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Peer Review of Financial Rules and Regulations

The Assignment
The client is the Ministry of Finance, Royal Government of Bhutan. The ministry recently undertook a revision of its Financial Rules and Regulations comprising of five different manuals. The Ministry engaged MaGC™ to conduct a peer review of the revised manuals. The peer review took into consideration the changes to statutes in Bhutan since 2001, various circulars and notifications issued by the Government and the requirements of the Public Financial Management and Accountability Assessment of the World Bank.

MaGC™ Approach
The challenge was to complete the peer review within a short period of 15 days. The review involved perusal of a large amount of documentation in terms of the Statutes, circulars, notifications and study reports. MaGC™ developed structured templates for recording observations of the review. The draft review comments were discussed with the Ministry before taking them to the final report.

The Output
The review report was structured so as to give the Ministry a clear picture of the changes in the manuals arising on account of the statutes and government pronouncements over time and other changes that could help improve the overall quality of the manuals. The report also gave recommendations for improving the overall PFM environment in Bhutan. The roadmap for moving government financial reporting to conform to IPSAS requirements was also provided.

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