Malawi : Technical Assistance Report-Strengthening Fundamental Controls and Reporting

Author/Editor:

International Monetary Fund. Fiscal Affairs Dept.

Publication Date:

November 2, 2017

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The government is determined to restore control over public funds. The Fiscal Affairs Department (FAD) of the IMF had identified in 2014 the lack of effective bank reconciliations as a major impediment to achieving this objective and recommended measures to address this deficiency. Reconciling the accounting records with the RBM statements is a fundamental control over bank accounts to, among other things, establish the reliability of the records and to identify promptly any errors and irregularities. The Extended Credit Facility (ECF) incorporated prior actions related to bank reconciliations. This report summarizes the current status of bank reconciliations and makes recommendations for further and sustainable improvements in this area. This report also discusses the need to improve the accounting records, including bank reconciliations, in order that the Integrated Financial Management Information System (IFMIS) can be used effectively for fiscal reporting purposes.

Series:

Country Report No. 17/332

Subject:

English

Publication Date:

November 2, 2017

ISBN/ISSN:

9781484325773/1934-7685

Stock No:

1MWIEA2017003

Format:

Paper

Pages:

32

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