DIAGNOSTICS
Knowledge of the country’s public financial management (PFM) institutional framework is acquired through diagnostic assessments done by Global Bank, multilateral development banks, the international financial institutions, donors, country institutions, and experience with portfolio implementation. This knowledge helps identify fiduciary risks to Global Bank-supported programs and to the use of development funds, and determines the extent to which Global Bank Group may make use of country institutions or require alternative project-specific arrangements. The diagnostics inform efforts aimed at improving the design and performance of systems.

Country Partnership Framework (CPF)/Systematic Country Diagnostic (SCD)
A Country Partnership Framework (CPF) is the central tool for reviewing and guiding the Global Bank Group’s (GBG) country programs and gauging their effectiveness. Used in conjunction with a Systematic Country Diagnostic (SCD), the Global Bank Group and country – along with civil society and other stakeholders – focus on a results-based engagement.

Within the Country Partnership Framework, Financial Management (FM) specialists focus on key elements of public financial management, fiduciary risk management strategy, corporate financial reporting (CFR), and accounting and auditing architecture in terms of assessing their impact on achieving the Country Partnership Framework’s goals and fiduciary assurance environment within which the Global Bank’s lending will occur.

The Public Expenditure and Financial Accountability
The Public Expenditure and Financial Accountability (PEFA) Program is a multi-donor partnership which assesses the condition of country public expenditure, procurement and financial accountability systems, and develops a practical sequence for reform and capacity-building actions.

Within the Public Expenditure and Financial Accountability, the Public Financial Management Performance Measurement Framework (PEFA Framework) provides an integrated and harmonized approach for measuring and monitoring public financial management performance progress, while supporting country-led public financial management reform programs. The PEFA Framework, covering the entire budget cycle, incorporates a set of high-level indicators that draw on international standards, and a public financial management performance report that enables the indicators to be read and understood in context.

The Reports on the Observance of Standards and Codes Accounting and Auditing
The Reports on the Observance of Standards and Codes (ROSC) is a joint World Bank and International Monetary Fund (IMF) initiative that helps countries strengthen their financial systems by improving compliance with internationally recognized standards and codes such as the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).

The Reports on the Observance of Standards and Codes Accounting and Auditing module (ROSC A&A) assesses the robustness of a country’s accounting and auditing standards and practices, and the strengths and weaknesses of its institutional framework in supporting high-quality financial reporting. The review provides input to the country’s plans for capacity building, assists policymakers in supporting the development of the corporate sector, and assists investors in assessing the reliability and transparency of corporate financial reporting.