By Omowunmi Ladipo
Monetary self-discipline and public quarter potency grew to become trendy concerns in Latin the US and the Caribbean within the past due 1980 s following exterior debt crises that stricken many nations within the quarter. answer of the debt crises necessitated a primary wave of reforms that mostly interested by upgrading felony and regulatory frameworks or bettering details structures. approximately two decades later development in matching OECD practices and function in public monetary administration and procurement has been asymmetric and has been one of many components that impeded greater development and competitiveness in Latin the USA and the Caribbean. nations resembling Chile, Brazil and Costa Rica with fairly reliable functionality, during this recognize, have proven what different nations within the sector can do and the way they'd profit. elevated globalization, doubtless intractable problems with source of revenue inequality, the onset of the hot worldwide monetary crises and the emergence of an assertive center category that calls for greater governance, are all the reason why Latin the USA and the Caribbean governments may still heavily research incomplete monetary administration and procurement reform courses and embark on trajectories that might enhance their functionality and be higher conscious of the wishes in their electorate. This ebook units out, in accordance with greater than a decade of global financial institution diagnostics, key components that stay to be addressed by means of governments within the Latin the United States and the Caribbean area to underpin sustainable preparations that convey effective and powerful companies, that are responsible to electorate. good fortune can have the real additional advantage of helping notify overseas monetary markets of the integrity in their stewardship functionality.
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There is, however, some good news. In Mexico, for example, a federal law to promote the activities of CSOs formalizes their participation, and such participation has taken numerous forms. 2). 5 in chapter 3). 6 in chapter 3). 2 Honduras: Citizen Participation in Audit Oversight The supreme audit institution of Honduras, Tribunal Superior de Cuentas (TSC), recently undertook a pilot program aimed at involving citizens in its audit engagements. These joint exercises, called “articulated” audits, were carried out in eight institutions (two public hospitals, one school, one university, two municipalities, one road construction project, and one environmental public agency).
The “tone at the top”); the organizational structure, including a measure of independence for the internal audit function; and human resource policies and practices—all of which are prerequisites for a sound control environment. The underlying causes of weakness in these areas differed across the countries reviewed. They include shortages of suitably qualified staff (Brazil, Dominican Republic, Guatemala, Honduras, Jamaica, Paraguay); insufficient budgetary resources (Colombia, Guatemala); lack of quality control (Colombia, Costa Rica, Paraguay); lack of appreciation for this function among public sector managers; and lack of authority to follow up and correct deficiencies identified by internal audits.
More encouraging, the ROSC A&A program indicates that most countries have based their national accounting standards on a version of US GAAP or IFRS. However, although US GAAP and IFRS are dynamic and are constantly being amended to take account of new financial developments or to address gaps in the coverage of accounting systems, the LAC countries have tended to adopt static national standards. • As of September 2007, 10 countries had adopted IPSAS, and another 55 were in various stages of planning or implementing IPSAS.
Accountability in Public Expenditures in Latin America and the Caribbean: Revitalizing Reforms in Financial Management and Procurement by Omowunmi Ladipo