Financial Accountability in Nepal: Country Assessment"Nepal has suffered from the lack of proper management of public expenditures, stagnant real revenues, large and inefficient parastatals, and a weak financial sector. Fiduciary risk remains high. His Majesty's Government of Nepal has accorded high priority to the assurance of good accountability and transparency in public sector financial management." "Reforms are now critical and should be approached in an integrated way covering planning, budgeting, accounting, internal control, internal audit, external audit, and oversight. Action in only one area of financial management will not result in the same degree of benefits. The capacity building recommended in this report's Development Action Plan is designed to introduce international accounting and auditing standards in both the public and the private sectors, and to close the gap between precept and practice. The Government has a firm commitment to implement these time-bound actions." --Résumé de l'éditeur. |
Common terms and phrases
accounting and auditing Accounting Standards accounting system Accounts Committee accounts staff Administration AG's agencies Annual Report approved assessment assistance auditing standards Auditing Standards Board Auditor bodies budget budgetary support capacity building CFAA team Chapter Chartered Accountants CIAA commercial banks Company Act compliance comply corruption Council Country CPAR DDCs Development Action Plan development partners DFID donors DTCO ensure FCGO fiduciary risk financial accountability financial management financial statements fiscal framework funds guidelines HMGN ICAN implementation improve internal audit internal control irregularities issues laws legal provisions Line Ministries LSGA ment monitor Municipalities Nepal Rastra Bank Nepalese NGOs non-governmental organizations OAG's Parliament percent performance auditing prepare private sector procurement programmatic lending projects Public Expenditure public sector recommendations regulations revenue SEBO Secretary Standards Board strengthening SUB-ACTIONS submit tion transparency Transparency International VDCs
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Page 37 - the King shall, in respect of every financial year, cause to be laid before a joint sitting of Parliament an annual estimate
Page 65 - by a statement of the expenses allocated to each Ministry in the previous financial year and particulars of whether the objectives of the expenses have been achieved";
Page 29 - Nepal is one of the world's poorest countries with a per capita income of US$220
Page 70 - has been a member of the International Organization of Supreme Audit Institutions (INTOSAI)
Page 70 - by a two-thirds majority of the total membership of the House of Representatives.
Page 114 - the financial statements (balance sheet, profit and loss account, and cash flow statement)
Page 32 - that only a few of the major ones can be mentioned here.
Page 83 - are appointed for a term of six years. Their appointments may be renewed,
Page 115 - of at least ten percent of the paid-up capital of the company, or at least one-fourth of the total number of
Page 68 - by the International Federation of Accountants (IFAC) and the International Organization of Supreme Audit Institutions (INTOSAI)