANAGEMENT,
DECENTRALIZATION,
EBF,
EXECUTION,
EXPENDITURE,
FINANCIAL ACCOUNTABILITY,
FINANCIAL ACCOUNTING,
FINANCIAL CONTROL,
FINANCIAL MANAGEMENT,
FINANCIAL REGULATION,
FINANCIAL REPORTING,
FINANCIAL REPORTS,
FINANCIAL SERVICES,
FINANCIAL STATEMENTS,
FINANCIAL SYSTEM,
FISCAL,
FISCAL TRANSPARENCY,
FISCAL YEAR,
GOVERNMENT AGENCIES,
GROSS DOMESTIC PRODUCT,
INSTITUTION BUILDING,
INTERNAL AUDIT,
INTERNAL AUDITING,
INTERNAL AUDITORS,
INVENTORY,
LEGALITY,
LEGISLATION,
LOCAL AUTHORITIES,
MANAGEMENT INFORMATION SYSTEMS,
NATIONAL ACCOUNTS,
PAYMENTS ARREARS,
PRIVATE SECTOR,
PRIVATIZATION,
PROGRAM BUDGETING,
PROVISIONS,
PUBLIC EXPENDITURE,
PUBLIC EXPENDITURE MANAGEMENT,
PUBLIC FINANCE,
PUBLIC OFFICIALS,
PUBLIC PROCUREMENT,
PUBLIC SECTOR,
PUBLIC SECTOR MANAGEMENT,
PUBLIC SECTOR WAGES,
REGULATORY FRAMEWORK,
REPORTING SYSTEMS,
STATE AGENCIES,
STATE-OWNED ENTERPRISES,
SUBNATIONAL GOVERNMENTS,
TECHNICAL ASSISTANCE,
TRANSPORT,
TREASURY,
WAGES POLITICAL ACCOUNTABILITY,
EXPENDITURE ANALYSIS,
RESOURCE ALLOCATION PROCESSES,
LEGAL & REGULATORY FRAMEWORK,
LAW ENFORCEMENT,
FINANCIAL MANAGEMENT SYSTEMS,
PROCUREMENT,
ALLOCATION OF RESOURCES,
BUDGET MONITORING,
BUDGET IMPLEMENTATION,
FINANCIAL REPORTING STANDARDS,
GOVERNMENT ACCOUNTING,
INFORMATION TECHNOLOGY,
CORRUPT PRACTICES,
CUSTOMS ADMINISTRATION,
OFF-BUDGET SUBSIDIES,
INSTITUTIONAL FRAMEWORK, |
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| Online Access: | http://documents.worldbank.org/curated/en/2003/12/3029845/romania-country-financial-accountability-assessment
https://hdl.handle.net/10986/14600
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