Slovak financial accountability systemsare strongly influenced by the Communist past but must meetthe needs of a European future. Fortunately, Slovakia hasthe benefit of laws and institutions pre-dating communism,easing the transition from one system to the other. Pastinfluences are still strong: centralization, strongcontrols, and a uniform system of accounting based on achart of accounts. In the future, Slovakia will needimproved public financial management, fiscaldecentralization, a more competitive economy, an effectivecapital market, and harmonization of standards with those ofthe European Union. A good start has been made on manyfronts. But there is still tension between the culture ofcontrol and a more flexible policy based on standards,quality performance, accountability, and competition. Amongthe specific, required financial management actions, thereport recommends ratifying the European Convention on moneylaundering, establishing a public procurement office andprocurement monitoring procedures, completing thelegislative framework for internal and external financialcontrol, strengthening the Supreme Audit Office andextending its audit mandate to cover public funds ingeneral, and publishing consolidated financial managementdata relating to general government.
PDF
download
878987797
028-85220240
