Web-portal for Financial Resources Management Accountability Index (FRMAI) Framework launched
Commemorating the joyous occasion of 60th Birth Anniversary of the Fourth Druk Gyalpo Jigme Singye Wangchuck, the Royal Audit Authority today launches the web-portal for Financial Resources Management Accountability Index (FRMAI) Framework. The assessment using the Framework would enable the RAA in promoting good governance which is one of the four pillars of GNH, a development philosophy propounded by His Majesty the Fourth Druk Gyalpo.
The launch of the web-portal is aimed towards sharing the concept of the Framework with the RAA’s stakeholders and to seek comments and suggestions for further improvement of the tool. With this tool, the RAA would be achieving twin objectives, i.e., assessing the financial resources performance of the audited agencies, and ensuring the concept of balanced-reporting by recognizing the positive contributions of the audited agencies through a rating system and appropriate motivational mechanisms.
The idea of coming up with this initiative was conceived as early as 2010. The basic premise for the initiative was on the foundation of a steward relationship between ‘the government’ and ‘the governed’, and the logical accountability framework in the public sector. The FRMAI Framework is intended to provide objective and holistic assessment of agencies entrusted with stewardship of public resources. This assessment model uses both financial and non-financial aspects consisting of nine main elements, and several indicators and sub-indicators. Through such assessment and reporting mechanism, it is intended to instill a sense of competitiveness amongst the agencies in discharging their duties and responsibilities as the trustees of public resources and promote a work culture that embraces good practices.
To begin with its implementation, the RAA has a plan to take up a pilot assessment in 20 dzongkhags. The lessons learnt from the pilot test will be of great value in bringing further improvement to the tool and making it more responsive and inclusive assessment.
The development of FRMAI Framework was funded by UNDP. Please visit www.bhutanaudit.gov.bt/frmai for portal.