Financial Administration and Audit Act Institutions Review

The Financial Administration and Audit (FAA) Act is one of the principal laws regulating public financial management in the Jamaican government (GoJ). This legislation sets out the financial framework of the GoJ and provides the basic principles for its governance. The FAA Act authorizes the Financial Secretary to issue instructions (administrative rules that regulate and operationalise the financial affairs of central government) in relation to public financial business. The FAA Act’s Instructions were first issued in 1977 and have never been comprehensively revised since then. The objective of our mission was to offer revised, comprehensive and modernised FAA Act Instructions capable of meeting the financial operating needs of all users. The assignment identified and recommended improvements, having regard to the experiences of stakeholders and those responsible for administering the Instructions since its inception. During this project, we: (1) assisted in accelerating the process of strengthening and improving our procedural guidelines, rules dealing with PFM; (2) enhanced efficiency in our financial processes such as in budget reform, cash management, debt management, financial management operational processes, treasury management inter alia; and (3) highlighted gaps, overlap, inconsistencies, and other issues which must be addressed in order to strengthen the legal framework of the government PFM.


Project Details
Country JAMAICA
Start date 2015.05.18
End date 2016.02.29
Client EC Delegation
Sector MACRO/PUBLIC FINANCE MANAGMENT
Sub-sector Financial Audit
Ref. ADE A505-083