This document assesses the quality offinancial accountability and transparency in Nepal and makesrecommendations for improvement. The financialaccountability assessment is a joint exercise of HisMajesty's Government of Nepal (HMGN) and the WorldBank, with strong participation by donor partners as well asprivate agencies, non-government agencies, private sector,oversight agencies, and donor partners. the review concludesthat the lack of compliance and poor implementation of theregulations is the single most important problem thataffects public sector financial accountability in Nepal.With respect to public funds, the report reviews theGovernment's budgeting, financial planning, cash flowmanagement, accounting and financial reporting, at thecentral and local government level. It also reviews thestandards and practices of the external oversightagencies--the Office of the Auditor General, the PublicAccounts Committee, the Commission for the Investigation ofAbuse of Authority, the Judicial Council, and theTransparency Internal of Nepal. It assesses what it wouldtake to qualify the country for programmatic lending orbudgetary support in replacement of individual projectlending. With respect to the private sector, the reportexamines accounting and auditing standards and practices,the development of the Institute of the CharteredAccountants of Nepal, the demand for, and the supply andtraining of accountants and auditors. It also examines theaccountability in the financial ector that includes banks,finance companies, insurance companies, and cooperativesocieties and unions. The report also assesses the frameworkfor corporate governance and reviews the activities of theRegistrar of Companies, the Securities Exchange Board, andthe Stock Exchange. With respect to nongovernmental sector,it examines the financial accountability aspect ofnongovernmental organizations.
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