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Mid-term Meeting of the Coordinated Parallel Audit of Public Debt Management Information Systems

  • 16.04.2014
  • 1176

The Court of Accounts of the Republic of Moldova (CoA) hosts, in the period of April, 15-16, 2014, the Mid-term Meeting on Progress of National Audits within the framework of the Coordinated Parallel Audit of Public Debt Management Information Systems, organized by the INTOSAI Working Group on Public Debt (WGPD).

The meeting is attended by the supreme audit institutions (SAI) members of the WGPD, SAIs engaged in the parallel audit  from 10 countries: Brazil, Bulgaria, Switzerland, Ethiopia, Fiji, Romania, Yemen, Zambia, Ukraine, and Moldova.

The meeting was opened by Olexander Yaremenko, Vice President of the Accounting Chamber of Ukraine, he wished the participants success in discussing the topics included on the agenda of the meeting.

Present at the event, Serafim Urechean, the President of the CoA, mentioned the importance for the CoA of joining the INTOSAI WGPD in December 2010, by having a range of possibilities and opportunities, such as exchange of experiences in auditing public debt management, participation in elaboration of guidelines and other documents concerning performance auditing of efficiency of public debt management.

The participants provides presentations on various topics: the progresses of the Coordinated Parallel Audit of Public Debt Management Information Systems, the SAIs' experience in auditing public debt information systems, the public debt management in the participating countries, the audit experience relating to debt management and financial analysis systems in different countries, etc.

The Coordinated Parallel Audit of Public Debt Management Information Systems was initiated by the Accounting Chamber of Ukraine and a whole number of SAIs kindly notified their willingness to join the parallel audit project's development stage. The first meeting of the working group was held in Kiev, Ukraine, in 2013. Participation in the parallel audit is still accessible to other interested SAIs.

The objective of the audit is to assess whether the management and control processes are in place, relating to the efficiency of Public Debt Management Information System functioning in countries of participating SAIs.  

Debt management is the process of establishing and implementing a strategy for prudently managing the government's debt in order to meet its financial needs, cost and risk objectives. The complex nature of public debt management has encouraged many countries to develop computerized information systems.  Any debt management information system handles functions of collecting, recording, classifying, communicating and analyzing of data related to borrowings, debt components, servicing, as well as provided public guaranties.

In accordance with its mandate, the CoA audits annually public debt management, state re-lending and loan guarantees. Exchange of experiences and good practices between SAIs participating in the INTOSAI WGPD help professional development of the CoA's auditors in public debt management.

Note: According to data on public debt of Republic of Moldova by the end of 2013, the balance of government debt accounted for about 2442,5 million US dollars, registering an increase of 15.6 million US dollars, or 0.6% from the balance of the year 2012. At the same time, according to preliminary data on the gross domestic product (GDP), public debt level in the Republic of Moldova will reach approximately 31.9% of GDP estimated for the year 2013.

About 73.8% (1801,5 million US dollars) from total public debt is government-administered. Compared to the previous year, it has increased by 45,4 million US dollars, or by 2.6%.

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