Financial Crime World

Here is the converted article in Markdown format:

PUB’s Budgeting and Financial Management: A Step Towards Transparency and Accountability

======================================================

The Public Utilities Board (PUB) has implemented a budgeting system that is incremental in nature, based on expenditures from the previous year. This approach ensures that the board has a clear understanding of its financial performance throughout the year.

Annual Performance Plan

PUB’s annual performance plan includes an investment and financing plan, which is developed by the finance and accounting division in collaboration with relevant departments. The plan is reviewed quarterly to ensure that it remains aligned with the board’s goals and objectives.

Financial Management Capacity Building

A recent assessment of PUB’s financial management capacity identified several areas for improvement. To address these gaps, an action plan has been developed to improve the board’s financial management capacity. The plan includes:

  • Development of a business analytics module
  • Regular training of accounting staff
  • Engagement of consultants to strengthen internal auditing capacities
  • Provision of project supervision and monitoring

Implementation Plan

The Ministry of Finance and Economic Development will be the executing agency for the project, while the Ministry of Infrastructure and Sustainable Energy (MISE) and PUB will be responsible for implementing the project. The Asian Development Bank (ADB) will monitor the project’s progress to ensure that loan proceeds are spent as agreed upon.

Key Highlights

=================

  • PUB’s budgeting system is incremental in nature, based on expenditures from the previous year.
  • The board has implemented a quarterly review of its annual performance plan to ensure alignment with goals and objectives.
  • A comprehensive action plan has been developed to improve PUB’s financial management capacity.
  • The project will be implemented by the Ministry of Finance and Economic Development, with MISE and PUB as implementing agencies.
  • The Asian Development Bank (ADB) will monitor the project’s progress to ensure effective use of loan proceeds.

Conclusion

================

PUB’s commitment to improving its financial management capacity is a step towards enhancing transparency and accountability. The implementation of this project is expected to have a positive impact on the board’s financial management practices, ultimately benefiting the people it serves.