FINANCIAL RESOURCES MANAGEMENT ACCOUNTABILITY INDEX (FRMAI) – Vol I
(An assessment tool to promote accountability in the use of public resources)
Transparency and Accountability are generally and globally perceived to be the most important pillars of good governance. The RAA as part of its modest attempt to further promote and strengthen good governance has developed model for Financial Resources Management Accountability Index (FRMAI) concept to be promoted in the public sector accountability process to ignite passion for excellence in the public service and in pursuit of its goals and objectives.
The FRMAI model is thus intended to provide objective and holistic assessment of agencies entrusted with stewardship of public resources. It is a multi-faceted review and assessment tool basically designed to mirror agencies’ performances and their practices and procedures instituted to provide essential safeguards for attaining economy, efficiency and effectiveness in the use of public resources with appropriate delineation of responsibility and accountability of those charged with governance. It encompasses dimensions of management, organizational structure, reporting, human resources and results. This assessment model uses both financial and non-financial aspects consisting of nine main elements, and several indicators and sub-indicators. These elements may not be applicable to all the agencies all the time. Therefore, assessors involved in the assessment will have to exercise fair degree of professional judgement to use relevant elements applicable to the concerned audited agencies. Assessment of financial aspects will follow appropriate sampling techniques and methodologies. Each element, indicator and criterion will be allocated a weight on which scores will be assigned. Aggregation of scores in each element will give the accountability index of the agencies assessed.