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Financial Reporting and Auditing


Module Two: Financial Reporting and Auditing
The value chain of public financial management, from funds becoming available for the public sector up to the delivery of services and investments, needs to be complemented by an oversight function that ensures these public resources are used for the best benefit of citizens.

This module deals with all aspects of the oversight function, divided into two components:

Fiscal Reporting and Transparency

Financial reporting and auditing are essential for oversight of public resources but also for making better management and decision making for th euse of funds. It supports activities at the country level to strengthen reporting and accounting. It also supports continued collaboration with relevant global bodies for reporting and auditing to ensure that the voices of emerging markets and developing economies will be represented and that the activities of the products of these bodies will be suitable fo rthem. The spillover effects of these improvements are significant, including information for better decision making and public sector management practices, improved debt transparency and management as a result of comprehensive debt accoutnign and reporting by adopting accruals-based accouting and better performance and oversight of state-owned enterprises due to reporting and auditing improvements.

Accountability and Oversight

Supreme audit institutions play a vital role in helping their respective governments improve performance, enhance transparency, ensure accountability, fight corruption, and foster efficient delivery for the benefit of their people. Diagnostics have consistently revealed the need for strengthening these institutions in many countries. The World Bank has developed strong collaboration with supreme audit institutions in many countries with the International Organization of Supreme Audit Institutions and its regional networks. A recently completed project has provided valuable lessons in successful approaches to support supreme audit institutions and effective methods for capacity development based on digital platforms that cam be applied in-country or at a regional level.


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