A supreme audit institution SAI in a country undertakes the external audit of government bodies. The Bank works closely with SAIs through arrangements designed to enhance country capacity and strengthen global institutions. The aim of these partnerships is to have a coordinated approach on FM policies, procedures, and practices as part of the global harmonization initiative.
FM actively supports the development of standards and codes through engagement with international standards setting and regulatory bodies. The Group meets quarterly to promote the harmonization of their policies and practices in financial management, and to operationalize the development effectiveness agenda. The Group also focuses on fostering collaboration in FM diagnostic work, financial reporting and auditing, fiduciary risk assessments, FM capacity building in client countries, and use of country public financial management systems.
The MoU strives to augment and strengthen support to the supreme audit institution SAI community, and recognizes the value of SAIs in strengthening governance, accountability, and poverty reduction. MOSAIC provides a foundation for a harmonized approach to increase the capacity of professional accountancy organizations and improve the quality of financial management systems in emerging economies.
The last decade has seen a significant increase in the level of World Bank support for rapid response to crises and emergencies, including post-conflict and post-disaster reconstruction, and international efforts to prevent, contain, and mitigate the impacts of global pandemics.
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Stumble Upon. Bangladesh Development Update. Building Country Capacity At the country level, FM staff collaborate across the WBG, and with international accounting and auditing bodies and donor partners to help countries strengthen their FM capacity in both the public and private sectors.
Engagement with Global Partners At the international level, the WBG engages in global partnerships with development partner organizations to promote FM standards and FM capacity development initiatives. Investment Project Financing IPF The Bank Policy: Investment Project Financing defines the FM arrangements in IPF projects as the planning and budgeting, accounting, internal control, funds flow, financial reporting, and auditing arrangements of the borrower and entity responsible for project implementation.
PEFA The Public Expenditure and Financial Accountability PEFA Program is a multi-donor partnership which assesses the condition of country public expenditure, procurement and financial accountability systems, and develops a practical sequence for reform and capacity-building actions.
Last Updated: Oct 01, Cancel No Thanks Yes, I'll provide feedback. What was the purpose of your visit to worldbank. GIA works across all the World Bank Group institutions, covering all operational corporate functions as well as IT systems and processes. The report provides a qualitative assessment of key control themes and trends, and is publicly disclosed.
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Working for a World Free of Poverty. About Us GIA is an independent, objective assurance and advisory function that provides a view on whether processes for managing and controlling risks to achieve the World Bank Group's goals, and overall governance of these processes, are adequately designed and functioning effectively.
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