This assessment of public sectoraccounting and auditing standards is generally meant toassist with the implementation of more effective publicfinancial management (PFM) through better quality accountingand public audit processes in Maldives. It is intended toprovide greater stimulus for more cost-effective outcomes ofgovernment spending. The specific objectives are (a) toprovide the country's accounting and audit authoritiesand other interested stakeholders with a common well-basedknowledge as to where local practices stand in comparisonwith internationally developed standards of financialreporting and audit; (b) to assess the causes of theprevailing variances; (c) to chart paths to reduce thevariances; and (d) to provide a continuing basis formeasuring improvements. Annex A explains the methodologyused for the study. Annex B provides a summary ofinternational accounting and auditing standards referred toin this study. Annex C and D provide country accounting andauditing legislation, respectively. Lastly, Annex E includesa description of the benefits of accrual accounting. TheWorld Bank is supporting initiatives to develop localsystems so that donors can increase their use of countrysystems for their own grants and loans.
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