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World Bank Document Report No. 26839-RU No. Report Russian Federation Country Financial Accountablility Assessment Accountablility Financial Country Federation Russian Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank World Document of the Asia Region Europe and Central and Services Unit Policy Operations September 16, 2003 Assessment Accountability Country Financial Russian Federation Report No. 26839-RU CTJFtFtENCY EOUIVALENTS Unit of currency = Ruble EXCHANGE RATE US$ 1 = 3 1.825 Rubles (December 30,2002) ACRONYMNS AND ABBREVIATIONS AC Accounts Chamber PAC Public Accounts Committee ASOSAI Asian Organization of Supreme Audit PEIR Public Expenditure and Institutional Institutions Review CAS Country Assistance Strategy PIU Project Implementation Unit CBR Central Bank of Russia PSC Public Sector Committee COA Chart of Accounts RF Russian Federation CID Control and Inspections Division RFTA Regional Fiscal Technical Assistance CIFA Core Integrative Fiduciary Assessment ROSC Report on Observance of Standards and Code CPI Corruption Perceptions Index SAI Supreme Audit Institution CPPR Country Portfolio Performance Reviews SAL Sectoral Adjustment Loan DFID Department for International Development SNAO Swedish national Accounting Office (UK) ESW Economic and Sector Work SOE State-Owned Enterprise EUROSAI European Organization of Supreme Audit su Spending Units Institutions FMI Financial Management Initiative TGL Treasury General Ledger FMIS Financial Management Information System TI Transparency International FSAP Financial Sector Assessment Program TSA Treasury Single Account FT Federal Treasury USSR Union of the Soviet Socialist Republics GAO General Accounting Office (USA) VPN Virtual Private Network GDP Gross Domestic Product WBI World Bank Institute GFS Government Financial Statistics IAS International Accounting Standards IASC International Accounting Standards Committee IBRD International Bank for Reconstruction and Development IMF International Monetary Fund IFAC International Federation of Accountants IF1 International Financing Institutions INTOSAI International Organization of Supreme Audit Institutions ISA International Standards on Auditing KRU Financial Control Department MOD Ministry of Defense LAN Local Area Network MOF Ministry of Finance MOEDT Ministry of Economic Development and Trade MPS Material Product System NAO National Accounting Office (UK) NGO Non-Governmental Organization OECD Organization for Economic Cooperation and Development Regional Vice-president: Shigeo Katsu, ECAVP Country Director: Julian Schweitzer, ECCUl Sector Director: Alain Colliou, ECSPS Sector Manager: John Hegarty, ECSPS Task Team Leader: Roberto Tarallo, LCOAA Russian Federation: Countw Financial Accountabilitv Assessment I TABLEOF CONTENTS TABLE OF CONTENTS .................................................................................................. i PREFACE ........................................................................................................................... i EXECUTIVE SUMMARY ............................................................................................ IV I. COUNTRY CONTEXT ................................................................................................ 1 Governing Structures ................................................................................................................... 1 Strengthening Central Control., ................................................................................................... 2 Economic Prospects and Public Sector Reform .......................................................................... 2 I1. PUBLIC SECTOR BUDGET MANAGEMENT ...................................................... 5 Soviet Legacy and Progress to Date ............................................................................................ 5 Budget Planning and Preparation ................................................................................................ 6 Budget Execution ........................................................................................................................ 7 Revenue Management ................................................................................................................. 9 Monitoring and Evaluation........................................................................................................ 10 Recommendations ..................................................................................................................... 10 I11. TREASURY SYSTEM ............................................................................................ 13 Soviet Legacy ............................................................................................................................ 13 Treasury Operations in 2001-2002 ............................................................................................ 14 Treasury Single Account and Treasury Development Project .................................................. 15 Short-term Enhancements ......................................................................................................... 16 Inclusion of Ministry of Defense ........................................................................................... 17 Inclusion of Customs Revenues ............................................................................................. 17 Inclusion of Extra-budgetary Funds ..................................................................................... 17 Closing of Off-budget Accounts ............................................................................................ 18 Recommendations ..................................................................................................................... 18 IV. PUBLIC SECTOR ACCOUNTING AND FINANCIAL REPORTING ............ 20 The Soviet Legacy ..................................................................................................................... 20 Accounting System., .................................................................................................................. 21 Reporting., ................................................................................................................................. 21 Budget Code .............................................................................................................................. 22 Treasury Reporting .................................................................................................................... 22 Sub-national Governments ........................................................................................................ 23 Recent Developments ................................................................................................................ 23 Recommendations ..................................................................................................................... 24 V . INTERNAL CONTROLS AND INTERNAL AUDITING .................................... 25 Government Ministries.............................................................................................................. 25 Federal Treasury ........................................................................................................................ 26 MOF's Control and Revision Department ................................................................................. 27 Developing Intemal Audit Function.......................................................................................... 29 Recommendations ..................................................................................................................... 30 Russian Federation: Counfw Financial Accounfabiiifv Assessment ii VI. EXTERNAL AUDIT ................................................................................................ 33 Legal and Institutional Framework ........................................................................................... 33 Scope of Responsibilities .......................................................................................................... 35 Activities and Procedures .......................................................................................................... 36 Dissemination of Audit Findings............................................................................................... 38 Staffing ...................................................................................................................................... 39 Audit Standards ......................................................................................................................... 39 Recommendations ..................................................................................................................... 40 Scope of Work ....................................................................................................................... 40 Work Program....................................................................................................................... 42 Enforcement Role .................................................................................................................. 42 Conformity with International Standards ............................................................................. 44 Complementarity of Internal and External Audit .................................................................
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