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Public Private Partnerships on Public Financial ­Management ­Reforms in Asia Opportunities and Lessons

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Public Private Partnerships on Public Financial ­Management ­Reforms in Asia Opportunities and Lessons SOUTH ASIA | EAST ASIA & PACIFIC Public Disclosure Authorized PUBLIC PRIVATE PARTNERSHIPS ON PUBLIC FINANCIAL MANAGEMENT REFORMS IN ASIA Opportunities and Lessons May 2017 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 1706909_PubFinancial_Cvr.indd 3 5/11/17 2:37 PM © 2017 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved Standard Disclaimer: This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions: The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [email protected]. 1706909_PubFinancial_Cvr.indd 4 5/11/17 2:37 PM SOUTH ASIA | EAST ASIA & PACIFIC PUBLIC PRIVATE PARTNERSHIPS ON PUBLIC FINANCIAL MANAGEMENT REFORMS IN ASIA Opportunities and Lessons May 2017 Financial Reporting and Accountability Unit Governance Global Practice THE WORLD BANK Vice President Jan Walliser Senior Global Practice Director Deborah Wetzel Practice Director Edward Olowo-Okere Managers Fily Sissoko and Roberto Tarallo Task Team Leaders Jiwanka Wickramasinghe and Rajeev Swami Public Financial Management (PFM) Retrospective Study i 1706909_PFM_Retrospective_Study.indd 1 5/11/17 2:58 PM “Accountability and transparency drive trust. At a time of low public trust in institutions, this timely study reinforces the need for stronger public financial management (PFM) across fast-growing South East Asia and the Pacific economies. While identifying the vital role the accountancy profession plays in supporting and encouraging PFM, particularly in implementing accrual-based reforms, perhaps the most important message of this study is that reform can be imple- mented faster when there is genuine cross-sector collaboration. Now is the time for PFM reform-minded change agents in both the public and private sector to reach out and work together. There is a clear mutual and national interest in doing so, but also the public interest demands it.” Fayez Choudhury, Chief Executive officer, International Federation of Accountants (IFAC) “Congratulations to the World Bank on an excellent study on ‘Public Private Partnerships on Public Financial Manage- ment (PFM) Reforms’ which is timely and appropriate. The case studies in this publication are very useful examples of public financial management reforms taking place in some jurisdictions with the involvement of the private sector and Professional Accountancy Organizations (PAOs). This study will no doubt encourage collaboration between PAOs, especially with regard to sharing best practices and also feeds in well to IFAC’s initiatives on public sector reforms through PAOs. It is a study that provides unique examples and shows opportunities which can offer invaluable guidance to the private sector, PAOs, and the public sector in traversing the journey of public sector reforms which will have a significant impact on the prosperity of nations.” Arjuna Herath, Chairman, Professional Accountancy Organization Development Committee, IFAC, Past President of the South Asian Federation of Accountants and Past President of the Council of the Institute of Chartered Accountants of Sri Lanka 1706909_PFM_Retrospective_Study.indd 2 5/11/17 2:58 PM Contents Abbreviations and Acronyms ......................................................................................................................... v Acknowledgments ....................................................................................................................................... viii Executive Summary ..................................................................................................................................... ix Public Financial Management (PFM) Retrospective Study: Opportunities for Partnerships and Lessons from the Private Sector ..........................................................................................................2 Regional Context .................................................................................................................................3 About the Study ....................................................................................................................................3 Opportunities for Partnerships in PFM Reform and Lessons from the Private Sector ....................4 A. Financial Reporting .....................................................................................................................6 B. Financial Management Information Systems ................................................................................8 C. Internal Audit ...............................................................................................................................9 D. Risk Management .....................................................................................................................10 E. Regulatory and Accountability Framework .................................................................................12 F. Capacity Building and Professionalization .................................................................................13 G. Governance and Ethics .............................................................................................................14 Case Studies: Sri Lanka: PFM Reform during Political Transition ...........................................................16 About the Case Study .........................................................................................................................17 Country and Sectoral Context ...........................................................................................................17 Background of the Accountancy Profession ....................................................................................18 Key Reform Areas in the Public and Private Sectors and Partnerships Formed to Drive Reforms ................................................................................................................................19 A. Financial Reporting ....................................................................................................................19 B. Systems ...................................................................................................................................20 C. Internal Audit ............................................................................................................................22 D. Risk Management .....................................................................................................................23 E. External Audit ............................................................................................................................25 F. Regulatory and Accountability Framework .................................................................................26 G. Capacity Building and Professionalization .................................................................................27 H. Governance and Ethics .............................................................................................................27 The Political Economy and Collaboration with the Private Sector/PAOs ........................................28 Pakistan: PFM Reform during Multiple Transitions ...................................................................................30 About the Case Study ........................................................................................................................31 Country and Sectoral Context ...........................................................................................................31 Background of the Accountancy Profession ....................................................................................32 Key Reform Areas ..............................................................................................................................33 A. Financial Reporting ...................................................................................................................33 B. Systems ...................................................................................................................................33 Contents iii 1706909_PFM_Retrospective_Study.indd 3 5/11/17 3:49 PM C. Internal Audit and Risk Management ........................................................................................35 D. External Audit ............................................................................................................................35 E. Regulatory
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