Bhutan : Public Sector Accounting and Auditing, A Comparison to International Standards

Abstract

The objectives of this report are: (a)
 to provide the country's accounting and audit
 authorities and other interested stakeholders with a common
 well-founded knowledge as to where local practices stand in
 accordance with the internationally developed standards of
 financial reporting and audit; (b) to assess the prevailing
 variances; (c) to chart paths to reduce the variances; and
 (d) to provide a continuing basis for measuring
 improvements. The analysis in this report has been conducted
 in light of the strong measures being taken in the Kingdom
 of Bhutan to reform the accounting and auditing processes.
 The report addresses several issues such as: adopting
 international accounting standards in major public
 enterprises; implementing professional leadership in
 accounting and financial management; implementing a fully
 integrated, computerized government accounting system;
 drafting new acts on public financial management and
 combating corruption; strengthening the Royal Institute of
 Management (RIM); and providing training for finance,
 accounting, and internal audit staff in line ministries and
 other government agencies, heads of administration and
 finance divisions, and other managers.