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Economic & Sector Work :: Country Financial Accountability Assessment

Republic of Kenya : Country Financial Accountability Assessment

GOVERNMENT FINANCE FINANCIAL MANAGEMENT PUBLIC FINANCE SKILLED WORKERS FINANCIAL REGULATIONS FINANCIAL PLANNING BUDGETING RECORDS MANAGEMENT ETHICS LOCAL GOVERNMENT ACCESS TO INFORMATION NONGOVERNMENTAL ORGANIZATIONS BUSINESS ENTERPRISES ACCOUNTANTS ACCOUNTING STANDARDS CORPORATE GOVERNANCE BUSINESS ENVIRONMENT ACCOUNTABILITY ACCOUNTING ACCOUNTING PRACTICES ANNUAL REPORT ANTI-CORRUPTION AUDITING AUDITORS AUTHORITY AUTONOMY BANKING SECTOR BUDGET EXECUTION BUDGET MONITORING BUDGET PROCESS BUDGET SYSTEM BUDGETARY FUNDS BUSINESS ENTERPRISES BUSINESS ENVIRONMENT CAPITAL MARKETS COMMUNITY BASED ORGANIZATIONS CONSENSUS CONSTITUTION CORPORATE GOVERNANCE CORRUPT PRACTICES COUNCILS COUNTRY'S AUTHORITIES DISTRICTS ECONOMIC DEVELOPMENT ENACTMENT ETHICS EXECUTION EXPENDITURE FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL PLANNING FINANCIAL REGULATIONS FINANCIAL REPORTING FINANCIAL REQUIREMENTS FINANCIAL SUPPORT FISCAL FUNDS FLOW GOVERNANCE ISSUES GOVERNMENT DEPARTMENTS GOVERNMENT PLANNING GOVERNMENT REFORM GOVERNMENTAL ORGANIZATION INSOLVENT INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INSURANCE INTERNAL AUDIT INTERNAL REGULATIONS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL DEVELOPMENT LAWS LEGAL FRAMEWORK LEGISLATION LICENSES LOCAL AUTHORITIES LOCAL AUTHORITY LOCAL GOVERNMENT MANAGERS MEDIA MERITOCRACY MINISTRY OF FINANCE NATIONAL BUDGET NATIONAL DEVELOPMENT PARLIAMENT POOR MANAGEMENT POVERTY ALLEVIATION PRIVATE SECTOR PROFESSIONAL TRAINING PUBLIC FUNDS PUBLIC INFORMATION PUBLIC INSTITUTIONS PUBLIC INVESTMENTS PUBLIC MANAGEMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SPENDING RATING AGENCIES RATIONALIZATION REGULATORY BODIES REGULATORY BODY REGULATORY FRAMEWORK RESOURCE ALLOCATION SERVICE DELIVERY STATE ENTERPRISES SUBVENTIONS TRANSPARENCY TREASURY WORKING CAPITAL
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Washington, DC
Africa | Kenya
2013-07-24T17:00:50Z | 2013-07-24T17:00:50Z | 2001-11-30

The CFAA had two key objectives, firstly to facilitate a common understanding by the Government of Kenya and development partners of the country's financial management arrangements in both the public and private sectors, identifying areas for improvement and reaching agreement amongst key stakeholders on how to take this forward. Secondly, to identify areas where accountability arrangements need to be strengthened and the risks that these may pose in relation to the use of public funds. Kenya's system of financial management in the public sector has some strengths, notably a sound code of financial regulations, the existence of a core of skilled top level managers, an updated budget framework, the computerization of a number of financial accountability functions as well as the powers and autonomy of the Controller and Auditor General (C&AG) rooted in the Constitution. In the private sector, the accountancy profession is well established and the Government has created an enabling environment for financial accountability through a solid legal framework. Nevertheless, the fiduciary risk in public spending is assessed as high. While a lack of compliance with established financial and procurement regulations have completely rendered many initiatives aimed at strengthening the control environment ineffective, issues of limited execution, inadequate monitoring, insufficient capacity and lack of enforcement also need to be resolved. The country's financial accountability framework, and therefore financial management, would be considerably more effective and the associated fiduciary risk mitigated, if these areas were strengthened. Consequently, it is envisaged that any kind of adjustment or programmatic lending in the immediate future would have to go hand in hand with significant improvements in public sector financial management.

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