This Country Financial Accountability Assessment (CFAA) is an update of the assessment done in 2001. It discusses progress made in the area of Public Financial Management (PFM) reforms since then, and provides a status-matrix in Appendix 1 on the implementation of the key recommendations of the 2001 CFAA. following are recommendations noteworthy: streamline the requirements in the budget process and improve contents of budget performance reports; record and monitor all foreign development assistance in the budget; approve and implement the proposed new organizational structure of the Accountant General's Office (AGO); improve the integrity of the payroll system; secure funding for the roll out of the Integrated Financial Management System (IFMS); enact appropriate legislation to ensure the independence of the Auditor General (AudGen); implement changes to the internal audit function as required by the Public Finance and Accountability Act (PFAA); strengthen various elements of the oversight as well as legislative and public scrutiny functions; strengthen monitoring of accountability of Public Enterprises (PES) and Non-Governmental Organizations (NGOs); and enact the draft Accountants Bill which aims to strengthen regulation of the accountancy profession. The report focuses primarily on the execution and monitoring phases of the budget cycle, and the oversight and accountability frameworks.