Financial Reporting and Oversight Improvement Project

closed

Closed

The objective of the Financial Reporting and Oversight Improvement Project for Malawi is to improve the internal controls, accounting, reporting and oversight of the recipient's finances at the central and decentralized levels in its ministries, departments and agencies (MDAs). The project has four components. (1) Accounting and financial management component will improve the systems and controls for accounting and financial management. (2) Internal audit component will focus on supporting the Central Internal Audit Unit (CIAU) in further development of the Internal Audit Service within the Public Finance and Economic Management Reform Program (PFEMRP) through: (i) Improvement of the governance and legal framework to provide a wider range of internal audit services; (ii) Capacity building of the CIAU including the development of a human resource development plan, support for the recruitment, retention and training of CIAU staff; (iii) Establishment of quality assurance arrangements for high quality audits and reports; (iv) Development and implementation of a system for reporting internal audit performance to the CIAU and coordination with stakeholders. (3) External audit component will focus on strengthening the operational capacity of the National Audit Office (NAO). (4) PFEMRP Management component will manage the agreed development program; provide procurement and financial management support to the implementing departments and to monitor the objectives and performance against the indicators.

FY17 - Public Administration

World Bank Group

Project

Residential, Commercial, Government