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• Assessing progress in managing public finances in the Commonwealth

Assessing progress in managing public finances in the Commonwealth

1 July 2008

Auditors-General to be offered country self assessment results for review

The Commonwealth Public Financial Management Self Assessment Toolkit, endorsed by finance ministers, will be introduced to Commonwealth Auditors-General at their meeting in Bermuda from 7 to 9 July 2008.

The toolkit, which would be used by member countries to assess country performance on public finance reform, is useful for audit institutions conducting country self-assessments. Information collated will feed into guidelines that focus on areas that need addressing.

This toolkit is an interactive software developed over 18 months by more than 100 practitioners, including accountants, budget and finance officials, auditors and public sector experts drawn from 40 Commonwealth countries. The toolkit examines accountability and stewardship, planning and resource allocation, measurement, performance and value creation.

“The toolkit not only aids recipient countries to take stock of performance ahead of joint assessments by development partners, but allows public sector officials and oversight bodies to adopt appropriate measures so as to meet the required standards of financial efficiency, transparency and accountability,” said Kaifala Marah, the Commonwealth Secretariat’s Public Expenditure Adviser.

He stressed the importance of self assessment and internal reviews, as well as having systems in place to identify weaknesses in the management of public finances so that finance officials and oversight institutions can take appropriate actions to rectify and strengthen efforts to improve processes in budgeting, monitoring and control.

Following its roll out in September last year, a successful pilot was carried out by the Government of Cameroon. The country’s Ministry of Finance Technical Adviser Rose Tanyi said the toolkit was easy to use in performance evaluation in efforts to track the progress of financial reform in the public sector.

This toolkit will facilitate the survey of country-specific and pan-Commonwealth challenges in public financial management that can be addressed through the development of a focused support package to address gaps in performance.