PDF Public Financial Management Systems—Fiji

PUBLIC FINANCIAL MANAGEMENT SYSTEMS--FIJI

Key eleMenTS FroM A FInAncIAl MAnAgeMenT PerSPecTIve

ASIAN DEVELOPMENT BANK

PUBLIC FINANCIAL MANAGEMENT SYSTEMS--FIJI

Key Elements from a Financial Management Perspective

June 2017

ASIAN DEVELOPMENT BANK

Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

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iii

Contents

Figures and Table

v

Acknowledgmentsvi

Abbreviationsviii

I. Introduction

1

II. Legal Framework

3

A. 2013 Constitution of the Republic of Fiji

3

B.Financial Management Act 2004

3

C.Finance Instructions 2010

6

D. Public Enterprise Act 1996

7

III. Key Players

8

A.Ministry of Economy

8

B.Office of the Auditor General

10

C.Reserve Bank of Fiji

11

D.Asian Development Bank

11

IV. Budgeting

12

A. Budget Process

12

B. Budget Recording and Reporting

16

C.State Entities

18

V. Onlending Arrangements

20

VI. Foreign Exchange and Interest Rate Risks

21

VII. Funds Flow Arrangements

22

A.Reimbursement Procedure

22

B.Imprest Fund Procedure

23

C. Direct Payment Procedure

23

mitment Procedure

24

iv

Contents

VIII. Accounting and Reporting

26

A.Accounting Standards

26

B.Cash Basis International Public Sector Accounting Standards

27

C.Accounting Systems

27

D.Responsible Units

30

E.Fiscal Year

31

F.Project Financial Statement Preparation

31

IX. Auditing Arrangements

32

A.Auditing Requirements

32

B.International Standards on Auditing

34

C.Shortcomings Identified through External Audits

34

X. Reporting and Monitoring

36

XI.Summary of Risks and Issues, and Proposed Mitigating Actions

and Improvements

37

Appendixes

1List of State Entities in Fiji

39

2Fiji Institute of Accountants

40

3 Diagrams of Financial Management Information System Modules

43

4 Useful References and Suggested Readings

46

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