PEFA SUCCESS STORY
The PEFA assessment of the Federal Republic of Brazil in 2009 identified the need for the Federal Court of Accounts of Brazil (Tribunal de Contas da União – TCU) “to go beyond the current practice of a legalistic examination of the statements and reports […] and shift to a focus on the reliability of the systems and management controls underlying the statements and reports”.
With the help of the World Bank’s Governance Global Practice, the TCU prepared an aspiring Financial Audit Strategy with the aim of improving transparency, reliability, and usefulness of federal financial reporting. The strategy is accompanied by a Financial Audit Roadmap 2009-2020 that targets full adoption of professional standards and international good practices.
Motivated by the findings of the 2009 PEFA report, the TCU is now submitting a Financial Audit Manual for public consultation, prepared in accordance with professional standards established by the International Organization of Supreme Audit Institutions (INTOSAI) and the International Federation of Accountants.
The PEFA Secretariat has, in the past, been working with the TCU to train their staff and help with the operational strategy to reorganize their financial audit function.
In addition to the 2009 national level PEFA assessment, several subnational PEFA assessments have been carried out in Brazil, which were targeted at identifying key opportunities to strengthen PFM systems, processes, and institutions at this level of government.
The PEFA Secretariat has been actively identifying and looking to highlight success stories of countries that have used PEFA as a key input in their efforts to streamline their public financial management reforms at both national and subnational levels.
Click on the following link to read how Liberia has been capitalizing on PEFA reports to reform its PFM system and establish a framework to monitor progress: http://pefa.org/en/content/liberia-uses-pefa-assessments-reform-its-pfm-system-and-monitor-progress-over-time
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