Ukraine : Country Financial Accountability Assessment

Ukraine has several strengths, such as an educated workforce, strong bookkeeping skills, and commitment to reforms, and a long-term vision of joining the European Union. In order to strengthen existing public financial accountability, Ukraine will need to build on its strength by undertaking several measures. Experience in many other countries shows that several required changes entail reaching political consensus, reforming existing institutions, or creating new institutions. This suggests that a realistic timetable for improvement in public financial accountability will have to stretch over several years and will depend on strong leadership from the top. The most important areas for action are: bringing revenues under the scope of independent external auditors; introducing the concept of internal audit; strengthening the capacity of the Accounting Chamber to conduct financial statement audits; strengthening the accountability of state owned enterprises; introducing international accounting standards for selected enterprises; adopting international best practices for licensing of audit professionals; and strengthening the disciplinary committee of the Chamber of Auditors to provide effective oversight. Other measures needed are to: train deparmtnetal staff in implementing program budgeting; fully implementing the Budget Code; expediting the implementing of the Treasury modernization project; and implementing standardized automated accounting and reporting systems.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2001-10-15
Subjects:	LEGAL FRAMEWORK, INSTITUTIONAL FRAMEWORK, EXTERNAL AUDITORS, INTERNAL AUDITING, CAPACITY BUILDING, FINANCIAL STATEMENTS, ACCOUNTING & REPORTING, PUBLIC ENTERPRISES, STAFF TRAINING, PROGRAM BUDGETING, BUDGET LAW & LEGISLATION, MODERNIZATION, AUTOMATION, REPORTING SYSTEMS, MANAGEMENT INFORMATION SYSTEMS, REGULATORY AGENCY, BUSINESS LAW, LEGAL REFORM, CORPORATE GOVERNANCE, HIRING PRACTICIES ACCOUNT, ACCOUNTANTS, ACCOUNTING, ACCOUNTING POLICIES, ACCOUNTING RECORDS, ACCOUNTING SOFTWARE, ACCOUNTING STANDARDS, ACCOUNTS, ACCOUNTS PAYABLE, ACCOUNTS RECEIVABLE, APPROPRIATIONS, AUDIT REPORTS, AUDITING, AUDITING PROFESSION, AUDITORS, AUTHORITY, AUTHORIZATION, BANK ACCOUNTS, BANKING SYSTEM, BILLS, BOOKKEEPING, BORROWING, BUDGET APPROPRIATIONS, BUDGET CLASSIFICATION, BUDGET ESTIMATES, BUDGET EXECUTION, BUDGET IMPLEMENTATION, BUDGET PROCESS, BUDGET REVENUES, BUDGET SYSTEM, BUDGET SYSTEMS, BUDGETARY ALLOCATIONS, BUDGETARY FUNDS, BUDGETARY INSTITUTIONS, BUDGETARY PROCESS, BUDGETARY RESOURCES, BUDGETARY SPENDING, BUDGETARY SYSTEMS, CABINET OF MINISTERS, CAPITAL BUDGETING, CAPITAL MARKETS, CAPITAL PROJECTS, CASH COLLECTIONS, CASH FLOWS, CASH MANAGEMENT, CENTRAL GOVERNMENT, CENTRALIZATION, CITIZENS, CIVIL SERVICE, COMMERCIAL BANKS, CONSTITUTION, CONTRACTORS, COUNCILS, DEBT, DEBT RESTRUCTURING, DECISION-MAKERS, DECREE, DECREES, DEFICITS, DEMOCRACY, DEPOSITS, DISCIPLINARY COMMITTEE, EMPLOYMENT, ENACTMENT, EXECUTIVE POWER, EXPENDITURE MANAGEMENT, EXPENDITURES, FINANCIAL ACCOUNTABILITY, FINANCIAL ACCOUNTING, FINANCIAL AUDITS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MANAGEMENT SYSTEMS, FINANCIAL REPORTING, FINANCIAL REPORTS, FISCAL, FISCAL TRANSPARENCY, FISCAL YEAR, FOREIGN INVESTORS, GOVERNMENT FINANCE, GOVERNMENT GUARANTEES, GOVERNMENTAL ORGANIZATION, GROSS DOMESTIC PRODUCT, HUMAN RESOURCE, HUMAN RESOURCE MANAGEMENT, IMPEACHMENT, INSURANCE, INTERNAL AUDIT, INTERNAL CONTROLS, INTERNAL SECURITY, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INVENTORY, LARGE CITIES, LAWS, LEASED ASSETS, LEGISLATIVE OVERSIGHT, LEGISLATIVE POWER, LEGISLATURE, LOCAL GOVERNMENTS, MANAGEMENT ACCOUNTING, MANAGEMENT ACCOUNTING SYSTEMS, MEMBERS OF PARLIAMENT, MINISTERS, MINISTRY OF FINANCE, PAYMENT SYSTEMS, PENALTIES, POLITICAL CONSENSUS, PRIVATE SECTOR, PROVISIONS, PUBLIC ACCOUNTABILITY, PUBLIC EXPENDITURE, PUBLIC INSTITUTIONS, PUBLIC RESOURCES, PUBLIC SECTOR, PUBLIC SECTOR ACCOUNTING, RESOURCE ALLOCATION, RISK OF FRAUD, SEPARATION OF POWERS, SOCIAL INSURANCE, STATE AGENCIES, STATE BUDGET, STATE CONTROL, STATE OWNED ENTERPRISES, TAX, TAX ADMINISTRATION, TAX REVENUES, TECHNICAL ASSISTANCE, TREASURY, WAGES,
Online Access:	http://documents.worldbank.org/curated/en/2001/10/2011688/ukraine-country-financial-accountability-assessment-cfaa https://hdl.handle.net/10986/15365
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