Download or read book DfID financial management written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-10-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the Department for International Development's financial management capability, its increasing focus on value for money, and the challenges it faces in managing its increasing programme budget while reducing its overall running costs. DFID is protected from overall expenditure reductions as the Government has committed to increasing the UK's aid spending to 0.7% of gross national income by 2013. The Department faces a substantial challenge to improve its financial management while reducing its administration costs by a third over the next four years. The Committee welcomes the planned introduction, in 2011, of a finance improvement plan. DFID must now keep up the focus on better financial management. There is concern that the Department does not quantify the likely level of leakage through fraud and corruption. And DFID is only considering fraud risk at the level of delivery method rather than at a country level. Management of fraud risk will require a stronger framework for ensuring money is properly spent on the ground, with effective monitoring and pro-active anti-fraud work. The likely increase in funding via multilateral organisations (which then determine how to distribute the aid worldwide) might not ensure value for money as DFID does not have the same visibility over the cost and performance of multilaterals' programmes as it does over its own bilateral programmes. Finally, the Committee is concerned that the Department still has insufficient data to make informed investment decisions based on value for money.

Download or read book Financial management report written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2011-04-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sound financial management will be essential at the Department for International Development as its spending increases by a third over the next four years. The Department has put important building blocks in place; however its financial management is not yet mature. The Department cannot yet assess important aspects of the value for money of the aid it has delivered, at an aggregated level. The Department's programme budget will grow by £3.3 billion from 2010-11 to 2014-15 (34 per cent in real terms). At the same time, its administration budget is going to reduce by a third. The Department has increased the number of finance professionals it employs, but this expertise needs to be used more effectively across the business. In addition, new financial information systems do not yet provide the data needed to support well-founded decisions and forecasts are still an area of weakness. After a thorough review the Department now has a high level plan. Along with actions to strengthen measurement of aid projects, this has the potential to help strengthen the focus on aid results and value for money. But key risks need to be managed and a single strategy for doing so is needed. With greater spending in higher risk locations and more fragile states more must be done to assure that fraud and corruption risks are minimised. Although the level of reported fraud is low, it is likely to be under-reported. The NAO has found that the investigation of fraud is reactive and the Department does not attempt to quantify its estimated likely fraud losses

Download or read book Providing budget support to developing countries written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2008-02-08 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Budget support is aid provided directly to a partner government's central exchequer, and aims to reduce poverty through helping to fund the poverty reduction strategy of the beneficiary country. DFID's use of budget support has risen to £461 million, representing nearly twenty per cent of bilateral expenditure. This study examines the aims of budget support, what it is achieving, how DFID manages the risks of using it and how DFID takes individual funding decisions. The report finds that budget support has: often enabled partner governments to increase expenditure on priority areas; resulted in partner governments providing more services, particularly in health and education; helped increase the capacity of partner governments to plan and deliver services effectively and to develop better poverty-focused policies; helped partner governments to strengthen their financial management systems and encouraged other donors to support such reforms; facilitated donor alignment to, and support for, the developing nation's own strategies; and reinforced existing economic stability and good economic management. But evidence on whether budget support has yielded better value for money than other forms of aid is not conclusive. While budget support has some advantages compared to other forms of aid, it also carries significant risks which need to be better managed. Monitoring achievement is challenging, and DFID does not always set out what it expects to achieve or by when. Formal monitoring frameworks do not always track progress in remedying weaknesses in financial systems. And monitoring of human rights - one of the key criteria for giving budget support - is not yet systematic. Weaknesses in available statistics continue to limit the ability to monitor results. Developing country governments may not be capable of using UK funds efficiently and effectively or may misuse them for political reasons or through corruption.

Download or read book Financial Management written by Asif A. Khan and published by DIANE Publishing. This book was released on 2010 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the first financial statement audit was attempted at a major DoD component over 20 years ago, auditors have continued to report significant weaknesses in DoD's ability to provide timely, reliable, consistent, and accurate info. for mgmt. analysis, decision-making, and reporting. In 2005, the Financial Improve. and Audit Readiness (FIAR) Directorate was established in DoD to manage financial improvement efforts and to integrate those efforts with transformation activities across the dept. This report analyzes this plan to identify any areas where improvements are needed to enhance the plan's effectiveness as a mgmt. tool for reporting on DoD's efforts to identify and resolve its financial mgmt. weaknesses and achieve financial statement auditability.

Download or read book Assessing and Reforming Public Financial Management written by Richard Allen and published by World Bank Publications. This book was released on 2004 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study compares the various instruments and approaches used by the World Bank, the European Commission, the International Monetary Fund, the Strategic Partnership for Africa and several bilateral donor agencies to assess and reform public expenditure management systems in developing and transitional countries. It identifies weaknesses in the current system and recommends a new medium-term, country-led, multidonor approach which is focused on better budgetary management supplemented by donor aid funds, as a key mechanism to reduce poverty and attain other policy goals.

Download or read book Department of Defense written by Office, U.s. Government Accountability and published by . This book was released on 2017-08-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As one of the largest and most complex organizations in the world, the Department of Defense (DOD) faces many challenges in resolving its pervasive and long-standing financial management and related business operations and systems problems. DOD is required by various statutes to (1) improve its financial management processes, controls, and systems to ensure that complete, reliable, consistent, and timely information is prepared and responsive to the financial information needs of agency management and oversight bodies, and (2) produce audited financial statements.DOD has initiated numerous efforts over the years to improve the department's financial management operations and ultimately achieve unqualified (clean) opinions on the reliability of reported financial information.The Subcommittee has asked GAO to provide its perspective on DOD's current efforts to address its financial management weaknesses and achieve auditability, including the status of its Enterprise Resource Planning (ERP) system implementations.GAO's testimony is based on its prior work related to DOD's financial improvement and audit readiness strategy and related activities, including its ERP implementation..."

Download or read book PEFA Public Financial Management and Good Governance written by Jens Kromann Kristensen and published by World Bank Publications. This book was released on 2019-11-24 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This project, based on the Public Expenditure and Financial Accountability (PEFA) data set, researched how PEFA can be used to shape policy development in public financial management (PFM) and other major relevant policy areas such as anticorruption, revenue mobilization, political economy analysis, and fragile states. The report explores what shapes the PFM system in low- and middle-income countries by examining the relationship between political institutions and the quality of the PFM system. Although the report finds some evidence that multiple political parties in control of the legislature is associated with better PFM performance, the report finds the need to further refine and test the theories on the relationship between political institutions and PFM. The report addresses the question of the outcomes of PFM systems, distinguishing between fragile and nonfragile states. It finds that better PFM performance is associated with more reliable budgets in terms of expenditure composition in fragile states, but not aggregate budget credibility. Moreover, in contrast to existing studies, it finds no evidence that PFM quality matters for deficit and debt ratios, irrespective of whether a country is fragile or not. The report also explores the relationship between perceptions of corruption and PFM performance. It finds strong evidence of a relationship between better PFM performance and improvements in perceptions of corruption. It also finds that PFM reforms associated with better controls have a stronger relationship with improvements in perceptions of corruption compared to PFM reforms associated with more transparency. The last chapter looks at the relationship between PEFA indicators for revenue administration and domestic resource mobilization. It focuses on the credible use of penalties for noncompliance as a proxy for the type of political commitment required to improve tax performance. The analysis shows that countries that credibly enforce penalties for noncompliance collect more taxes on average.

Download or read book Financial Management Regulation Volume 2A written by Department of Department of Defense and published by . This book was released on 2017-06-30 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: DoD Instruction 7000.14-R, "Department of Defense Financial Management Regulations (FMRs)," is the DoD-wide regulation that guides financial management for accounting, budgeting, financing, and financial management education and training. Why buy a book you can download for free? We print this book so you don't have to. First you gotta find a good clean (legible) copy and make sure it's the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. We look over each document carefully and replace poor quality images by going back to the original source document. We proof each document to make sure it's all there - including all changes. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it's just a 10-page document, no problem, but if it's 250-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour. It's much more cost-effective to just order the latest version from Amazon.com This book is published by 4th Watch Books and includes copyright material. We publish compact, tightly-bound, full-size books (8 � by 11 inches), with glossy covers. 4th Watch Books is a Service Disabled Veteran-Owned Small Business (SDVOSB). If you like the service we provide, please leave positive review on Amazon.com. For more titles published by 4th Watch Books, please visit: cybah.webplus.net FAR DFAR OMB A-130/FISMA

Download or read book DFID Response to the Independent Commission for Aid Impact ICAI Recommendations on Achieving Value for Money Through Procurement DFID s Approach to Value for Money Through Tendering and Contract Management written by and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book UK Aid written by Great Britain: H.M. Treasury and published by . This book was released on 2015-11-24 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Government recognises that aid spending has sometimes been controversial at home because people want to know that it is squarely in the UK's national interest. Recent crises have proved, though, why aid is so important for us as well as for the countries we assist. The 2015 Spending Review is therefore being used to fundamentally review how this budget is spent. Spending will be shaped according to four strategic objectives. The strategy sets out how, as a result of the new approach, we will: allocate 50% of all DFID's spending to fragile states and regions; increase aid spending for the Syrian crisis and the related region; end all traditional general budget support - so we can better target spending; use an expanded cross-government Conflict, Stability and Security Fund (CSSF) to underpin our security objectives by supporting the international work of the National Security Council (NSC); create a £500 million ODA crisis reserve to allow still greater flexibility to respond to emerging crises such as the displacement of Syrian refugees; fund a new £1 billion commitment to global public health (the "Ross Fund") which will fund work to tackle the most dangerous infectious diseases, including malaria. The fund will also support work to fight diseases of epidemic potential, such as Ebola, neglected tropical diseases, and drug resistant infections; and use a new cross-government Prosperity Fund, led by the NSC, to drive forward our aim of promoting global prosperity.

Download or read book Accounting for Governments written by Jesse Hughes and published by Independently Published. This book was released on 2019-04-08 with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Parry and Jesse Hughes have written the only book that comprehensively examines government financial management addressing the conceptual issues, challenges and detailed techniques in countries in every region of the world. "Accounting for Governments: from Budget to Audit" is essential reading for anyone interested in governance and the management of public resources by countries across the world - whether as a politician, official, adviser, practitioner or student.Cem Dener from the World Bank stated "the authors are not only providing a clear and candid view of all important aspects of Government Financial Management (GFM), but also discussing several fundamental issues and the potential impact of disruptive technologies in GFM domain".Citizens have a right to know how their government raises, manages and spends their money - making government accountable. Yet despite modern technology and ever more sophisticated techniques of financial management, achieving effective accountability remains an elusive goal. THE BOOK-comprehensively examines government financial management, from planning and budgeting through the practical implementation of the budget to delivering services, reporting, control and audit-surveys the historical development of government financial management through to modern techniques and the potential disruptive impact of future technology-considers technical approaches in detail and with examples and case studies from around the world -identifies the many challenges to achieving effective government financial management CONTENTS Chapters 1 and 2 - background, legal and institutional frameworkChapter 3 - historical development of government financial managementChapters 4 and 5 - planning and budgetingChapters 6 to 8 - budget execution, accounting and accounting baseChapters 9 and 10 - financial transparency, reporting and International Public Sector Accounting StandardsChapters 11 and 12 - classification and consolidationChapters 13 and 14 - transparency, accountability, control and auditChapter 15 - education, certification, and ethics of accountants and auditorsChapter 16 - managing the modernization of government financial managementChapter 17 - key issues and the future of government financial managementBibliographyTHE AUTHORSDr. Michael Parry (Ph.D., B.Sc. (Econ), FCA, CGMA, ACMA, ATII) principal of PFM Training Ltd and Michael Parry Consulting LLP. Formerly chairman of a major international consulting firm, has provided advice to governments in Europe, Asia, Africa, the Pacific and the Caribbean working for the UN, IMF, World Bank, ADB, DfID and other organisations. Extensive finance and management experience in the public and private sectors in countries across the world.Dr. Jesse Hughes (Ph.D., CPA, CIA, CGFM) Professor Emeritus of Accounting at Old Dominion University, Virginia, USA. Author of numerous articles. Worked in government for 20 years as an auditor, accountant, and comptroller, and in academe for another 20 years. During the past 20 years, worked as a consultant for each of the big four accounting firms, IMF, World Bank and UN on government financial management issues in 22 countries.

Download or read book Financial Management written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-07 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.

Download or read book Financial Management Regulations Volume 16 written by Department of Department of Defense and published by . This book was released on 2017-08-23 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: DoD Instruction 7000.14-R, "Department of Defense Financial Management Regulations (FMRs)," is the DoD wide regulation that guides financial management for accounting, budgeting, financing, and financial management education and training. Why buy a book you can download for free? First you gotta find a good clean (legible) copy and make sure it's the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. We look over each document carefully and replace poor quality images by going back to the original source document. We proof each document to make sure it's all there - including all changes. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it's just a 10-page document, no problem, but if it's 250-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour. It's much more cost-effective to just order the latest version from Amazon.com This book is published by 4th Watch Books and includes copyright material. We publish compact, tightly-bound, full-size books (8 � by 11 inches), with glossy covers. 4th Watch Books is a Service Disabled Veteran-Owned Small Business (SDVOSB). If you like the service we provide, please leave positive review on Amazon.com. For more titles published by 4th Watch Books, please visit: cybah.webplus.net FAR DFAR OMB A-130/FISMA

Download or read book Transforming Department of Defense Financial Management A Strategy for Change written by and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the request of the Secretary of Defense (SECDEF), the Department of Defense (DoD) contracted with the Institute for Defense Analyses to conduct a study to recommend a strategy for financial management improvements within the Department. The Study Group envisions a future in which relevant, reliable and timely financial information, affirmed by a clean audit opinion, is available on a routine basis to support management decision-making at all levels throughout DoD. Relevant financial information will tell managers the costs of forces or activities that they manage and the relationship of funding levels to output, capability or performance of those forces or activities. Reliable financial information will provide a more accurate basis for decision-making and be affirmed by a clean audit opinion. Such financial information will be available to managers at all pertinent levels, from those charged with carrying out DoD's missions at the theater and national levels down to the managers of supporting activities. Current DoD financial, accounting and feeder/operational management systems do not provide information that could be characterized as relevant, reliable and timely. Nor is the "support of management decision-making" generally an objective of the financially based information currently developed or planned for future development. Front-end investment and much work need to be done to accomplish a necessary transformation. Many positive projects are currently underway in DoD; however, they are narrowly focused, do not have sufficient senior leadership and urgency behind them, and are not part of an integrated DoD-wide strategy.

Download or read book Financial Management Regulations Volume 5 written by Department of Department of Defense and published by . This book was released on 2017-08-23 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: DoD Instruction 7000.14-R, "Department of Defense Financial Management Regulations (FMRs)," is the DoD wide regulation that guides financial management for accounting, budgeting, financing, and financial management education and training. Why buy a book you can download for free? First you gotta find a good clean (legible) copy and make sure it's the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. We look over each document carefully and replace poor quality images by going back to the original source document. We proof each document to make sure it's all there - including all changes. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it's just a 10-page document, no problem, but if it's 250-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour. It's much more cost-effective to just order the latest version from Amazon.com This book is published by 4th Watch Books and includes copyright material. We publish compact, tightly-bound, full-size books (8 � by 11 inches), with glossy covers. 4th Watch Books is a Service Disabled Veteran-Owned Small Business (SDVOSB). If you like the service we provide, please leave positive review on Amazon.com. For more titles published by 4th Watch Books, please visit: cybah.webplus.net FAR DFAR OMB A-130/FISMA

Download or read book Dod Financial Management written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-07 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial management problems at the Department of Defense (DOD) are complex, long-standing, and deeply rooted throughout its business operations. DOD's financial management deficiencies represent the single largest obstacle to achieving an unqualified opinion on the U.S. government's consolidated financial statements. So far, none of the military services or major DOD components have passed the test of an independent financial audit because of pervasive weaknesses in financial management systems, operations, and controls. These problems go back decades, and earlier attempts at reform have been unsuccessful. DOD continues to rely on a far-flung, complex network of finance, logistics, personnel, acquisition, and other management information systems for financial data to support day-to-day management and decision-making. This network has evolved into an overly complex and error-prone operation with (1) little standardization across DOD components; (2) multiple systems performing the same tasks; (3) the same data stored in multiple systems; (4) manual data entry into multiple systems; and (5) a large number of data translations and interfaces, which combine to exacerbate problems with data integrity. Many of the elements that are crucial to financial management reform and business process transformation--particularly those that rely on long-term systems improvements--will take years to fully implement.

Download or read book Developing and Maintaining a Useful Financial Management Handbook for Department of Defense Financial Managers written by Marie Bambao and published by . This book was released on 1999-12-01 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 13-week Financial Management in the Armed Forces and the two-week Practical Comptrollership are two classes offered at the Naval Postgraduate School, Monterey, California. The primary instructional material used for these two courses is the Practical Comptrollership handbook. As new financial management directives and guidance from the Office of Management and Budget (0MB), the Department of Defense (DoD), and the Department of the Navy (DoN) are implemented, financial management in the DoN is modified. The purpose of this research was to update the material contained in the Practical Comptrollership handbook to reflect changes in financial management policies and practices. This research investigated legislation, 0MB, DoD, and DoN directives and budget guidance to incorporate the latest financial management information and processes. This research provides the most up-to-date information currently available to financial managers to assist them in improving the efficiency of financial systems and reduce costs.